Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

Here are the five checking accounts you need to set up: INCOME PROFIT OWNER’S COMP TAX OPEX

are (in order of impact on profit health): 1. Raise prices (fee levels) 2. Lower variable (delivery) costs 3. Fix underperformers 4. Increase volume 5. Lower overhead costs

First, have the accountant or bookkeeper print a Net Income Statement of the business every month, typically after all sales and expenses for the month have been reconciled. Go over it line by line, just like we did in this chapter. Break it down until it makes sense to you.