Here’s a friendly reminder from your buddy, Mike:
Profit First is not an accounting system. Many people think that it is, and they get protective. “I don’t want to change my accounting system! It’s mine!”
There, there. You can keep your accounting system, because Profit First is a cash management tool.
I’ve mentioned before that this tool will help you manage and channel your financial behavior. It’s incredibly empowering.
You don’t have to change your behaviors. You just have to leverage them.
For instance – Many entrepreneurs try to force themselves to become better at accounting and to become more disciplined in their fiscal management by pure willpower. But just like a muscle, willpower can be drained. And in a moment of financial stress or bigger than expected expenses the entrepreneur will break their own fiscal rules and spend the money they have.
The Profit First principle does not try to change your habits (that is nearly impossible to do). Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions.
Fiscally strong. Sounds good, right? That’s what following the Profit First system will do for you. I can’t wait to hear about your success!
You’ve got this!
-Mike
PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.
PSS Like free stuff? Check out the free resources
