Profit First Template

Everyone can use more cash, right? Admittedly, I was sucked into the silicon valley thinking of growth at all costs. A friend, Erin Green, (founder of Verify Services, a company that helps reduce business expenses), told me about this book.

I was immediately hooked! I created my spreadsheet before I even finished the book. And I implemented this system at home, too. 

Don’t fall into that trap of exchanging profit for growth! Profit first is my new mantra. Keep in mind that everyone’s circumstances are different, my implementation is not exactly the same as what was outlined in the book and yours will be unique to you.

Don’t have sales yet? Implement this anyway, so you will start on the right track from the beginning. The Profit First Template we provide shows instructions on how to set up accounts that work for ecommerce and an example of target allocation percentages.

Important Note: The book guides you to set up separate accounts outside of the business to move profit, owners comp, etc. Any payouts outside of the company would be earned income. Also any payouts to owners would be a draw but cannot be greater than basis or becomes capital gains - be careful and contact your accountant first.

This template is not intended to replace the book. It is a companion to make implementation easier. Buy the book, use the template, and be successful.