How to Build Your Business Based on Profit First with Mike Michalowicz

What if you could have profit guaranteed? That was the question that Best Selling author Mike Michalowicz asked himself after getting sick of surviving check to check and suffering the ups and downs of managing reactively based on cash flow in his own business.

Listen to Mike breakdown for Steve how to build your business based on profits first, rather than paying the bills first and hoping something is leftover afterward. Mike’s “Profit First” model has helped over 175,000 business owners grow profit and reduce stress.

  • Building a business based on what you want out of the business not what your clients
  • Lifetime entrepreneur first. Full-time author. Discovered  20 years as an entrepreneur, he was grinding away and not making any progress. Started writing journals to address his own challenges, and turned it into a book.
  • Toilet Paper Entrepreneur: All about bootstrapping
  • The Pumpkin Plan: Organic growth in business
  • Surge: The movement of markets and putting yourself in front of the trend
  • Profit First: The way we've been told to be profitable doesn’t work 
  • Clockwork: The biggest challenge entrepreneurs face is time (operational efficiency)
  • The difference between making money (inflow of money) and taking money (money retained)
  • Discussing entrepreneurial poverty
  • Managing your business from your checking account, not your financial statement
  • The bank-based system that provides clarity into how your business is really doing
  • Mom’s envelope system of managing money and how it’s applicable today
  • Managing your profit account
  • Making the most out of the money you do have (don’t rob Peter to pay Paul)

The more money we have, the more we consume, the less we have, the more innovative we become

  • Parkinson’s law
  • Key steps to take to create a financially secure cash flow business
  • The level of profitability business owners should be shooting for (link)
  • The easiest and hardest part of implementing profit first for your business

  Rapid Fire Round

What Are You Afraid Of? 

Waking up at the end of my life and meeting the person I could have become

What I’m Most Proud Of: 

Making my house a home destination for my grown children 

What I Wish I Knew When I Started in Business:

That grind and hustle is not the definition of success

What’s The Best Advice He’s Received:

Don’t listen to advice, listen to wallets.

︎ Contact Mike

Mike Michalowicz

Free Tools & Resources from Mike