PLAY!
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
Profit First Nation
In this ALL IN edition of Profit First Nation, Danielle welcomes Kelly Sullivan Ruta, a clinical psychotherapist turned coach, focused on building an unstoppable team by cultivating emotional agility. Kelly shares insights into the concept of the Ultimate Inner Operating System, emphasizing the importance of skills like emotional agility and emotional intelligence in scaling a business via power skills. If you want to learn how to enhance your own emotional intelligence and empower your teams for success, this episode is for you. TIMESTAMPS: [00:19] Introduction to the episode...
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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 shares the microphone with Danielle and responds to questions from listeners just like yourself. Listen in to understand his innovative, time-tested approaches to successfully managing a business in the zone of permanent profitability.
Furthermore, Mike delves into the importance of enlisting a Profit First-Certified Accountant, Bookkeeper or Coach.. Stay tuned until the end of this episode for an exciting announcement Mike will share.
IN THIS EPISODE:
- [00:39] Question One. Should I add a retirement account to my hidden account, and how to set up a retirement account
- [05:40] Question Two. Can I make an exemption to Profit First
- [07:35] Question Three. What is the owner's pay? Is it the CEO's salary, and why is the allocation 50%
- [10:07] Question Four. Do shareholders of a business all get compensated the same
- [12:05] Question Five. Can you skip the profit and tax accounts at your primary bank and transfer from income to profit hold and tax hold at my inconvenient bank
- [15:06] Wild card questions for Mike regarding working with a Profit First Bookkeeper
- [20:49] Mike celebrates that Profit First is in 28 languages now
KEY TAKEAWAYS:
- Over 50% of businesses don’t last five years.
- Profit First Accountants and Coaches are in different towns than the client because they are industry-based, not location-based.
- To effectively implement the Profit First System, adhering to each step is crucial. If you find yourself making exceptions, you are not following the Profit First principles.
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 twenty-eight 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