Latest / The Money Part / Ep 5 | The Bank Account Setup That Changes Everything (Profit First)

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Ep 5 | The Bank Account Setup That Changes Everything (Profit First) · The Money Part

• 0:00
  SPEAKER_00: Hello, I'm Barb Fisher, bookkeeper, certified Profit First Professional, and your host here at The Money Part.
• 0:06
  SPEAKER_00: This is a podcast about the part of your business that nobody trained you for.
• 0:10
  SPEAKER_00: Asking the questions is Juliana.
• 0:12
  SPEAKER_00: She's our operations manager here at Fisher, and she will be guiding us through our topic today, which we think is the single most important part of launching Profit First, which is opening bank accounts.
• 0:26
  SPEAKER_00: Hello, Juliana.
• 0:28
  SPEAKER_01: Hi.
• 0:38
  SPEAKER_01: Tell us about what your big takeaway was.
• 0:42
  SPEAKER_00: Well, I will say ProfitCon is largely about running a profitable practice.
• 0:47
  SPEAKER_00: So it's a lot of general entrepreneurship development that happens there as opposed to teaching us about profit first.
• 0:53
  SPEAKER_00: We all do profit first in our own businesses.
• 0:56
  SPEAKER_00: It's a requirement.
• 0:57
  SPEAKER_00: And we all implement, or mostly I think, implemented in our clients, at least the folks I hang out with all do.
• 1:04
  SPEAKER_00: So it was a lot of stuff about using AI, which is really on the forefront of everyone's minds, and how to build your practice and build a sellable practice using AI, keeping up with it, which is where I got a lot of value.
• 1:19
  SPEAKER_00: Is as you know, the assignments I brought home from the conference have a lot to do with evolving our business model to keep up with the technology changes that are coming, that are here, really.
• 1:29
  SPEAKER_00: I shouldn't say coming, they're here.
• 1:30
  SPEAKER_00: So now confidentiality markers came in in the last several months and we've been using them.
• 1:36
  SPEAKER_00: And then it more trainers are able to teach us more things about AI optimization and using AI in production.
• 1:45
  SPEAKER_00: And the IRS has made some rulings about how that works.
• 1:48
  SPEAKER_00: So it was a lot about a lot of the chatter was about that, even if the topics were about all sorts of entrepreneur topics.
• 1:56
  SPEAKER_01: So AI and where it's going.
• 1:58
  SPEAKER_01: Um, Profit First, I'm sure, will benefit from AI.
• 2:02
  SPEAKER_01: Um, it's just about how do you implement it.
• 2:05
  SPEAKER_01: Um, to go back to basics, let's talk about bank account setup.
• 2:08
  SPEAKER_01: So, one of the key factors about um profit first, it seems really boring.
• 2:13
  SPEAKER_01: So, why is it not boring and why is it important?
• 2:16
  SPEAKER_00: Well, it it's very simple, right?
• 2:18
  SPEAKER_00: It's it's boring in that way.
• 2:20
  SPEAKER_00: It's not complicated.
• 2:21
  SPEAKER_00: There's no like secret sauce about opening bank accounts.
• 2:24
  SPEAKER_00: The the book walks you through it really plainly.
• 2:26
  SPEAKER_00: Um uh I think when I when I just had a sales call this morning, and the way it describes really simply is it's just like the Ramsey system of envelopes, right?
• 2:35
  SPEAKER_00: So you have these different envelopes that happen for your different household expenses.
• 2:39
  SPEAKER_00: Well, in the business, this can happen really simply through different bank accounts.
• 2:44
  SPEAKER_00: So uh an important first start is to get more bank accounts open.
• 2:49
  SPEAKER_00: What happens in most business bank accounts is that all your money comes in and then you spend it all out of that account and you have one.
• 2:56
  SPEAKER_00: And you might even have a side savings account where occasionally, when you have a really big case or really profitable, something happens.
• 3:02
  SPEAKER_00: You just move money over to that savings account, sort of arbitrarily, making sure you leave enough in your main account for whatever operations you need to do.
• 3:10
  SPEAKER_00: When you have profit first, the first homework I ever give to everybody is you need to open bank accounts.
• 3:16
  SPEAKER_00: So it can be at your own bank, it can be at a bank like Relay, which does Profit First in an embedded way, but you need to have the five accounts that are with Profit First, you are already using one, right, which is your main operating expense account.
• 3:31
  SPEAKER_00: But you also need an income account, profit account, tax account, and owner comp account.
• 3:36
  SPEAKER_00: And that helps you know without question how much how much of that money that's in your operating account is yours.
• 3:43
  SPEAKER_00: What can you have?
• 3:44
  SPEAKER_00: I feel like that's a super fair question.
• 3:46
  SPEAKER_00: And when you set up profit first, you will know that answer.
• 3:50
  SPEAKER_01: So what if you're deciding whether or not to stay with your own bank or go to a different bank?
• 3:56
  SPEAKER_01: I know it's really hard for people to change banks.
• 3:58
  SPEAKER_01: They might have auto pays already set up, they might have ACHs for payments for clients set up in a certain place.
• 4:04
  SPEAKER_01: Like if you're stuck with your current bank, what should you look for or watch for?
• 4:10
  SPEAKER_00: Well, the most important thing, in my opinion, is I want you to be able to open those bank accounts and not pay money.
• 4:15
  SPEAKER_00: The book talks about this over and over again.
• 4:18
  SPEAKER_00: About this is not about you incurring a bunch of bank fees.
• 4:21
  SPEAKER_00: You need to have free accounts.
• 4:22
  SPEAKER_00: So if you are paying for your bank account, that is one of the only times I will press you to move.
• 4:29
  SPEAKER_00: But for the most part, if that's an expense you choose to have in your business, it's not my business.
• 4:34
  SPEAKER_00: Like you can keep it.
• 4:35
  SPEAKER_00: Um, I am at a bank that is not profit first forward, but it let me open a bunch of accounts and let me nickname them.
• 4:44
  SPEAKER_00: And that's worked out fine for us at Fisher.
• 4:46
  SPEAKER_00: That's worked out great.
• 4:47
  SPEAKER_00: So uh you can definitely keep your bank.
• 4:49
  SPEAKER_00: I know my banker.
• 4:50
  SPEAKER_00: My banker texts, I texted my banker when I mentioned uh them on an earlier podcast, and I texted them to say, hey, you know, you I gave you a shout out.
• 4:59
  SPEAKER_00: So I think it's fine.
• 5:01
  SPEAKER_00: I want you to keep good relationships.
• 5:02
  SPEAKER_00: Relationships really help the business.
• 5:04
  SPEAKER_00: And as a person for me, we're in a financial industry, like bank referrals are important to me.
• 5:09
  SPEAKER_00: So I'm not going to change that relationship if I don't have to.
• 5:12
  SPEAKER_00: However, there are banks that embrace profit first and are very profit first forward.
• 5:18
  SPEAKER_00: And we are happy to introduce you to those banks and get you set up.
• 5:23
  SPEAKER_00: They, the banks we work with on the profit first only side are business only, so it won't be a place where you have business and personal, but they let you transfer money out easily.
• 5:32
  SPEAKER_00: So you could still do your owner draws and just do a bank transfer just like you always could.
• 5:36
  SPEAKER_00: So um we'll we would get into that deeper as we would onboard a client.
• 5:41
  SPEAKER_01: And I would say, uh just to add to that, um, not only do you not want to pay for your money to sit there, but I would say also watch to see if there's any overdraft fees.
• 5:51
  SPEAKER_01: Um, because you run lean, sometimes it's it it happens that you haven't moved money over in time.
• 5:59
  SPEAKER_01: And to be aware of or have a bank that is accommodating to that is really important.
• 6:04
  SPEAKER_01: I know we run into that sometimes here.
• 6:06
  SPEAKER_00: Yes, you and I talked about this in an earlier podcast episode also.
• 6:10
  SPEAKER_00: That um, you know, if you take your total amount that you have in your operating account and you're gonna slice it into several pieces, you're you're naturally gonna have less in your operating account by some measure.
• 6:20
  SPEAKER_00: And so that means if you were not a large balanced person already, it might be a balance that uh runs some risks.
• 6:30
  SPEAKER_00: Like if an auto payment for your tax bill comes through and you haven't moved your tax money in yet, and you auto and you balance that, or you, you know, you have uh you have an NSF.
• 6:40
  SPEAKER_00: Um for me, our banking relationships is we get an email and a text if something happens.
• 6:45
  SPEAKER_00: It it doesn't happen very often, but but I never incur a fee around that.
• 6:49
  SPEAKER_00: So it's important, and relay certainly is the same way where if your OpEx account didn't have money, but you they can see your cash position is very strong, then they're gonna send you an email that says, you've got an NSF coming through, please transfer money today, and then you do that.
• 7:04
  SPEAKER_00: If you were in a big bank like a Bank of America or Wells Fargo, I think they're just gonna NSF you and charge you money, which is a problem, or they might pay the thing and also charge you money, which then now you have bank fees, and that's just wasted profit.
• 7:17
  SPEAKER_00: Honestly, we don't we don't want to do that at all.
• 7:20
  SPEAKER_01: So I think the thing that was surprising to me about it is, or I had to learn was that there's one account for everything to come in and one account for everything to go out.
• 7:29
  SPEAKER_01: So can you talk a little bit about the mechanics of that process?
• 7:32
  SPEAKER_01: So you're opening multiple accounts, you're holding in certain accounts, but then there's just two primary accounts for in in taking out and outgoing.
• 7:41
  SPEAKER_01: Um talk about that a little bit.
• 7:43
  SPEAKER_00: Sure.
• 7:43
  SPEAKER_00: So uh to talk about the book, and I mean, spoiler alert, right?
• 7:47
  SPEAKER_00: We're about ready to give away the crux of the book here, but you bring all your money into an income account, and then from there you're gonna separate out into as many accounts as you've set up.
• 7:56
  SPEAKER_00: Like I already went through the four others that are set up through the book.
• 7:59
  SPEAKER_00: And um, so you'll you'll put some percentage in operating expenses, owner comp, profit, and tax.
• 8:06
  SPEAKER_00: So what those percentages are vary widely between different firms.
• 8:11
  SPEAKER_00: Because if you're on payroll, you don't need as much in the tax account because it's already coming out of your payroll.
• 8:16
  SPEAKER_00: If you're not on payroll, we need more to go into tax because your tax bill is gonna be bigger.
• 8:20
  SPEAKER_00: If you've got quarterlies, we've got to make sure that your tax account saves for those and some extra because your tax bill might still come due at the end of the year.
• 8:30
  SPEAKER_00: So we're gonna slice up your income in these four ways.
• 8:34
  SPEAKER_00: And when we work together, it might be more ways.
• 8:36
  SPEAKER_00: Who knows what's going on?
• 8:38
  SPEAKER_00: And yes, your debit card and all your checks are all at your OpEx account.
• 8:43
  SPEAKER_00: So all these others are holding accounts.
• 8:45
  SPEAKER_00: So you only you you always put money over into your tax account and you only move it over when you are paying a tax bill.
• 8:51
  SPEAKER_00: You move that owner comp money over, and then when you run payroll for yourself or take a draw, then you move it over.
• 8:56
  SPEAKER_00: But it all flows in and out of your operating expense account.
• 8:59
  SPEAKER_00: Um, just for simplicity, it really makes it quite clean.
• 9:02
  SPEAKER_00: The exceptions I've seen, I do see exceptions, is when you're transferring money to your owner account.
• 9:08
  SPEAKER_00: I we definitely reconcile some accounts where they transfer it directly from the owner comp account over to their personal account, which is fine.
• 9:15
  SPEAKER_00: Like it's all right, it's not, it's not gonna break anything, but but we're not writing checks.
• 9:19
  SPEAKER_00: You don't get checks for that, you don't get a debit card for that.
• 9:22
  SPEAKER_00: You just move the money and we track it.
• 9:25
  SPEAKER_01: So there's one input account and there's one inbound account that's income.
• 9:30
  SPEAKER_01: Then you have holding accounts, which would be something like owner comp tax, um, special.
• 9:35
  SPEAKER_01: I know we have growth, uh, so we have special projects under growth, and then outbound is gonna always be opex.
• 9:41
  SPEAKER_01: So you're sort of allocating a percentage of the income to the opex account as well as these other holding accounts, but they're only they're only checks are only gonna be written, withdrawals are only gonna be coming out of that opex account.
• 9:54
  SPEAKER_01: How um how often do you recommend doing the allocations?
• 9:57
  SPEAKER_01: What's the process for uh for doing the for running the allocations?
• 10:01
  SPEAKER_00: Great.
• 10:02
  SPEAKER_00: It's a good question.
• 10:03
  SPEAKER_00: And I feel like that's a question that's changing this year.
• 10:06
  SPEAKER_00: So we're for clients that are at Relay Bank, so this is a very profit-first forward bank, Relay Bank can do those allocations every day.
• 10:14
  SPEAKER_00: In fact, it can do it instantly if you want it.
• 10:16
  SPEAKER_00: So when we have clients at Relay, we often have it every day.
• 10:20
  SPEAKER_00: However, we have some clients where um they have a holding account.
• 10:25
  SPEAKER_00: So we work a lot with dance studios, and they might take in recital fee or a costume fee, something like that, nutcracker fee right now.
• 10:32
  SPEAKER_00: And they're gonna bring that money in and put it in a fee holding account because they don't want to spend that money until the expenses that that was brought in for are incurred.
• 10:41
  SPEAKER_00: So if they're gonna do, so those folks, we only set up their allocations to happen weekly so that they can go in on Thursday before the Friday push to the um to all the distributions so that they can pull out those fee holding dollars and put them over in their fee holding account.
• 10:59
  SPEAKER_00: We are set up a little bit more old-fashioned because I know you transfer the money regularly.
• 11:03
  SPEAKER_00: Um, and we do it right in front of payroll.
• 11:05
  SPEAKER_00: And I do that with other people that are at other banks, is we set up their allocation day to be the morning that they run payroll.
• 11:12
  SPEAKER_01: Okay.
• 11:13
  SPEAKER_01: Any tips for how to delegate this or how to make it less time consuming?
• 11:18
  SPEAKER_01: Or is it time consuming?
• 11:20
  SPEAKER_00: Uh, I well, maybe I would ask you, but I would not consider this a time-consuming process.
• 11:26
  SPEAKER_00: So it's, you know, it's sort of a regular behavior, right?
• 11:29
  SPEAKER_00: So it's kind of like you're making coffee when you get ready in the morning.
• 11:32
  SPEAKER_00: Do you think of that as a time-consuming thing?
• 11:34
  SPEAKER_00: If you were to weigh it out, it takes three or four minutes.
• 11:37
  SPEAKER_00: But if you you get in that behavior, you don't really even think of it.
• 11:40
  SPEAKER_00: It's just part of your routine.
• 11:42
  SPEAKER_00: So, you know, I would say, uh, and you could correct me, but I think for you, it probably takes you four minutes twice a month and more, and another four minutes if we need the cash to move around at different times besides payroll.
• 11:56
  SPEAKER_00: So it's it's not that it's particularly long, but you have to remember that if you're gonna spend some money, you need to look at your opex and make sure you have the money.
• 12:03
  SPEAKER_00: And if you don't, you move the money from your income account so that it all flows through.
• 12:07
  SPEAKER_00: Um, but if you're at a bank like Relay, we can make that happen every day, especially if you don't need to pull money aside because of an acceptable situation.
• 12:19
  SPEAKER_01: Yeah, I would agree.
• 12:20
  SPEAKER_01: It's pretty minimal time spent.
• 12:22
  SPEAKER_01: I think the harder and it's easy enough to get on a regular cadence, like you were saying, tying it to payroll, um, having it happen, having reminders in your calendar.
• 12:30
  SPEAKER_01: It does that part doesn't take much time.
• 12:33
  SPEAKER_01: I think the part that I sometimes miss is when we have a significant opex outlay for like tax or or some things that comes up.
• 12:43
  SPEAKER_01: I will, I can forget to move money around in that situation.
• 12:49
  SPEAKER_01: So it's I think that's the harder is the one-off, like, oh, we are gonna pull from this account and and have a payment go out the door.
• 12:56
  SPEAKER_01: So therefore we have to do a transfer on a more inconsistent basis.
• 13:00
  SPEAKER_01: I think that's the harder one to remember.
• 13:02
  SPEAKER_00: Yeah, I think that's fair.
• 13:03
  SPEAKER_00: I think the envelope system is like that because we aren't doing real envelopes where every dollar is because opEx is so many of our expenses in our situation.
• 13:14
  SPEAKER_00: There's a few things that aren't our OpEx, right?
• 13:16
  SPEAKER_00: Tax, um, you know, to move the owner comp money for payroll.
• 13:20
  SPEAKER_00: And then sometimes we pull from the growth account, which is basically an operating expense, but we have saved for um whatever we might have going on related to growth.
• 13:30
  SPEAKER_00: You know, it is a part where we have you have to be more involved for sure when you are pulling from those accounts.
• 13:36
  SPEAKER_01: What happens if you pull from or you need to pull from those accounts?
• 13:40
  SPEAKER_01: So say you have a tax bill and it's greater than what you have saved up in your tax account.
• 13:44
  SPEAKER_01: What do you do in that case?
• 13:46
  SPEAKER_00: Well, then you're pulling from OpEx, essentially.
• 13:48
  SPEAKER_00: So, you know, you're still cash planning in that situation.
• 13:51
  SPEAKER_00: And I think it's something we would talk about because our your allocations aren't quite enough.
• 13:56
  SPEAKER_00: So we need to increase your future allocations so it doesn't happen again.
• 14:00
  SPEAKER_00: But, you know, right now, before profit first, when the bill comes along, you just have to pay the bill like and now you have a savings account that's going to pay for most of the bill, and there's a little bit that your OpEx will have to absorb so that we can get the allocations right.
• 14:15
  SPEAKER_00: So it's it's not ideal.
• 14:18
  SPEAKER_00: Um, and we try to set it up so that that does not happen, so that you always feel like you have a savings account to take care of those big bills.
• 14:26
  SPEAKER_00: But uh if for some reason we didn't, then we would um we would figure out the adjustment.
• 14:33
  SPEAKER_00: The other thing I would say, this speaks more to the bookkeeping side than the profit first side, is especially related to tax, is you're talking a lot about uh something we're doing at this time of year with a lot of our clients is we close their books for September-ish and maybe October, and then they go meet with their CPA so that they can do some real tax planning.
• 14:52
  SPEAKER_00: So as I've gotten back into coaching meetings, um, they've been met with their CPA and they're saying, okay, here's where our profit is for the year so far, here's what our depreciation will be for this year so far, here's our approximate tax bill, here's what you've paid in payroll.
• 15:05
  SPEAKER_00: But they're doing this quick analysis with them so that we can say, it looks, if we stay on this same cadence, the tax bill is going to be approximately X, and you have this much in your tax account.
• 15:16
  SPEAKER_00: So make sure that it grows to Y by the time we get to tax filing.
• 15:20
  SPEAKER_00: And those are when we're doing coaching, that those are conversations that are happening right now in this fourth quarter of the year as the fourth quarter begins.
• 15:27
  SPEAKER_00: And fourth quarter is the perfect time to have these conversations with the bank or with your CPA about your potential future tax bill.
• 15:35
  SPEAKER_01: So that's a good segue into recalibration.
• 15:39
  SPEAKER_01: How often do you suggest recalibrating once you know that maybe your allocations are off?
• 15:46
  SPEAKER_01: What does that process look like?
• 15:49
  SPEAKER_00: Yeah.
• 15:49
  SPEAKER_00: So when when folks are new with us, it could it could happen more regularly.
• 15:55
  SPEAKER_00: I I definitely plan on it for to, when people are new with us, for it to happen approximately quarterly for approximately two years.
• 16:03
  SPEAKER_00: So where that changes is sometimes when you put these guardrails on around profit first, you end up learning about some seasonality.
• 16:13
  SPEAKER_00: Like, oh, in the summer, things die.
• 16:15
  SPEAKER_00: Like everybody goes on vacation and people don't buy as much.
• 16:17
  SPEAKER_00: I mean, who knows?
• 16:18
  SPEAKER_00: If you sell anything at uh any sort of retail in any sort of way, you have a bump way up in fourth quarter.
• 16:25
  SPEAKER_00: You know, there's just these different things that happen.
• 16:27
  SPEAKER_00: So we I have some clients that have different season allocations.
• 16:31
  SPEAKER_00: So all every year they might be running a summer allocation and uh or a fourth quarter allocation, that sort of thing.
• 16:39
  SPEAKER_00: But while we're in those first couple of years trying to get you to best practices where you have to slowly do some changes to bring your expenses down in order to have the profit margin we're looking for, we we set goals each quarter because otherwise it's just gonna be too much change too fast, and then you're gonna potentially not make the change and not have that profit realized.
• 17:05
  SPEAKER_00: So I think it's it's more important to start small, work our way incrementally up, and then uh get to that best practice.
• 17:13
  SPEAKER_00: So, like we've been doing Profit First since 2018, we really look at it about once a year.
• 17:17
  SPEAKER_00: So if there was no big change, which we had some big changes last year to our business model.
• 17:22
  SPEAKER_00: So we looked at changes, we looked at allocations around then.
• 17:25
  SPEAKER_00: And then from there, we mostly do it once a year at this point.
• 17:29
  SPEAKER_01: Okay.
• 17:30
  SPEAKER_01: What is one action that um that people can take this week?
• 17:34
  SPEAKER_01: What recommendation?
• 17:35
  SPEAKER_00: Well, I'd say if you're a business that just has one operating account, I would say open a savings account.
• 17:40
  SPEAKER_00: If you uh are really interested in profit first, go into your bank and figure out what it's going to take to open four more accounts so that you can have income, opex, profit, tax, and owner comp.
• 17:52
  SPEAKER_00: And if you can set those up yourself, there's nothing in this program that keeps you from doing do it yourself.
• 17:57
  SPEAKER_00: You can start with one percentage point in each to just start that savings habit, and then we could take you off like a rocket when you get here.
• 18:05
  SPEAKER_00: So I I've definitely had people come to us for profit first coaching that were DIYing it themselves.
• 18:11
  SPEAKER_00: So they already had the accounts, they had a little bit of money in each one, but they were still mostly operating out of that main OpEx account.
• 18:18
  SPEAKER_00: If you have that going on, um, we can we can get you all the way there quite quickly.
• 18:23
  SPEAKER_00: And, you know, I mean, to just circle back to where we started is when we were in ProfitCon, one person that came and met with us uh went through an MA event, sold their business with a very strong multiple of EVITA between five and 10, she said.
• 18:39
  SPEAKER_00: She wasn't allowed to say because she sold it just lately.
• 18:41
  SPEAKER_00: Um, because Profit First, like when you have profit built in as a habit, your business is sellable and it is sellable for more because it's really trackable.
• 18:52
  SPEAKER_00: It's really easy for a buyer to come in and see what's going on with your business.
• 18:55
  SPEAKER_00: Not that you're planning to exit, not that any of us, you know, nobody wants to plan to exit every day, but building it to exit is uh really smart.
• 19:04
  SPEAKER_00: And you should build it profitably.
• 19:05
  SPEAKER_00: It'd be more fun business if you're building to exit.
• 19:09
  SPEAKER_01: What what are some of the advantages of working with a profit first coach?
• 19:13
  SPEAKER_01: How is it, how what's the value add there?
• 19:16
  SPEAKER_00: Yeah, it's a good question.
• 19:17
  SPEAKER_00: And I will say that uh in if you read the book, oh look, the book's right there.
• 19:21
  SPEAKER_00: How clever.
• 19:22
  SPEAKER_00: Um, if you read the book, Mike does talk to this at a few places in the book, but I would say working with a coach, um, there are a few points that are uh anxiety inducing because your your operating account, which you're used to seeing with all your money in it, is no longer gonna have all your money.
• 19:38
  SPEAKER_00: Like think of it like a dinner plate instead of a serving platter, right?
• 19:41
  SPEAKER_00: You're gonna have some portion of your money.
• 19:43
  SPEAKER_00: And that can be pretty anxiety inducing.
• 19:46
  SPEAKER_00: And anxiety sometimes wants it will get you to go back to what how how do you not have anxiety, anxiety, and it was the way you were before.
• 19:53
  SPEAKER_00: So uh I can definitely help you through those uh twitchy sort of moments.
• 19:59
  SPEAKER_00: And the other thing is we have a lot of discussions about, I mean, you you mentioned it earlier here at Fisher, we have a growth account, but we can talk about other accounts that could serve your business that aren't those main five accounts.
• 20:11
  SPEAKER_00: Um depending on what's going on with businesses that are in the real estate sector, we have a slow season account because things get pretty slow in the the winter months, at least here in the Pacific Northwest.
• 20:22
  SPEAKER_00: And uh if you have a slow season, we might make a slow season account.
• 20:25
  SPEAKER_00: If you like to pay out bonuses around Christmas time, we might make an incentive account.
• 20:29
  SPEAKER_00: If you are an owner that likes to um, I call it kind of a wild hare, but if you like to do things related to growth and your operations manager could use a way to tell you no at the right times, you can set up a growth account so that the finance involved can answer some of those questions about whether you can make that growth move if you want to.
• 20:49
  SPEAKER_00: So there are uh many other examples of those.
• 20:54
  SPEAKER_00: In the book, he talks more about a business buying each, switching to buy a pallet, and businesses that buy by the pallet, switching to buy by the container.
• 21:01
  SPEAKER_00: But sometimes you can do those things that help increase your margins and at the end of the day help you much more, but you did you don't have the savings to buy them outright.
• 21:12
  SPEAKER_00: So uh the system's built really well to help keep you uh get you out of debt and then keep you out of debt.
• 21:18
  SPEAKER_00: So, you know, it's there's a lot of strategic ways to use them.
• 21:24
  SPEAKER_01: Great.
• 21:24
  SPEAKER_01: Uh, where can people find you if they have more questions?
• 21:27
  SPEAKER_00: Oh, I love that.
• 21:28
  SPEAKER_00: So if they have more questions, you are welcome to send uh an email to me or to Juliana.
• 21:33
  SPEAKER_00: That would be fine.
• 21:34
  SPEAKER_00: We're at our first names at fisherbusiness.net.
• 21:37
  SPEAKER_00: The other way is I believe there's a comment system here on the podcast you're in, and our marketing person monitors those closely.
• 21:45
  SPEAKER_00: So if you wanted to leave a comment, we're happy to respond respond.
• 21:48
  SPEAKER_00: And if you want to have a deeper conversation, our website is fisherbusiness.net, and you are welcome to set a time like I talking about these puzzles and solving uh to get profit first into your business is something I I enjoy doing.
• 22:02
  SPEAKER_00: It's it's also my job, but I also very much enjoy doing it.
• 22:06
  SPEAKER_01: All right, thanks for your time.
• 22:08
  SPEAKER_01: Thanks.