As promised, we will be discussing Tactics and Responsibilities this evening.
First, one of the best books I’ve read on business Tactics, specifically on the subject of accounting, is Profit First.
This is not meant to be an add for Mike Michalowicz but it is an endorsement of his work, and since I’m not being paid to mention any of this, this is from the heart as well as the wallet.
He outlines not only the strategy but also the specific tactics required to build profit and sustainablity directly into the very digestive tract of your business.
The first tactic is a simple one: open a profit account at your business bank.
From there he walks you through the process of adapting your current accounting practices to something far easier and that works with human psychology rather than against it.
It is basically the envelope method, using bank accounts instead of literal envelopes to divide up expenses, and, get this, taking out the profit (and taxes) first, before anything else.
The responsibilities with this method include the action of opening new bank accounts and commiting to a cadence of accounting principles that aid ether small or large businesses in becoming profitable.
We will discuss roles and details tomorrow.
#volk #getvolk #volkapp #business #legal #profitfirst #mikem