“A budget is telling your money where to go instead of wondering where it went.”
–John C. Maxwell
There’s nothing worse than getting to the end of the year and wondering where all the money went. Between payroll, taxes, and rising expenses across the board, no wonder there’s never as much left as you anticipated.
Before you close this article because you think “budget” is a four-letter word, consider that awesome John C. Maxwell quote above. Don’t you want to boss your money around, starting with profit?
I’m a huge fan of Profit First by Mike Michalowicz, one of the best books you could read on how to pay yourself first. Too many entrepreneurs and business owners work for free or for very little because they’ve let expenses run the show instead of making profit run the show.
So how exactly do you put profit first? It’s much simpler than you think.
Start by determining your big expense buckets.
For most businesses, these will be some combination of:
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