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February 13, 2019

Putting Your Profit First, with Mike Michalowicz

Episode 82:

Mike Michalowicz is the author of Profit First, Surge, The Pumpkin Plan, and his newest release Clockwork. By his 35th birthday, Mike had founded and sold two companies – one to private equity and another to a Fortune 500. Today he is running his third multi-million dollar venture, Profit First Professionals.

Mike is a former small business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC. Over the years, Mike has traveled the globe speaking with thousands of entrepreneurs and is here today to share the best of what he has learned.

What you’ll learn about in this episode:

  • Why early in his career Mike discovered (painfully) that arrogance and ignorance aren’t a good combination
  • Why the formula “sales – expenses = profits” is a flawed formula, and why profit should be the focus
  • Why the solution to saving a struggling business isn’t increasing your sales but increasing your profits
  • What obstacles Mike’s clients typically experience, and how he gets them past those struggles
  • How to get a free excerpt of Mike’s book “Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine”
  • Why putting profit first refines your business to support its profitability and allows you to see problems more easily
  • Why you should view your relationship with your business more as a “conjoined twin” than “parent-child”
  • Mike shares a story of one of his clients’ biggest wins using the Profit First business system
  • What Mike is working on now, including an upcoming book he is writing on business growth

Additional resources: