Automate profit allocations from "summary" of Profit First by Mike Michalowicz
To make profit allocations automatic, you must set up a system that ensures they happen without you having to think about it. This process starts with creating a separate profit account at your bank. Funnel a percentage of your revenue into this account every time money comes in. To figure out this percentage, start small. Even if it's just one percent, it's a start. Over time, you can increase this percentage until you find the right balance for your business. By automating profit allocations, you remove the temptation to skip this step when times get tough. When profit is ...
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