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Having a Business that Runs Like Clockwork with Mike Michalowicz
Growth Think Tank
Profit First Principle for Business Success
Many entrepreneurs struggle with profitability, with 83% of small businesses in the US surviving check to check and not having enough profit left over. The 'profit comes last' mentality leads to disregarding profit as insignificant. The 'Profit First' principle suggests prioritizing profit by allocating a percentage every time money comes in, similar to the 'pay yourself first' principle. By focusing on profit first, businesses can ensure financial stability and avoid the common struggle of living check to check.
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