Profit First: Has anyone read or utilized strategies?
So I’ve read “Profit First” by Mike Michalowicz a couple of times. It is a tremendous asset in my other businesses as it emphasizes the strategy of setting up multiple checking accounts and separating incoming deposits by taking profit first from monthly deposits, followed by owner compensation and taxes. The remaining amount will then be utilized as operating expense to run the business, which forces you to “trim the fat” of your business by facing hard truths of unnecessary expenses. I have begun to implement this strategy in my real estate business. Has anyone else used these strategies to manage the cash flow from their properties or rehabs? Would love to discuss tips and ideas! Thanks