Profit First Nation
Welcome to Profit First Nation, the podcast that helps you achieve permanent profitability in your business by taking action to implement Profit First right. Hosted by Danielle Mulvey, a Profit First expert, and Mike Michalowicz, the author of Profit First, this podcast is for the top 17% of entrepreneurs who have cash in the bank to correlate with their profitability.
On the podcast, we dive into advanced Profit First strategies by sharing the honest and authentic ups and downs of being a business owner. Each episode provides information for entrepreneurs focused on taking the right steps and seeking appropriate advice from professionals in accounting, legal, tax, or other relevant areas. You’ll also hear transformational stories from business owners who have turned their businesses from cash eating monsters to money making machines with cash in the bank to correlate to their profitability by implementing the Profit First System.
With a focus on intelligent entrepreneurship, Profit First Nation guides you on how to take ownership of your finances and leverage Profit First as a DIY cash management system to make your business permanently profitable.
If you're a fan of Profit First and Mike Michalowicz, this is the podcast for you. Join a in on our community of successful entrepreneurs driven to be permanently profitable, with a grit and growth mindset that lets no obstacle stand in the way in pursuit of the three Ps: passion, profit, and play.
https://www.profitfirstnation.com
ABOUT THE HOSTS
Danielle Mulvey:
Danielle Mulvey is a former flight attendant-turned entrepreneur and the owner of multiple businesses doing $50-million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals in the world, and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal Best Selling Author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40-million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She has the ability to personally guide business owners to achieve maximum profitability in their business based on her 25-years experience of being an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
https://www.daniellemulvey.com
linkedin.com/in/danielle-mulvey-66a315
theallincompany.com
profitfirstnation.com
Mike Michalowicz:
Mike Michalowicz is an entrepreneur and New York Times and Wall Strett Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next, and Get Different. BusinessWeek called Toilet Paper Entrepreneur a business cult classic. His books have been translated into 10 languages and Mike has had the privilege to speak on stages all over the world because of his passion to connect with entrepreneurs.
As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitabably to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy, Provendus Group, and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
linkedin.com/in/mikemichalowicz
MikeMichalowicz.com
ProfitFirstProfessionals.com
mikemichalowicz.com/books/
MikeMichalowicz
Latest episodes
Jan 14, 2021 • 23min
Ep. 40: Dispersing Profit: Rules for Keeping vs. Retained Earnings
In this episode, we answer questions our listeners ask about implementing the Profit First System for their business. We discuss the rule of thumb for dispersing profits and retaining earnings, as well as using a vault account for long-term savings. We also provide clarity on which debt to prioritize when using the snowball system for both personal and business debt. Tune in to learn more about optimizing your profit and debt management.
Jan 7, 2021 • 24min
Ep. 39: Making 2021 Your Most Profitable Year Ever with Profit First
Whether you're a seasoned entrepreneur or just starting out, this episode offers actionable strategies for leveraging Profit First to make 2021 your best year yet. Tune in to learn how to optimize your cash flow, reduce expenses, and drive profitability in your business. Share this episode with your entrepreneurial friends who are looking to take their businesses to the next level!
Dec 31, 2020 • 34min
Ep. 38: Start Your Day Right: Make 2021 Your Best Year Ever with Miracle Mornings
To get the biggest Return on YOU, make every morning of 2021 a Miracle Morning and then spend one hour sprinting ON your business to make 2021 your BEST YEAR EVER!!!! When you start your day right, you get your week right. When you get your weeks right, you get your year right -- so let's take control of our destiny in 2021 by starting each day off right so you get the biggest Return on YOU. You work too hard and risk too much being an entrepreneur to let others hijack your time and energy. Get your copy of The Miracle Morning: https://www.amazon.com/Miracle-Morning-Not-So-Obvious-Guaranteed-Transform/dp/0979019710 and check out the recently released documentary: https://miraclemorning.com/movie/ (Danielle's twist on SAVERS is the last "S" is SPRINT ON YOUR BUSINESS vs. Scribe)
Dec 24, 2020 • 25min
Ep 37: Fix This Sh!t NOW: Heighten Your Commitment and Accountability as an Entrepreneur
Plus, learn from committed readers of Profit First on what it takes to succeed in using it as your cash management system. Let's "Fix This Sh!t NOW" and take control of your entrepreneurial journey!
Dec 17, 2020 • 25min
Ep. 36: Profit First Implementation Step 12: Adjust Your Allocation Percentages
You'll discover how to review your financials and work with your bookkeeper to keep your cash flow healthy, manage expenses, and address slow-paying customers. Plus, find out how to add additional accounts to your profit allocations to monitor your money more effectively.
Dec 10, 2020 • 29min
Ep. 35: Interview with Billy Ann, Chief Guide at Profit First Professionals
Billy Ann, the Chief Guide at Profit First Professionals, shares her journey of becoming involved with Profit First and how she grew into her role as Chief Guide. She explains that while bookkeepers and accountants can provide clients with spreadsheets and cash flow forecasts, they cannot make the moves and decisions a business owner has to make. Business owners must own the financials of their company and ensure their profitability, even if they are working with the best professional bookkeeper, accountant, or coach. She advises business owners to be more involved in their financials and use them as a guidepost and steering wheel for their business.
Dec 3, 2020 • 24min
Ep 34: Maximizing Profit First: Celebrating with Profit Distribution at the End of Each Quarter
Danielle and Mike Michalowicz discuss the eleventh step of Profit First, which is celebrating profit distribution at the end of every quarter. They explain that at the end of every quarter, entrepreneurs should check the balance in their profit hold account and take out 50% of that profit account to distribute to shareholders. This money that stays in the business is called cash equity, and the profit distribution can be used for anything that rewards the shareholder. They warn against the idea of plowing back or reinvesting the money into the business, as it is not a cash distribution to shareholders but rather an expense. The idea of profit, in the truest entrepreneurial sense, is a cash distribution to shareholders.
Nov 26, 2020 • 25min
Ep. 33: Maximizing Profitability: Simplifying the Expense Cutting Process
Learn how to simplify and make expense cutting enjoyable with valuable tips and strategies. Discover the significance of employee evaluation and optimizing efficiency. Take action and make the right financial decisions for maximum profitability.
Nov 19, 2020 • 19min
Ep. 32: Maximizing Profit Margin: Strategies for Pricing Your Products or Services - Expert Insight
Nov 12, 2020 • 24min
Ep. 31: Understanding the Difference Between Mark-up and Margin: Key Metrics for Business Profitability
In this episode, our experts break down the critical difference between mark-up and margin, two commonly confused metrics that can impact business profitability. Discover the true values in each and gain insights into how to leverage them effectively. With a cliff note summary that highlights the importance of increasing margin as one of only two ways to improve profitability, this episode is a must-listen for anyone looking to boost their bottom line. Tune in now to gain a better understanding of these key metrics and learn how to use them to your advantage.
