Why do I need 5 Bank Accounts? Profit First for Dentists Official!
Aug 08, 2022
If you’ve been following my blog posts, I’ve been writing about the core principles of Profit First for Dentists and now I’m shifting my focus to the Self Assessment and how to put all of this together to make it work.
One of the first questions many dentists have is, “Why do I need the 5 Bank Accounts? Can’t I just do this on a spreadsheet?” Great question! And I’m glad you asked.
The truth is that I have all my students begin with just one extra account called Profit. This one little behavior changes everything. You see Profit First is a behavioral system. The beautiful thing about this is that it capitalizes on our natural human behaviors around money.
If we can use the current behavior to make a positive difference in cash flow, well Yes, let’s do it! Seems like a no-brainer to me.
Funding the Profit Account every week begins the habit of Profit First but it’s not the be-all, end-all. The other bank accounts are just as important to the success of using the Profit First for Dentists system.
And if using a spreadsheet worked, we wouldn’t have the need for a behavioral system like Profit First. The truth is in any endeavor where you want to succeed, you must take ACTION! No surprise, taking action is key.
The transfer of money from one account to another makes all the difference in the world. There’s a mindset shift that happens. There’s a behavior that happens. And there’s a reward that happens.
If you’re wondering about what these accounts are for or how to set up Profit First for Dentists in your practice, stay tuned here on this blog or visit my website for a download of the first 2 chapters of my book, ‘Profit First for Dentists’ and the free resources that go with it. Here’s the link:https://www.profitfirstdentist.com/download-free-resources-sign-up
Stay tuned for more!
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