https://www.foundationacs.comIn this episode of the Contractors Profit Hacks Show I discuss actionable techniques to implement the Profit First method. I share a personal story about my childhood that illustrates the importance of fair division of tasks. I outline the first step of implementing Profit First, which involves setting up separate bank accounts for different expenses, such as income, profit, direct costs, overhead, and taxes. I emphasize the importance of assigning a purpose to each dollar by calculating the percentage of revenue each account will hold. By following these steps, contractors can organize their finances and prepare for further steps in the Profit First journey.00:00 Introduction to Profit First00:58 Childhood Story and Lessons on Responsibility03:25 Dividing Finances: The Envelope Method04:44 Setting Up Your Profit First Bank Accounts07:24 Allocating Percentages to Each Account09:34 Conclusion and Next Steps
