Every Business Owner Needs This Account. Most Don’t Have It.

This Week’s Focus: Build a Vault. Save Your Sanity.

By Mike Michalowicz

Running a business sometimes feels like strapping yourself to a rocket with duct tape and optimism. Some days it soars. Some days it sputters. And occasionally, it just sits there.

But –  if you want your business to survive those unpredictable dips (and keep your sanity intact), you need one thing above all else.

Cash. In. The. Bank.

Not just to pay next week’s bills, but to breathe when something breaks. Because something will break – whether it’s the economy, your biggest client, or your espresso machine.

That’s why this week’s focus is simple and critical: Be your own bank.

Why your business needs a vault (not just a spreadsheet)

If you’re a small business owner or entrepreneur, you’ve probably heard this before:

“You should have an emergency fund that covers at least three months of expenses.”

You’ve probably nodded along. You might’ve even written it down.

But have you done it?

If not, don’t sweat it. You’re in the majority. Most entrepreneurs live in reactive mode, waiting for “extra cash” to magically appear before starting a safety fund.

Waiting for “extra” is how businesses get blindsided.

You need to build your buffer before the storm hits, not during.

A three-month emergency fund isn’t a luxury. It’s your business’s life preserver.

Panic decisions vs. smart choices

Ever made a decision out of desperation?

Maybe you took on a nightmare client because you needed cash.
Maybe you slashed prices just to keep the doors open.
Maybe you maxed out your personal credit card (again), promising yourself it was “just this once.”

We’ve all been there. And it sucks.

But you know what makes those decisions disappear?

A cash cushion.

A financial buffer buys you time. Time lets you breathe. Breathing lets you make smart, aligned, strategic decisions, not ones made in panic mode at 2 a.m.

The simple system: build your vault

So here’s what I want you to do. Today.

1. Open a new bank account.
   Call it something dramatic like THE VAULT because hey, it is your treasure chest. 
2. Automate a weekly transfer.
   Start with 1% of your income. Yes, just one percent. It’s small enough to be painless, but powerful enough to start momentum. 
3. Do it every week. No excuses.
   Don’t wait until you “have enough” to start. That day rarely comes. Build the habit now. The amount can grow over time. 
4. Don’t touch it. Not even a peek.
   This isn’t a backup vacation fund. It’s not for “oops, I want a new iPad.” It’s a Vault. You only break the glass when the world’s on fire.

Before you know it, you’ll have one month of expenses saved. Then two. Then three. That’s your financial freedom fund.

But Mike… what if things are tight?

Especially if you’re in a lean season, this part is key: If you’re spending every dollar now, you’ll spend every dollar later.

There’s no perfect moment to start saving. You have to create the moment. Even if it’s just $10 a week. You’re proving to yourself and your business that it’s possible.

You’re flexing your financial discipline muscle. And that muscle pays dividends.

Here’s what I’ve learned:
Having a Vault doesn’t just save your business. It saves your mindset.

When you’ve got a buffer, you stop operating from fear.
You start dreaming again.
You stop obsessing over the next invoice.
You start thinking big-picture, like strategy, growth, and purpose.

That’s the power of being your own bank. And the beautiful part? You don’t need Wall Street-level capital to do it. You just need a system. A little consistency. And a whole lot of why.

Don’t just take it from me…

If you want to dig deeper into this, I cover this in two of my books:

• In Profit First (Chapter 3), I walk you through setting up your first profit account with just 1%. Small start, big impact. 
• In Chapter 10, you’ll find out how to create your Vault—and protect it from yourself (yes, that matters). 
• Fix This Next (Chapter 4) explains how financial preparedness isn’t just smart—it’s vital to business survival.

But even if you never read those pages, remember this:

Start now. Not big. Just now.

Final thought

Running a business is hard. You’re constantly solving, stretching, and sacrificing. You’re the superhero in your story, and every superhero needs a backup plan.

“Planning is bringing the future into the present so you can do something about it now.” – Alan Lakein

Thanks for being an entrepreneur. You’re not just building a business. You’re building a future.

And now, you’re going to protect it.

– Mike