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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.
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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.
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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!
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