Money in the Bank

At the time of writing this, we are living in totally unprecedented times. We could wake up tomorrow morning, and the world around us might just be closed!

There has never been a more critical time to have an understanding and more importantly, control over the money in your business!

5 or 6 years ago, I sadly did not, and I lost everything that I spent years building.

Getting work was not the problem; fundamentally, it was the lack of control over my businesses finances that were the primary issue.


I speak with small trade business owners from across the country on a regular basis. Sadly so many people are heading in that very same direction.

Once the dust had settled and I had rebuilt my business. I was determined not to fall foul of this again. I started a straightforward system of money control.

It was a basic concept; I created four bank accounts, firstly I had my ‘current account’ where all my money landed. Secondly, I made a COGS account (Cost of Good Sold or Materials). Then my third and fourth accounts were my ‘Tax’, and ‘takehome’ accounts respectively.

Once I had created these, I started to move money about them. So when a customer paid an invoice, I would quickly distribute the funds to the relevant accounts.

I instantly began to see a massive benefit in this. Put simply, it was that I did not have has much money as I had first thought!

Status Quo

When you do things the more traditional way, you have all your money in one account. It can look pretty impressive to see such large numbers. This can quickly make you think that you have more cash than you actually do!

Later I found a book, that in essence, was a more in-depth version of what I had been implementing.

So since reading that book I have elaborated on my system and now have a few more accounts. This is to ensure that whatever might happen, there is always money where it is needed!

I would highly recommend everyone read the book I referred too, which is called Profit First.

The author, Mike Michalowicz, explains it all in a lot more detail and goes into the physiological impact of both the traditional way and the profit first way.

So in these very uncertain times, do not let it be your money that surprises you!

No Excuses Lets Go