Savvy or Surrender - Your Guide to Profit, Cash Flow, and Tax Savings
Running a business shouldn’t feel like a never-ending fight for cash. On Savvy or Surrender, host Steven Young cuts through the noise and shows real business owners how to take control of their numbers, keep more of their hard-earned money, and build a business that actually pays them back.
Each episode gives you practical strategies you can use right away — from fixing cash flow bottlenecks, to implementing Profit First, to unlocking tax savings most owners never hear about. No jargon. No fluff. Just clear guidance, real-talk coaching, and a little humor to keep things human.
Whether you’re a contractor, service pro, or business owner who’s tired of working hard with nothing to show for it, this is your go-to show for leveling up your money decisions and building a business that supports your life… not the other way around.
Choose to be Savvy — or surrender your profit. The choice is yours.
Savvy or Surrender - Your Guide to Profit, Cash Flow, and Tax Savings
How to Start the Profit First Method for Small Contractors (Step-by-Step): Episode 11
Episode Title: How to Start the Profit First Method for Small Contractors (Step-by-Step)
Host: Steven, Savvy Tax Strategies and Bookkeeping
❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong.
Summary:
In this episode of the Savvy or Surrender Podcast, Steven breaks down the Profit First system for contractors, providing a step-by-step guide to managing cash flow, setting up bank accounts, and ensuring your business is profitable. Learn how to shift your mindset, allocate income, avoid common pitfalls, and set your business up for long-term success. Whether you’re a small contractor or a growing business, this episode offers actionable advice to help you stop living paycheck to paycheck and start building real profit.
Timestamps & Highlights:
00:00 – Introduction: Why contractors struggle with cash flow
00:26 – Who this episode is for & what you’ll learn
00:51 – What is Profit First? The envelope system for business
03:18 – The five essential bank accounts for Profit First
04:34 – The contractor twist: Isolating materials and subcontractors
06:46 – Why Profit First fails: Common implementation mistakes
10:15 – The mindset shift: Sales minus profit equals expenses
13:15 – The importance of paying yourself and avoiding burnout
16:25 – Making your business sellable and sustainable
18:14 – How to adjust expenses and avoid overdraft
21:14 – Target allocation percentages (TAPs) for contractors
24:27 – How to set and gradually increase your TAPs
27:28 – When and how often to allocate funds (10/25 rule vs. weekly)
30:12 – How to handle income account buffers and allocations
34:13 – Quarterly profit distributions and building resilience
38:13 – Your first 7 days: Step-by-step implementation plan
42:56 – Common pitfalls: Stealing from accounts, overpromising, ignoring seasonality
48:19 – Real-world example: Handling seasonality and big bills
51:51 – The importance of job costing for larger contractors
54:16 – Assignment: Open your accounts and do your first allocation
56:23 – Free resources: Take the Profit First quiz and get core chapters
57:45 – Outro: Subscribe, review, and what’s next
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