Hi. My name is Terry, and I'm the President of Quicksilver Accounting & Consulting,  Wilmington NC.

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"Profit- It's not an event. It's a habit"

This line comes straight from the book Profit First I'm reading and placing in my arsenal of tools, written by Michael Michalowicz.

I have seen companies continually claw for cash to keep the snowball rolling in their company.  No one wants to hear that the model they created isn't working. Then one day- they are out of 'work'. I couldn't maintain that stress level. 

Being an entrepreneur takes a lot of courage.  Not only do you have to start something that your not sure anyone will buy into, and put up the money to do it,  but it takes even more courage to accept the fact that your company isn't working and really change it.   I've heard all the reasons its just going to another month, quarter, year.   I totally agree with Mike,   if you don't have the capacity to pull out even a small amount of profit each month (after owner payroll), you have a problem with the mechanics of the business and its time to cut expenses.

The reverse of that is to know your company is doing well, but not pull out the profit because its not needed anywhere else, just leaving it there 'in case', but that never comes.    I suppose my own circumstances would fall there.    Since reading this book I have done the Instant Accessment (you can find that online at  and increased my percentages being pulled to other accounts.   I already had online accounts that were harder to access than your everyday operating account, like he suggests.   I like his premise that these should be totally separate, and never should the money go back to the company once it is out. 

Unfortunately, I don't agree with the many 'buckets' he would have you make (all separate banking accounts). I think that area could use a shave, specially in the advanced version.   What I really like is  some of the suggestions made on how to change your thinking and make Profit the first thing on your mind (the habit);  not the after thought of your efforts (an occasional event).   Its interesting that the expenses have to fit to the profit,  not that the profit is being taken after whatever expenses are paid.   What a great premise!

I look forward to using these ideas all year long.  My travel fund thanks you Mike!


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