Listen on Apple | Spotify | YouTube | Android | Google
Does the idea of having a firm grasp on what’s happening with every single dollar in your business seem impossible? It’s not! As a matter of fact, in this episode I am sharing one of my favorite systems for finally getting a clear picture of your finances and practically automating your business budget. You might have heard of the Profit First method. This system is my personal, simplified twist on this framework that you can use to move your business forward.
Are you looking for more information on how to build wealth with your business and generate your first $1M? Sign up for my free weekly email series, Millionaire Mondays!
Some key takeaways on making money management more manageable:
Open up multiple bank accounts to assign every dollar that comes into your business a “job” without having to think about it. These accounts should be: income, overhead expenses, savings, and a personal account for taxes.
Know two numbers: your average monthly expenses and your average monthly revenue. These numbers will inform what you allocate into your different business accounts.
This system is going to allow you to clearly see any gaps in revenue vs. expenses. It might make it seem like money is tight at first, but the reality is that it was tight before, you can just see it more clearly now and take steps to remedy it.
Click here to listen to this week's episode!
If you love the podcast, please leave me a review on Apple podcasts and share with a friend! This helps me share more knowledge with people like you so they can become more financially literate, create more profit in their business, and feel more financially stable and secure. Click here and scroll to the bottom to leave a review and make sure to let me know what you're finding the most helpful!
Do you have a question or topic you’d like me to cover on the show? Click here to send us your submission!
Links mentioned:
Profit First by Mike Michalowicz
Listen to Episode 5: How to Pay Yourself as a Business Owner
I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
Connect with Sarah:
Catch all the video versions of the podcast on YouTube
Get in touch with Sarah to add a CFO to your team