There is a misconception that if you are running a lean business using Profit First that you don’t have spare cash for a decent work car. And when I say decent, I’m talking muscle cars!
For a girl that grew up going to speedway every other weekend and learning to drive in a wrecking yard, it’s pretty obvious that a Dodge Challenger would be the perfect business vehicle.
To be perfectly legit, it also needed to be sign written…nothing too trashy but just enough to catch the eye. It was the ultimate work vehicle to transport me and my laptop to the office after a few laps up Prebenson Drive 😊
So how do we make this happen using the Profit First method? Once you have your Profit First system up and running with your 5 foundational bank accounts and you have established a good allocation rhythm, you can start to look at what else is possible with Profit First.
One of the first things I did once established with Profit First was to set up a new asset account. An asset account could be used to replace office equipment, plant and machinery….or a motor vehicle. There are a couple of ways to determine how much goes into this account but I went for simple. A small percentage of my revenue every week goes into my asset account and it’s surprising how quickly this grows!
So if you are dreaming of a new vehicle or any other asset AND want to avoid finance and debt, this is a great way to make it happen in your business.
