Getting Our Allocations Set Up

Day 4 in the implementation of Profit First in your business is about setting up your allocations. When allocating, it is like setting up an envelope system much like Dave Ramsey’s Envelope Methodology for your personal finances. On this fourth day, Annette will guide you in setting up allocations to the various accounts in your business like Operating Expenses, Owner’s Pay, Profit, Tax and for your Team through an Allocation Template that she has prepared.  As this is a live session, you may comment or ask Annette questions, but if you are catching this up on a replay, you can still do so, by commenting “replay” and then your questions or your comment.Here are a few insights you’ll hear in today’s show…The Allocation Set Up that Annette used with her clients. (...What is the recommended schedule when doing allocations?)What are the two things that you need to know and understand when doing allocations to your different buckets?What is Current Allocation Percentage or CAP? (...What is the recommended percentage allocation for the Operating Expense and Owner's Pay?)Annette shared how much to allocate in each of the accounts using the Allocation Sheet or Template. How are you to allocate a chunk of money sitting in your current account?  (... To what account should that chunk of money should have been allocated?) How are we going to do the recurring weekly allocations moving to monthly when you need to allocate for your Owner's Pay or even a bonus?What happens when you have a negative number in the Profit Account?  (...What percentages are advisable to be tweaked on the profit account, owner's pay and tax?)Resources:Interested in joining this sprint or catching up with the live sessions? You still can, join here -  https://www.facebook.com/groups/915326342418247Connect to Annette Ferguson:Facebook - https://www.facebook.com/UKAnnetteFerguson/Instagram - https://www.instagram.com/annetteandco_/YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qAListen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -https://podcasts.apple.com/gb/podcast/financial-and