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Profit First

Business Owners Should NOT be Living Paycheck to Paycheck

By Cash Management, Profit First No Comments

Do you own a successful business, but somehow find yourself living paycheck to paycheck?   You likely started your business in part to not be in that position. It’s stressful getting your modest paycheck, spending most of it on bills within a few days and then living off a few hundred bucks, if you’re lucky, for the next three weeks. Success then becomes not getting…

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Bare Minimum, You Need This One Profit First Account

By Cash Management, Profit First, Taxes No Comments

One of the 4 core principles of the Profit First cash flow management system is called smaller plates. Those smaller plates are multiple bank accounts all for your one business. The Profit First accounts are for things like owner’s pay, profit, operating expenses, etc. The idea is it keeps you from overspending on things and gives you a way to save for certain things as…

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