Profit First Knowledge Check
Evaluate your strategic comprehension of the Profit First methodology.
Profit First Action Plan
Architect your operational execution for immediate profitability.
Establish Your Core Bank Accounts
Open the necessary dedicated bank accounts to physically separate your funds. Start with at least Income, Profit, Owner's Pay, Tax, and Operating Expenses. These accounts will be the foundation of your Profit First system.
Determine Your Target Allocation Percentages (TAPs)
Based on your current revenue and industry benchmarks (or starting conservatively), decide on the percentage of your 'Real Revenue' (revenue minus Cost of Goods Sold) that will go into each account. Even if small, start with a profit allocation.
Implement Your Allocation Rhythm
Choose a consistent schedule for allocating funds from your Income account to your other dedicated accounts. A common rhythm is twice a month (e.g., on the 10th and 25th). Mark these dates on your calendar and commit to them.
Your Immediate First Move
Declare the single immediate physical action you commit to taking today.