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On this week's episode, we're tackling some common myths and misconceptions we've heard about Profit First - the cashflow management system itself as well as how to implement it in your business. 

These are the myths we're discussing this week:

•  I can implement Profit First using just a spreadsheet or my current accounting system - I don't really need to open a bunch of separate bank accounts.
• Profit First doesn't work...it's just a fad or a gimmick. 
• I don't have to wait to take my profits out quarterly; I can take them out early if I want or need to. 
• The Profit First system is something I can set and forget, without making any continuous adjustments. 
• I can have someone else run the Profit First system for me in my business without getting involved as the business owner.

Stay tuned for Part 2, where we'll be discussing more common myths about Profit First. Have one you want us to cover? Get in touch at the links below!

LINKS

Visit the episode page at contractorsuccessforum.com/myths for more details and a transcript of the show.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com