In today's episode of Small Business School, we dive into ‘Profit First’, a method designed to transform the way you handle your business expenses. I am breaking down the core concepts from Mike Michalowicz's phenomenal book, emphasizing the importance of setting limits and strategically managing your finances. Let's get into it!Topics Covered:Profit First; the method of allocating funds to specific bank accounts, including employee pay, operating expenses, owner compensation, profits, and taxes.Why some entrepreneurs struggle with Profit First and discover ways to overcome challenges.The non-negotiable aspects of setting aside money for taxes and strategically using profit accounts.The importance of having a strategic mindset, seeking mentorship, and gaining a comprehensive understanding of your business to maximize Profit First's effectiveness.A Profit First financial plan can be the right financial pressure you need to experience  transformation in your small business! Have questions about what this looks like for you or topic ideas for a future episode? Let me know! I would love to connect with you!Links:Profit First by Mike Michalowicz: Link to purchase book off amazonStaci's Links:Instagram. Website.The School for Small Business Podcast is a proud member of the Female Alliance Media. To learn more about Female Alliance Media and how they are elevating female voices or how they can support your show, visit femalealliancemedia.ca.Head over to my website https://www.stacimillard.com/ to grab your FREE copy of my Profit Playbook and receive 30 innovative ways you can add more profit to your business AND the first step towards implementing these ideas in your business!

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