Profit First with Mike Michalowicz
Join Tom Gaddis and Mike Michalowicz as they talk about profits. As Mike discusses in the show, 83% of small business owners live paycheck to paycheck, not knowing how to get out of this crazy loop! We start these businesses to get to financial freedom, so we have to take it upon ourselves to make that happen as entrepreneurs. You’ll know the thing you have to focus on first that will make your business thrive and start having it pay you. Stay tuned to the show to learn Mike’s four core principles of profit first and his take on the phrase “wallet over words.”
“If profit is important, profit must come first.” – Mike Michalowicz
On this episode:
- The problem with the formula of sales minus expenses equals profit.
- Creating a system of bank accounts with the right labels, one of them for profit!
- Taking distributions every 90 days and how it normalizes spending patterns.
- Starting slow and letting it grow.
- Choosing not to participate in the recession and taking the opportunity to reinvent.
- Getting validation from people’s willingness to pay versus affirmation by words alone.
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