Look after your money and make sure it is not wasted on unnecessary costs. As an owner, you should be paid for the work you are doing in the business as your compensation for the work you put in. 

It's important to make sure your business can make a profit, and the Profit First System can help you achieve that quickly. 

The great thing about the Profit First system, is that budgeting is simplified significantly!

Yes, you need to know how much your overheads are, and the cost to run your business, but it is more monitoring and less spreadsheets that helps you make decisions.

Using the Percentages for your business, you allocate your income into different areas of the business, as indicated on the Bank Accounts page xxx.

 Essentially, this is the budget for that area of your business. If you run out of money in one area, you are overspending. If you have too much money in one area, then your allocation (budget) may need a tweak - or you have made more profits than you realise!

By keeping a regular eye on your finances, you can make sure that your business is doing exactly what you want it to do - make money for the owner.

The Profit First philosophy is to always run your business with the least amount of money as you can - no wasting money unnecessarily. But always having enough to pay taxes, pay yourself and make a profit.

If you haven't read the book, listened to the book, or watched the lit video, then you can do any of those, or watch our Profit in Your Pocket videos to learn more.