The surest way to ensure you have the cash you need for the expenses in your business is by implementing Profit First. It creates the guardrails you need to stop spending what’s in your bank account and start holding some aside for things like owner’s pay, taxes, operating expenses, payroll, and future large expenses.
When you first start using the Profit First system, you set up your bank accounts and complete an Instant Assessment of your business to determine what percentages of your revenue you will allocate to the various accounts. (Find out more about how to complete the Instant Assessment here.)
One of the best things about the end of the year is the fresh start of a new year we’re about to embark upon. There are so many possibilities! As a CEO, it’s your job to navigate what possibilities you’ll take on, what you’ll let go of, and what your plan for the future will be.
Taking some time away from the day-to-day running of your business is important so you can focus on next steps. And your year-end planning session might look a little different than what you do at the end of each quarter.