Profit First Summary: Chapter 4 - Choose Your Own Adventure

It’s time to make a decision.

Here are your choices:

1. Use the figures from the Instant Assessment and move on to the next chapter

2. Do a bit of research to personalize the Instant Assessment figures to your business.

Mistake Number One is getting stuck in analysis paralysis.

If you decide to personalize your percentages, and you err on the side of perfectionism, you may easily find yourself spending way too much time trying to figure out your ideal percentages to the detriment of actually getting started.

If you start to go down this rabbit hole, stop researching and move on to the next chapter immediately. You can always come back to it after you complete the rest of the steps in the Profit First program.

Mistake Number Two is going too big, too fast. For example, you may have the urge to take a 20% profit right from the start. This can kill your business.

Go slow and work your way up to it. Make sure you leave enough for your business to stay alive.

I have chosen to skip the rest of this chapter because I would rather get started than go down the research rabbit hole.

The Instant Assessment numbers are not perfect, but they are good enough.

My business is small and I want to get started. Once the business is making more money, I will come back to this chapter and apply personal percentages.

If you would like to personalize your Instant Assessment percentages, please read chapter four from the book.

I suggest you read the entire chapter first before taking action on the steps, as at least one of the steps has several options of how to complete that step, which could mean the difference between hours of research.

Read the next chapter here.

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