Since our masterminds online are doing a deep study on the book Profit First this month, I want to touch on a touchy subject for today.

From the heart of a lifelong entrepreneur and business coach, I can’t believe how little attention I paid to the financial structure of any business I ever owned. It wasn’t until I started online mastermind groups that I came across Mike Michalowicz’s book. It was my friend, Scott Beebe, who introduced it to me. That book changed my life.

What many entrepreneurs don’t understand is that business finance has its own set of principles, just like personal finance. Either you work for your money, or your money works for you. 

That might not sound too bad if things are going well for you right now, but it’s music to the ears of someone whose business is threatened by our current economic state. If your business’ expenses are fully, or even partially covered by passive income and...