“I’m making money… but where the heck did it go?”
Believe me I get it. I’ve been in business now since 1999. My revenues have been pretty good (most of the time). We’ve had steady growth over the past 6 years. I’ve always paid myself a salary from my business. I’ve been able to pay my bills and taxes with relative ease.
But regardless of how much money I was making, at the end of the day there wasn’t much money left in my business bank accounts… and I was feeling frustrated.
Then in the summer of 2014 I grabbed a copy of Profit First, a book by the smart and funny Mike Michalowicz. I read this book during our summer vacation at the lake, the light bulbs went off and I instantly applied the Profit First model to my own business (I started on July 30, 2014 to be exact.)
Implementing the Profit First Model in my own business has allowed me to:
- Keep more of the money I’m making – for the first time ever I have money sitting in my profit account that keeps building every month
- Know what I *should* and *should-not* be spending my money on – the Target Allocation Percentages (page 48 in the book) FINALLY answered that question for me in a simple and concrete way. No more wondering or second guessing myself <– HUGE relief!
- Build a habit around the flow of money – instead of constantly having money on my mind I do my twice monthly allocations (10th & 25th, just like Mike says). Those are my 2 favorite days of the month now as that is when I get to put money into my profit account (woo hoo!)
Here’s the thing… I was almost an accountant. I have a business degree. I know how money works. I understand bookkeeping, P&Ls and balance sheets. I get what cash flow is all about. But what I didn’t have was the HABIT of putting profit first (literally) and feeling empowered by my money instead of owned by it.
If you are in business you need to read this book – doesn’t matter if you are making 4-5-6-7 or more figures, you can have profit NOW if you start today.
** Your Invitation to join me for the first annual
Profit First Summer School **
Your REGISTRATION includes our 3-part training + INSTANT ACCESS to the 5 most important chapters from the book in PDF format… all for the price of a book. >> Register here for $27 USD
