The Profit First Diet - Deepstash

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The Profit First Diet

The Profit First Diet

  • Use small plates: When money comes into your main operating account, immediately dispense it into different accounts in predetermined percentages for profit, owner pay, taxes and, consistently operating expenses
  • Serve sequentially: Always move your money to the profit account first, then to your owner pay account, then to your tax account, with what remains to expenses
  • Remove temptations: Move your profits account and other accounts out of arm’s reach to make it difficult for you to access your money
  • Enforce a rhythm: Do your payables and pay your bills twice monthly.

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published ideas from this book:

MORE IDEAS FROM THE SAME BOOK

  • Paying yourself should always be your priority even if you’re in debt.
  • Practice the one more day technique. Hold off on purchasing something and test how much you need it. You’ll feel rewarded when you see yourself saving more by going without certain items.
  • Modern-day succes...

A great business is one that has healthy profits. And as business gets healthier, taxes will increase.

Profitability isn’t an event. It’s a habit. Profitable habits practiced consistently cause a company to be financially healthy. 

The benefits of accountability groups:

  • Having accountability partners can make a potentially challenging experience bearable
  • Enforcing a plan or a system with others ensures that you are more likely to do your part
  • When you regularly meet with an accountability group, y...

  • 95% of your company’s profitability depends on what goes on beneath the surface (after the sales), and not the sales themselves.
  • Serve your clients with the same or very similar problems, using your one consistent solution to solve the problems.
  • The key to being efficient is ...

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  • Your DNA dictates what you were born to do. Follow your passion, don’t listen to what society has to say about success.
  • There is enough success out there and if you want it badly enough, you will get it.
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Reaction And Response

When someone reacts, it is often an emotionally negative response. When someone responds, it is a forward-thinking, progressive-acting answer.

Reacting is often an emotional response that drags you down. Be responsive, forward-thinking, and push yourself to be better as a leader.

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Following your dreams always seems like a risk. As time grows increasingly uncertain, fulfilling a lifelong passion and pursuing a long held goal may feel frivolous or selfish. However, such ideas aren’t always right.

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