And the fourth and final step to a healthy diet is frequency!
Most people eat too infrequently. Eating 2-3 meals a day and getting very hungry in the lead up to those meals then you overeat.
The health industry teaches that actually the optimal is 5 meals a day! Eat small amounts 5 times a day then you don’t feel the hunger pangs – you don’t go into starvation mode then overeat.
Well the same is true with our businesses
Most of the time we do our cash management too infrequently. we pay bills when we can…maybe once a month (maybe even longer than that) and we pay everything out immediately and we are in starvation mode and our business needs to then survive in that mode until the next deposit comes in.
The method that I am going through in this blog series on Profit First will teach you to manage you cashflow twice a month – on the 10th and 25th which are the 2 optimal days and by managing cashflow on a regular rythms was can see how money is flowing in and out of our businesses and not go into starvation mode.
So the action items.
We need to make your subconcious behaviours and the concious ones. This does not require you to change your habits since that is nearly impossible – but one thing that will help you leverage your existing habits and make you even more profitable is simple being aware of them.
So as we go through these next few days – just be aware of the voice behind the voice – the thoughts in your mind – your subconcious guiding you – then when you are aware of your habits you can use them as leverage go make the most profits to your business.
The same is true for our businesses!
When we allocate money for our profit the profit must immediately but put into another bank account that is not easily accessible – because there is then a temptation to “borrow” – so we need to remove that temptation and then the likely-hood of “borrowing” is vastly reduced.