Ep. 128 - Profit First Secrets Revealed: Mastering Initial Expenses and Achieving Profitability from Day One with Mike Michalowicz
Release Date: 07/04/2023
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Profit First Nation
Join us on Profit First Nation podcast as we explore playful leadership with Profit First author Mike Michalowicz. Learn how incorporating play into your leadership style can strengthen team bonds, boost morale, and increase productivity. Discover daily huddle secrets and key strategies to create an unstoppable team. Listen now for actionable insights and transform your business dynamics!
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3X The Function, Not the Title
Profit First Nation
Welcome to this episode of Profit First Nation Podcast, where we dive deep into maximizing your business's profitability through effective payroll management. Discover the secret to tripling the function of your roles without getting hung up on titles. Learn how to make strategic hiring decisions, use job titles effectively, and set clear success metrics that ensure every dollar you invest in your team works three times harder for your bottom line. Tune in for invaluable insights on building an unstoppable team that drives your business forward!
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When in Doubt Open an Account
Profit First Nation
“When in doubt, add an account.” Profit First Professional’s Chief Profit Guide, Billy Ann Grigg, discusses the concept of adding additional bank accounts to the Profit First system when necessary. They highlight the importance of setting up accounts for specific purposes, such as a drip account for managing seasonal income, a payroll account to ensure you never miss paying your employees, and an account for large annual expenses like insurance or subscriptions. They stress the need to track the return on marketing expenses and allocate funds for education and travel. The...
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8 Profit First Mistakes
Profit First Nation
In this episode of Profit First Nation Podcast, we dive into the world of Profit First and uncover the top 8 mistakes that entrepreneurs often make when implementing this revolutionary financial system. From neglecting to set realistic profit targets to failing to prioritize profit allocations, these missteps can hinder your business's financial growth. Join us as we discuss practical strategies to avoid these pitfalls and ensure that you're maximizing your profitability. Whether you're a seasoned business owner or just starting out, this episode is packed with valuable insights to help...
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Ep. 152- Play for Monopoly Control
Profit First Nation
If you ever have the slightest intention to sell your business, understanding its value is crucial. Strategic pre-planning for the sale can enhance your value builder score so you sell at a premium multiple of earnings. In today's discussion, Danielle delves into one of the eight key drivers to improve profitability: monopoly control. Following that, she will explain ten distinct strategies to attain monopoly control. Whether you are contemplating an exit from your business now or eons from now, this episode is a must for every entrepreneur IN THIS EPISODE: [01:21]...
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Ep. 151 - Relish Your Ownership
Profit First Nation
In this episode of Profit First Nation, Danielle discusses the importance of relishing your ownership and maintaining a balance between personal and business finances. She emphasizes the need to take ownership of key areas in your business to ensure long-term success. These key areas include owning your day, owning your numbers, owning Profit First, owning leadership, and owning your role in the community. IN THIS EPISODE: [00:20] Danielle introduces the topic of "Relish Your Ownership" and the importance of enjoying business ownership while maintaining financial responsibility....
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Ep. 150 - Q&A Quiz Edition
Profit First Nation
Episodes ending in 0 are Q & A sessions designed to help entrepreneurs operating their businesses in the zone of permanent profitability continue to thrive. Danielle is excited to host a quiz edition to test your Profit First IQ. There are no scores today, but the correct answers to these questions determine your prowess to do Profit First right to make your business permanently profitable. Don’t miss it! IN THIS EPISODE: [00:57] Danielle has ten quiz questions today. Question one is: What is real revenue [3:07] Do owners who take a salary need a business...
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Ep. 149 - ALL IN: Power Skills with Kelly Ruta
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Ep. 148- Q&A: Instant Assessments with Mike Michalowicz
Profit First Nation
In this episode, Danielle is joined by Mike Michalowicz, the author of Profit First, as they tackle questions from Mike's email inbox regarding doing your Instant Assessment. In addition to highlighting the importance of adhering to established profit percentages as a business grows, they provide additional guidance to another business owner to use the Profit First Target Allocation Percentages Chart for financial clarity, and help yet another entrepreneur on how to simplify income and expense categorization. BONUS: Danielle provides additional valuable insights, emphasizing the...
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Ep. 147- Switzerland Structure
Profit First Nation
In this episode of Profit First Nation, Danielle discusses the importance of the "Switzerland Structure" in your business. The Switzerland Structure is about avoiding over-dependence on a single customer, employee, or vendor to ensure the long-term success and profitability of your business. Danielle emphasizes the need for diversification, customer value analysis, employee cross-training, and vendor audits. IN THIS EPISODE: [00:27] Introduction to the podcast and the topic of the "Switzerland Structure." [02:38] Explanation of why it's crucial not to be overly dependent on...
info_outlineMike Michalowicz, the author of Profit First, addresses inquiries from the audience. He will delve into the initial expenses for budding enterprises and emphasize the importance of achieving profitability right from the beginning. He cautions against squandering funds on trivial items during the early stages of business establishment. Danielle invites you to a workshop on July 12th on Reverse Engineering, enabling you to ascertain your financial figures. This episode holds valuable information for individuals involved in any aspect of a business.
IN THIS EPISODE:
- [01:10] Mike gives his views on startup costs for a new business when sufficient cash is not available
- [05:53] Mike tells why you should institute Profit First immediately when starting a business
- [08:19] Danielle invites you to a reverse engineering workshop to be held on July 12th to learn what your actual numbers are and stresses the need for going after new business
- [11:31] Mike warns about focusing on the wrong things in the early stage of your business
- [13:38] Do I combine my businesses on Profit First or split them up? Mike is emphatic about his answer
KEY TAKEAWAYS:
- As a new startup, learning on a smaller scale is better. The risk is less substantial, and you learn as you operate your new venture.
- A new business should start to become profitable from day one.
- If you have more than one business, you should ALWAYS have separate Profit First accounts for all your businesses.
ABOUT THE HOSTS:
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:
Profit First Professionals - Website