OK, so far I have talked a LOT about cash-flow and putting money into separate bank accounts for separate purposes.
I bet, by now you are wondering, “How do I pay bills?”
Before using the Profit First System, I handled bills like most people. I would receive a bill, have the best of intentions to pay it right away, but as often tends to happen as a business owner, the fire would pop up that needed to be attended too and I would forget for a day or two.
Occasionally, there would be times where fire after fire would happen and I would forget completely. (I know we have ALL been there).
My real issue was that I had no system for those “forgotten bills”. They would continue to get pushed back by fires, until they themselves became a fire.
No one wants to stumble on a bill months later while cleaning off your desk, or worse, receive and email from a partner or vendor that a late payment is due. That never leaves you feeling your best. All just because of a simple mishap.
The good part about Profit First is that it gives us a system for managing our bills.
In this tip video, I share with you the system for how you manage YOUR bills, using the Profit First System. Learn how to establish “Rhythm Days” and find out how paying your bills fits into those days, so you never lose track of a bill again.
Don’t let paying your bills be something that keeps you up at night. Learn how to properly systematize them, so that when that are out of sight, they can truly be out of mind.
Ready to learn how to begin implementing the Profit First system in YOUR gym?
In my new book, Profit First For Microgyms, I break down Mike Michalowicz’s proven method, so that it is easily digestible by our Microgym owner community.
You can pre-order your copy today by clicking here.
Interested in more tips and advice on how to better manage the financial health of your microgym?
I would LOVE to connect.
I share daily tips and advice not only for Microgym owners but for all of us being bullied by the IRS.
If you’re wanting a Tax Genius to take a look at your situation to see if you are saving that maximum amount possible, head over here and we’ll take care of you.