“Building your Profit War Chest” – Video Tutorials & Bank account kit.
CONGRATULATIONS on joining the #BANK1MPROFIT Challenge and starting to make more profit and less loss. At Inspire – Life Changing Accountants we truly believe you weren’t put on this earth to simply BREAK EVEN, so let’s get started!
What is a Profit War Chest?
In a world where we tend to spend all we earn, a Profit War Chest is a separate bank account at a separate bank where we squirrel away a small percentage of every dollar we receive in the business.
What is the #BANK1MPROFIT Challenge?
THE #BANK1MPROFIT Challenge is a movement to help business owners bank a collective total of $1M into their PROFIT WAR CHEST, so that they can use their profit for good.
How do I set up a Profit War Chest?
Here are the characteristics of a Profit War Chest –
- Separate Bank Account.
- Separate Bank.
- Low fee account.
- Low transactions.
- Named “Profit War Chest”.
- Make it VERY difficult to withdraw from –
- No online access – so you have to go into the branch to withdraw.
- Make the account “two to sign” – so someone else has to agree to let you withdraw.
- 48 hour delayed access – so you have to wait before you can spend. Give your logical brain 48 hours to make sure you REALLY want to withdraw
How much do I park in my Profit War Chest?
To begin, just deposit 1% of every invoice you receive.
Best to instruct your accounts / finance person to do this for you. For the first quarter the goal is about developing the habit of contributing to your Profit War Chest. Once the system is set up (the hard bit), you can look at ratcheting up the percentage you squirrel away.
When can I take the money out of my Profit War Chest?
We recommend you take a distribution at the end of every quarter.
1st April – after building up the balance in January, February and March.
1st July – after building up the balance in April, May and June.
1st October – after building up the balance in July, August and September.
1st January – after building up the balance in October, November & December.
We’ll host a FB LIVE in the #BANK1MPROFIT (Private) Facebook Group close to each of these dates to help answer any real time questions.
What can I do with cash that accumulates in my Profit War Chest?
Build a Rainy Day fund.
Pay down debt.
Treat yourself and the family.
Take a (well earned) Holiday.
Give Back to Charities / Churches / Causes close to your heart.
Reinvest into the business.
Can I use this same method for my Tax?
Yes! We call it a Tax War Chest. Answer these questions to see if you need one –
Have you ever had a Business Activity Statement or “BAS” that was due, that you couldn’t pay in full and on time?
Have you ever received a Surprise Tax Bill from your accountant, only to realise you’ve actually spent everything?
Has the ATO been chasing you for a Tax Debt causing you stress frustration and anxiety?
If you answered YES to any of the above you need to set up a Tax War Chest too. Same concept as a Profit War Chest. Separate bank account, at a separate bank (separate to your main operating account, but could be the same bank as your Profit War Chest).
Where do I go for more help implementing the Profit War Chest?
The #BANK1MPROFIT Challenge (Private) Facebook Group is a support community for participants in the challenge. You can share wins and ask questions as you build up your Profit War Chest.
What about my #BANK1MPROFIT Bonuses mentioned on the website?
Sure. We usually don’t like to overwhelm our friends, so we’ve banked up a few emails to slowly drip feed you these bonuses over the coming weeks.
But feel free to jump ahead and help yourself below –
- “Building your Profit War Chest” – Video Tutorials & Bank account kit.
- Monthly Accountability Email & SMS to keep you on track.
- Support from the #BANK1MPROFIT (Private) FB Community.
- Access “Profit Multiplier Calculator” – 7 ways to dramatically magnify your Profit.
- Download “Cashed Up Strategy Map” – 316 proven strategies to help you get Cashed Up.
- $100 off a ‘$500 2nd Opinion on Tax | Look Under the Hood’.
Who is inspire?
Inspire is on a mission to become Australia’s Most Impactful Accounting firm (and then the world’s!), by giving the advice that creates 10 Million Freedom Days by 2030.
We’re well known for proactively saving their 6 & 7 figure business clients over $7M in tax and giving 7 million days of life changing help to end extreme global poverty to families in need, across 16 countries.
WELL KNOWN AS –
- Authors of CASHED UP, 7 steps to pull more money, time and happiness from your business.
- Winners Top 100 Companies in Australia (2017 & 2018).
- Hosts of the Mo’ Money, Time and Happiness Podcast (launching 2018).
- Accountants for Good – for every dollar of tax saved, inspire gives a days access to food, water, health and sanitation to help end global poverty.
- Trusted advisors to hundreds of 6 & 7 figure businesses owners across Brisbane, Sydney & Melbourne.
p.s. We’d love to thank Mike Michalowicz and the book Profit First who inspired the #BANK1MPROFIT Challenge. Check out Profit First on Amazon.