Profit First Nation
Danielle Mulvey and Mike Michalowicz
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
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
Episodes
Mentioned books
Jun 13, 2023 • 27min
Ep. 120: Profit First Q&A Extravaganza: Essential Accounts, Revenue Breakdowns, and Business Evaluations Unveiled
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟Today is a dedicated episode for questions and answers, where Danielle addresses the most commonly asked questions in depth. Profit First's guiding principle is "When in doubt, add an account." Therefore, we will discuss essential accounts that every business should have and additional accounts for specific scenarios. We will also tackle inquiries related to actual revenue, compensation for owners, distributions, and how to allocate these funds. Moreover, you will gain insights into evaluating a business you might be interested in acquiring. This episode is filled with valuable information for entrepreneurs, so don’t miss it. IN THIS EPISODE: [01:18] What does real revenue mean [06:32] How many accounts should I have if I operate with goods or subcontractors, et cetera [08:38] What if I receive a paycheck? Does it still go through the owner’s pay account [09:34] Do I only do allocations on the 10th and the 25th [12:06] Do you need a profit account and a separate owner’s pay account if you take your pay in distributions [13:28] Can I use Profit First to identify which business to buy? Danielle gives an example of what not to do [17:30] Is it ever a good idea to run a profit assessment on a large business representing many services, or how should it be done [21:38] Submit any questions you have to profitfirstnation.com KEY TAKEAWAYS: Never purchase a business without first looking at the owner’s taxes. There are five accounts a business needs; an income, a profit, the owner's pay, a tax account and the operating expense account. Self-employed people who receive their income irregularly should make allocations based on when they receive income. ABOUT THE HOSTS: Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide 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 can personally guide business owners to achieve maximum profitability based on her 25 years of experience as 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. Mike Michalowicz is an entrepreneur and New York Times and Wall Street 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 ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting 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 profitable 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. RESOURCES: Danielle Mulvey - Website Danielle Mulvey - Linkedin The All In Company - Website Profit First Nation - Website Mike Michalowicz - Website Mike Michalowicz - Linkedin Mike Michalowicz - Twitter Profit First Professionals - Website Mike Michalowicz - Books
Jun 12, 2023 • 32min
Ep. 119: Unlocking Employee Loyalty: The Five-Star Retention Strategy Revealed!
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟In the latest episode of Profit First Nation, Danielle unveils the Five-Star Retention Strategy and emphasizes the importance of wholeheartedly adopting this approach for any thriving entrepreneur. Throughout the episode, she will provide a comprehensive breakdown of each strategy, revealing the top three desires of employees. As a business owner who has effectively established your company, it is crucial to shift your attention towards nurturing your workforce. Get ready with a pen and be prepared to jot down valuable insights, as this installment of Profit First Nation promises to become a personal favorite. IN THIS EPISODE: [00:22] Danielle talks about going all in on your business and having a five-star retention rating strategy [04:18] Danielle goes through the five-star retention strategies beginning with star number one of psychological ownership [07:57] Star number two is supporting employee wants and needs [14:43] Star number three is to stay connected with your five-star employees [21:04] Star number four is maximizing employee qualities, aptitudes and skills [23:07] The final star, number five, is to lift up your employees [26:48] Danielle states that you succeed or fail because of your people. Put them first, and she directs you to the “Resources” for more information about Profit First Nation KEY TAKEAWAYS: Entrepreneurs should offer their top performers the same paid time off (PTO) they enjoy to retain exceptional employees. Employees want three things—stability, comfort and purpose. Once entrepreneurs have the business rolling and successful, they should focus on their five-star employees who keep it running. ABOUT THE HOSTS: Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide 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 can personally guide business owners to achieve maximum profitability based on her 25 years of experience as 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. Mike Michalowicz is an entrepreneur and New York Times and Wall Street 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 ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting 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 profitable 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. RESOURCES: Danielle Mulvey - Website Danielle Mulvey - Linkedin The All In Company - Website Profit First Nation - Website Mike Michalowicz - Website Mike Michalowicz - Linkedin Mike Michalowicz - Twitter Profit First Professionals - Website Mike Michalowicz - Books
Jul 29, 2022 • 32min
Ep 118: Maximizing Business Profitability: Expert Tips from Mike Michalowicz on the Power of the Pareto Principle and Transformations in Banking
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 In this episode, we welcome back renowned business author and speaker Mike Michalowicz as we discuss crucial financial strategies for businesses. We explore how to make a transformation like moving from one business bank account to five, we also delve into the power of the Pareto Principle when it comes to managing your customer roster and maximizing profitability. Plus, we offer expert advice on how much to keep in your financial vault account for OpEx, and where and how to open your five core accounts. Tune in for valuable insights and practical tips to revolutionize your business finances! Don’t forget that we have your back on where and how to open your five core accounts at https://www.profitfirstnation.com/step-1/
Jul 26, 2022 • 23min
Ep. 117: Maximizing Profitability: A Checklist for an Abundant Mindset and Infinite Opportunities
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 In this episode, we explore the powerful concept of abundance mindset and how it can help you unlock infinite opportunities for profitability. Our expert guest breaks down a checklist to help you get the right framework in place to achieve your financial goals. Plus, don't miss our special bonus resource - the Reverse Engineer Calculator Based on Owner’s Pay, available exclusively at www.ReverseEngineerCalculator.com. Tune in now and learn how to cultivate a mindset of abundance to maximize your business's profitability.
Jul 2, 2022 • 30min
Ep. 116: Joe Wellbourn's Authentic Profit First Journey: From False Start to Permanently Profitable Business Owner with Carbon Marine
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 He discusses how he transformed his business from one that was struggling to make ends meet to a permanently profitable one. By following the Profit First framework, Joe is now able to work on his business instead of being a slave to the grind.
Jul 1, 2022 • 25min
Ep. 115: Mastering Credit Leverage with Profit First: Tips and Strategies
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 In this episode, Danielle Mulvey and Chief Profit First Professional Guide, Billie Anne Grigg, dive into the world of credit leverage and how it can be used to earn points and rewards while staying financially responsible. They also discuss the pitfalls of going credit crazy and offer tips and strategies for mastering credit leverage with Profit First. Make sure to check out www.SecondHalfStrong.com for exclusive live programming to boost your profitability with 1:1 Coaching, Strategic Advisory Sessions, Sprints, and Weekly Live Q&A.
Jun 16, 2022 • 23min
Ep. 114: Unlocking the Secret to Building Your Dream Team with a 90% Hiring Success Rate
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 Learn how to consistently build your dream team using The 5-Star Employee Rating System(TM), a powerful talent evaluation system. With a 90% hiring success rate, this system is essential for attracting and retaining 5-Star Employees. In addition to The 5-Star Employee Rating System(TM), discover four other secrets that are simple to implement with the right intention. Unlock the secret to building a winning team today!
Jun 11, 2022 • 33min
Ep. 113: From Radiology Tech to Luxury Photographer: Felicia Reed's Profit First Journey to Success
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 Plus, listen closely and count how many times Felicia mentions her amazing Mastery-Certified Profit First Professional, Venus Michael! Don't miss this inspiring episode on achieving financial success in your business.
Jun 2, 2022 • 28min
Ep. 112: Mastering the Power of Planning for a Strong Second Half of 2022
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 Join us as we explore the secrets to mastering the power of planning and achieving your goals. Don't miss this episode on taking control of your life and achieving success.
May 27, 2022 • 29min
Ep. 111: Automate Your Profit First Allocations with NorthOne - The Bank that Embraces Profit First!
Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟 Rejoice! NorthOne, the bank that embraces Profit First, is here to automate your Profit First allocations. Join co-founder and CEO, Eytan Bensoussan, as he walks us through how to use NorthOne's sub-account envelopes to streamline your Profit First system. With NorthOne, you can open your account from the comfort of your own home in no time at all. And as a bonus, Profit First Nation listeners can get a $50 bonus when they open their NorthOne account using the link provided. Don't miss this episode on revolutionizing your banking experience with Profit First and NorthOne.
