The Importance of Profit First in Business

Most businesses are so financially strapped that you have to work your ass off just to get through the day. To reverse this trend, we simply need to take profit first. The belief of the pay yourself first principle has been around forever. We know what that money is intended for and it will, before we spend it, we know how to spend it. This actually allows you to get rewarded, pull out money from your business and build financial freedom.

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Mike Michalowicz had founded and sold two multi-million dollar companies by his 35th birthday and was confident that he had it made. After he became a small business angel investor, he lost his entire fortune due to a series of bad business decisions. Mike decided to start over, find a way to grow healthy and strong businesses, and eliminate entrepreneurial poverty. In this episode, Mike will break down his Profit First framework. He will also give the rundown on how to create and manage a profitable business.

Mike Michalowicz is the entrepreneur behind three multimillion-dollar companies and is an author of business books for entrepreneurs and small business owners like Profit First, Clockwork, The Pumpkin Plan, Fix This Next, and Get Different. Mike is a former small business columnist for The Wall Street Journal and regularly travels the globe as an entrepreneurial advocate. He became a business author with a clear mission: Eradicate entrepreneurial poverty.

In this episode, Hala and Mike will discuss:

- Why profits should come first

- The Profit First Formula

- How Parkinson’s Law applies to profiting

- Why you should split your money into small chunks

- Target Allocation Percentages (TAP)

- The way to handle business debt

- Why constrained spending brings natural innovation

- Why all revenue is not the same

- The most effective marketing strategy for small businesses

- And other topics…

Mike Michalowicz is the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit. Today, Mike leads two new multi-million-dollar ventures, as he tests his latest business research for his books. He is a former small business columnist for The Wall Street Journal and business makeover specialist on MSNBC. Mike is a popular main-stage keynote speaker on innovative entrepreneurial topics; and is the author of Get Different, Fix This Next, Clockwork, Profit First, Surge, The Pumpkin Plan, and The Toilet Paper Entrepreneur. Fabled author Simon Sinek deemed Mike Michalowicz “…the top contender for the patron saint of entrepreneurs.”

Resources Mentioned:

Mike’s Website: https://mikemichalowicz.com/

Mike’s LinkedIn: https://www.linkedin.com/in/mikemichalowicz/

Mike’s Twitter: https://twitter.com/MikeMichalowicz?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Mike’s Instagram: https://www.instagram.com/mikemichalowicz/?hl=en

Mike’s Facebook: https://www.facebook.com/MikeMichalowiczFanPage

Mike’s Podcast The Entrepreneurship Elevated Podcast: https://mikemichalowicz.com/podcast/

Mike’s Blog: https://mikemichalowicz.com/blog/

Mike’s Book Profit First: https://mikemichalowicz.com/profit-first/

Profit First Instant Assessment: https://s3.amazonaws.com/ProfitFirst/PF-InstantAssessment.pdf

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