SDH 255: How to Effectively Implement Profit First When Starting Out with Amanda Boleyn

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Hi guys!

Today I am going to be diving into how to effectively implement Profit First when starting out.

Let's talk about the Profit First Method, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine, a book written by Mike Michalowicz, this book completely changed the way I manage cash flow in my business. I wish I had this at the beginning of my business even as a freelancer.

When your income fluctuates so much from month to month, it's difficult to be able to manage that cash flow and create consistency within the business, so there are no surprises. The premise of it is to help you build profits in your business. 

Key things:

  1. Setting up different bank accounts for your business
  2. Using percentage to determine cash flow in your account
  3. Determine your monthly expenses
  4. Separate business from personal expenses
  5. Bookkeeping 

Tune in to hear more about how this book can help you with your cash flow, even if you are just starting up, in the middle of your new business, or even if you are a freelancer!

RESOURCES

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine