Taming The Beast
I am Dr. Frankenstein.
Okay, not the Dr. Frankenstein, but I am definitely part of the family. I’m probably his long lost twin brother, or something. Or
maybe an estranged heir to his (mis)fortune. Maybe you are, too.
If you read Mary Shelley’s classic, Frankenstein, you know exactly what I’m talking about. e good doctor reanimated life. From mismatched body parts, he stitched together a living being more monster than man…
How Profit First Works
It’s funny how losing nearly all of your money can cause you to watch a lot of late-night network TV. What? Before you side-eye me, this was right a er I lost all of my money to my own arrogance, so cable TV was the first thing to go. Insomnia brought about by anxiety does not equal better quality sleep, so that pretty much le me with two options: Stare at the ceiling or watch late-night network TV, courtesy of my twelve-dollar, indoor rabbit-ear antenna…
The Naked Truth
It’s inevitable. Whenever two or more entrepreneurs are gathered together, one of them will ask the “How big is it?” question. It’s always some version of the same—“How big is your business?” It might sound like, “How many employees do you have?” Or, “How many territories do you cover?” Or, if you’re one of those straight-to-the- point types (like a few of my classmates at the high school reunion), you might even be so bold as to ask, “How much did you take in last year?”
Choose Your Own Adventure
When I was a kid, I loved reading Choose Your Own Adventure books (and quite frankly, I’ll still dig into an R.A. Montgomery book if it crosses my path). You know, the interactive books with a message at the end of each chapter that says something like: “If you want to take the path through the woods, turn to page 51. If you want to take the boat, turn to page 80.”
Here’s your chance to relive a part of your childhood—you get to choose which Profit First adventure you want to have next…
Day One, Quarter One, Year One and Forever
Profit First works. Period. Whether you use the percentages I provided for you in the Instant Assessment or choose the path of assessing all the nuances of your business and industry (see Chapter 4) and arrive at your own perfect allocation percentages, it will work. How can it work with different percentages, you ask? Because your Target Allocation Percentages (TAPs) for your Profit, Owner’s Pay and Tax Accounts are simply targets…