Small-business owners should split commission checks into a four-account system, with 40% automatically going to a business expenses account for marketing, sponsorships, and growth costs. This approach lets you fund what matters and decline requests when the budget runs out, like a foundation managing grants.
to go to your local bank, and this won't work at Bank of America or Wells Fargo. This is for your local regional bank where you know the banker and you can have a conversation. You need 4 accounts, okay? You need 4 small business accounts. Every time you get a commission check, you're going to divvy it up into those 4 accounts. That means 40% of that check goes into the business account. That's where you're going to spend things on Little League sponsorship and websites and signs and lockboxes and marketing and the things that you do for your business come out of the business account. And so to my friend Jason, who said, how do I say no to causes I believe in? Because if it's going to benefit your business, you have to have enough money in the 40% account. And if that account is tapped out, you can say to that person, my budget is tapped out for this year. Connect with me before I set next year's amount. It's the same way that foundations handle their grant process, y'all. We treat ourselves a little differently than we would if we were a different kind of business.
