▶ Free Training: Public Health CEO School Making money in your business is one thing. Keeping it, growing it, and running your business like a real CEO is another. Dr. Des is hosting a free 3-day live training on million-dollar mindsets and the business strategies that help public health entrepreneurs scale. Three nights. No cost. All strategy. 👉 Save your seat at ceoschool.publichealthclub.com Money management for public health entrepreneurs starts with one question: can you actually see where your money is going? In this solo episode, Dr. Desiree "Dr. Des" Strickland, DrPH, founder of The Public Health Club and Strickland Health Consulting, shares how she went from one business bank account where every dollar disappeared to a five-account system built on Mike Michalowicz's Profit First. You'll hear how she sets allocation percentages with her CPA, why she runs money allocation days twice a month, and how she pays herself a set salary and a quarterly bonus from her profit account. If you have contract money, coaching income, course sales, or nonprofit revenue coming in, this episode will help you take control of your finances. In This Episode, You'll Learn Why having a great CPA isn't the same as understanding your own money The five business bank accounts Dr. Des uses to separate income, profit, taxes, payroll, and operating expenses How twice-monthly money allocation days keep spending in check Why your allocation percentages should be built with your CPA, based on your real numbers How to pay yourself a quarterly bonus from your profit account, and the one rule for spending it Why handing off your finances without oversight can cost you Why One Business Bank Account Makes It Hard to See Your Money When every payment, from client contracts to Public Health Club revenue to course sales, lands in one account and every bill leaves from that same account, you lose visibility. Dr. Des's CPA said she was doing great, but she still felt like the money was gone, and tax season brought the "oh crap" moment. Separating accounts changed that. How Do You Set Up Profit First Bank Accounts? Dr. Des runs five accounts under one business structure. All revenue lands in the income account. From there, a set percentage moves to profit, business tax, payroll (herself, contractors, and soon a W-2 hire, managed through ADP), and operating expenses (software, guest speakers, travel). She keeps a separate account for her annual in-person spring summit. Frequently Asked Questions What is the Profit First method for small business owners? Profit First is a cash management method from Mike Michalowicz's book of the same name. Instead of paying yourself from whatever is left, you route all revenue into an income account, then move set percentages into separate accounts for profit, taxes, payroll, and operating expenses. Each account shows exactly what you can spend. How many bank accounts do you need for Profit First? Dr. Des uses five: income, profit, business tax, payroll, and operating expenses. She adds a separate account for her annual in-person event. Seeing each bucket on its own lets you spot problems early. If an account can't cover its bills, that's your signal to pull back spending in that area. What percentages should I use for Profit First? The book recommends starting percentages, but Dr. Des built hers with her CPA based on her actual business numbers. She has run those percentages all year and they've held. Your revenue, expenses, and tax situation are unique, so work with a CPA rather than copying someone else's split. How do you pay yourself a bonus from your business? Every quarter, Dr. Des takes 50% of what's in her profit account as a bonus. The rule: the bonus can't go toward anything work-related. It's for doing something meaningful or fun for yourself. This rewards the business owner and keeps the profit account working as intended. How often should you move money between Profit First accounts? Dr. Des holds money allocation days twice a month. She checks the income account balance, moves the set percentages into each account, and then commits to not overspending any account. A regular schedule makes cash flow predictable and shows you quickly when something is off. Should I hire an accountant or fractional CFO to manage my business money? Yes, expert help matters. Dr. Des relies on her CPA for salary and S corp tax strategy. But you still need oversight. Business owners who stop looking at their finances after hiring help have been stolen from. As a solopreneur or small business owner, you need to know where your money is going. Resources Mentioned Profit First by Mike Michalowicz Relay business banking: relayfi.com ADP (payroll) Public Health CEO School (free 3-day training): ceoschool.publichealthclub.com CEO Circle (quarterly book club + CPA accounting sessions and library): https://www.publichealthclub.com/publichealth-ceo-circle https://www.drdesshow.com/ https://www.publichealthclub.com/
