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077 Why you cant just have one bank account
Manage episode 418429865 series 3430513
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Hey there, it's Katie Bell welcoming you back to another insightful episode of Treat Your Business. If you're ready to revolutionise the way you handle your finances, you're in the right place. Today, we're diving deeper into the Profit First approach and how it can transform your business.
Summary:
In this episode, we explore the four principles of Profit First, a revolutionary method that flips traditional accounting on its head. Katie breaks down the fundamental steps to achieve financial mastery in your business, starting with the concept of separating your funds into different "plates" or accounts.
- Multiple Plates, One Buffet: Just like you wouldn't serve all your food on one giant plate, you shouldn't keep all your business funds in a single account. Learn how dividing your money into different accounts can help you gain clarity and control over your finances.
- Pay Yourself First: Discover why prioritising your own pay is essential for maintaining a healthy work-life balance and sustaining your business long-term. Katie explains why this principle is non-negotiable and shares strategies to implement it effectively.
- Removing Temptation: By setting up a structured rhythm for managing your money, you can remove the temptation to overspend and ensure that funds are allocated where they're needed most. Learn how to establish a consistent schedule for transferring funds and gain insight into managing expenses.
- Building Profit: Explore practical steps to start building profit in your business, even if you're starting from scratch. Katie shares strategies for allocating funds to different accounts, setting aside money for taxes, and ultimately, reaping the rewards of a profitable business.
Key Takeaways:
- Implementing the Profit First model can provide clarity and control over your finances.
- Prioritise paying yourself to maintain a healthy work-life balance and sustain your business.
- Establishing a structured rhythm for managing money removes the temptation to overspend.
- Start building profit in your business by allocating funds strategically and setting aside money for taxes.
Join us next week as we delve into the specifics of allocating percentages to each account and fine-tuning your financial strategy for succes
Resources:
- Score App: https://bizhealthcheck.scoreapp.com/
- https://www.facebook.com/groups/thrivebusinesscoaching
- https://www.facebook.com/thrivebizcoaching
- https://thrive-businesscoaching.com/
- Book your business and marketing audit call here - we only have 5 slots per month! https://call.thrive-businesscoaching.com/business-audit
- Book a Discovery Call to find out how our programs can help you grow your business https://call.thrive-businesscoaching.com/discovery-call
- https://thrive-businesscoaching.com/podcast/what-is-your-qbr/
- If you've found value in this podcast, I'd greatly appreciate it if you could take a moment to leave a review. Your feedback helps others discover the show and join our community. Thank you for your support!: https://ratethispodcast.com/tyb
This podcast is sponsored by the team at HMDG
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