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The Profit First System with Mike Michalowicz
Business Processes Simplified Podcast
How to Make Money in a Bank
Go to your existing bank, keep working with them and set these accounts here. Whatever bank you work with, don't let them charge you fees. The income account acts as a serving tray, like just like food. No one eats off the serving tray. And then every fortnight you cut that money up based on percentages. These remaining four accounts income account goes back to zero. Some businesses do it weekly; we call it biweekly. So if you've never been profitable before, we'll start with a smaller percentage, maybe one or two percent of your top line. We'll go to profit.
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