Notes:

Profit First Structure for Implementation:To build Profit First (at the basic level) into your business today, open the following bank accounts within your bank of choice* and give them the following nicknames:

• High Yield Savings Type (Nickname: Profit)
• High Yield Savings Type (Nickname: Rainy Day)
• High Yield Savings Type (Nickname: Tax)
• Checking Type (Nickname: OPEX)

Once these accounts are open, take these actions on the recurring basis described below:

1. Every Time You Have Income:Transfer a percentage (recommended: 5%-20%) into ProfitTransfer a percentage (recommended: 10%-15%) into Rainy DayTransfer a percentage (recommended: 30%) into TaxTransfer remainder of income to OPEX, to be utilized for day-to-day business
2. Once a Quarter: Withdraw 25% of the entire Profit account, utilize this primarily to reduce debt but also to invest in your business with things like Profit Distributions and Conferences
3. In Emergencies:Withdraw necessary funds for emergencies and rainy days from the Rainy Day fund, which otherwise does not get touched

*Keep in mind that restructuring your bank accounts with this plan may require some restructures within your business, cut yourself some slack and make careful moves as you implement this system! Client Ranking System & Word of Mouth Worksheet:Columns for Finding Your BEST clients (Keep in mind, clients generating the most revenue may not be your best client) Client Name   |   $$(Revenue)   |   CC   |   Industry Intrigue

General Email Structure for Client Outreach to Develop the Vendor Network: Dear/Hello [client name], I was at a conference today where they were discussing what defines a ‘favorite’ client, and I thought of you! I realized that you’re absolutely one of my favorite clients to work with, and I’d like to be able to serve you better. Would you be willing to grab coffee with me on [insert date options] to chat for half an hour about how I can better serve you?(Optional Note to add: To clarify, I have nothing to sell you with this chat. I would just like the opportunity to learn more about you so I can be a better vendor for you!)

Questions for the Meeting with Your Client:

1. What am I doing right for you?
2. What is wrong with my industry?
3. What other vendors do you depend on?

Application from Meeting with Your Client:

1. Doing Right:Note what you’re doing right for the client (what you’re truly being judged on) and find 1 way to make that aspect of their service/product better, then implement within a week or less of the meeting.
2. Doing Wrong:Note what the industry is doing wrong (what your client hates about your services at the moment)Hold a brainstorming session with your team to determine how to fix that issue for your favorite clientsBuild an implementation plan (including deadlines)Put someone on your team in charge of implementation
3. Vendors:Develop the Vendor Network (see below)

Vendor Network Plan:

1. Reach out to specific vendors mentioned by your client.Propose a strategic partnership for improving business and sharing leads. (Demonstrate the value in the partnership for both of you so they are more inclined to share leads and provide word-of-mouth referrals)
2. Keep up with vendor network by sharing leads and word-of-mouth recommendations
3. Stay front-of-mind with your vendor network by sending small gifts when they send business your way