323: How To Take A Profit-First Mindset During A Pandemic, According to Mike Michalowicz

Mike Michalowicz, Author & Co-Founder, Profit First Professionals

Right now, every entrepreneur has the same question on their mind: how do I recover or maintain my company’s profit levels during Covid-19?

That’s why we were so eager to sit down with Mike Michalowicz, who is a serial entrepreneur, author, and creator of the Profit First system. Our own CEO and founder, Nathan, used Michalowicz’s teachings to completely change the way he manages Foundr’s finances. And now we want to bring you the same level of knowledge to help you through these challenging times.

In this conversation, Michalowicz shares his best recommendations on how to manage your cash flow, financial priorities, and more during a pandemic. If you have any questions on how to take a profit-first mindset right now, this episode is for you. 

If there’s any other type of content you’d like to see that would be valuable to you during this time, please don’t hesitate to reach out at support@foundr.com.

Key Takeaways

• What Michalowicz learned from building and selling his first two businesses
• How going into bankruptcy changed the way that Michalowicz views entrepreneurship
• Michalowicz’s path to becoming a small business author, and how running two of his own companies contributes to his books
• What’s happening during “The Great Big Shift”
• How to manage cash flow during the pandemic
• The difference between sales issues vs. profit issues
• Michalowicz’s tips to organize your financial priorities during Covid-19
• Why Michalowicz recommends pulling off the bandaid instead of chipping away when it comes to tough decisions
• An overview of the Profit First methodology and framework
• Parkinson’s Law, and how it applies to toothpaste
• Why Michalowicz recommends trusting wallets over words

Key Resources From Our Interview With Mike Michalowicz

• Visit Michalowicz’s website