Mike Michalowicz, author of Profit First and co-founder of Profit First Professionals talks all things Profit First.
Mike shares the story behind Profit First, which he developed after nearly losing everything when his business collapsed. This experience prompted him to study what makes companies profitable. His revelation? Apply the same personal finance “pay yourself first” principle to business finances.
Thus, Profit First was born. Now over 800,000 companies use Mike’s approach of taking a percentage off the top for profit before paying business operating expenses. Mike simplifies profitability to this truth – you must be profitable to get out of debt. Taking profit first builds momentum and fuels growth.
Mike’s 3 Profit First Tips
Beyond emphasizing mindset shifts, Mike provides three tactical tips for getting started with Profit First:
- Start slow and let it grow: Begin with just 1% of income to build habits over time
- Use your existing bank: You must see Profit First working
- Reach for potential: Look at fiscally elite performers in your industry and aim higher
Ludicrous Speed
We share the forward from Profit First For Lawyers written and read by Mike Michalowicz about an experience he had with RJon and a Tesla.
Links Mentioned
- Small Law Firm Bookkeeping That Does Not Suck
- How To Manage A Small Law Firm
- Episode 16 Profit First For Lawyers Interview with Ron & Julie Pollack
- Mike Michalowicz | www.MikeMotorbike.com
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