A Guide to the 'Profit First' Cash Management System
Generate a guide on the methodology of allocating profit before paying expenses to ensure business profitability.
Prompt:
673 characters
Generate a full, in-depth guide on implementing the 'Profit First' cash management system for small businesses. The guide must be a practical, step-by-step manual. It should include detailed sections on: 1. The Core Psychology: Why the 'Sales - Profit = Expenses' formula works. 2. The Setup: A guide to setting up the necessary bank accounts (Income, Profit, Owner's Comp, Tax, OpEx). 3. The Allocation Process: A detailed explanation of how to allocate funds on a regular basis with percentage examples. 4. How to start the system without disrupting your current business operations. Please include a disclaimer to consult with an accountant or Profit First professional.