Hi my name is Andrea Russell. The question of is my business a cash eating monster was one that truly gave me food for thought. I had been working so hard in my business but the more I worked the more it seemed I never had enough cash in the bank to pay my operating expenses let alone myself or the business Loans. What was going on I asked.
Well my business was literally a cash eating monster, the more cash I put into the business the more it just vanished. 2015 was my year, I found through research Mike's book The profit first. I literally could not put it down. I then began to zoom in on the idea of actually taking my profit first as he said in the book. I thought to myself how can I take my profit first, I am not even making any profit.
Guess what, the idea is to make myself take a profit and how do I do that? For years I had been taking the first 10% of my income and paying tithes, so what is different about doing the same with my profits. I began to just allocate 1% of all the income that hit my bank account to an account named profit and immediately my business became profitable.
I know what you are thinking 1% is such a small number. Well is it really? Think about it 1% of $100 is $1.00 - 1% of $1,000 is $10, if you have $10K deposit per week that is $100 profit into your profit account by the end of the year that $100 * 52 weeks is $5,200. Those numbers sure do add up don't they.
My business immediately began to become profitable all by that first step of taking my profit first. Now its your turn.
Open another bank account name is Profit and total up all the income in your bank account that you have right now and transfer 1% of the income into the new Profit account. Do this every-time a deposit is made to your account starting today.
You can do this, let's get profitable. Read the first Core Chapters of Profit First Now for Free!