E124: What happens when you put Profit First with Mike Michalowicz

We’re excited to announce that SEO Brothers and Opteo have partnered with UGURUS as sponsors of our show.

Mike Michalowicz is an entrepreneur behind multi-million-dollar-a-year companies, author, and lecturer. He is the author of five business books including Clockwork, Profit First Revised & Expanded, Surge, Profit First, The Pumpkin Plan, and The Toilet Paper Entrepreneur. He’s also a former small business columnist for The Wall Street Journal.

Episode highlights:

  • Learn how fear can be a major motivator.
  • Learn how compressed time affects what we’re able to accomplish, and what that has to do with a business’ use of profit.
  • Reinvesting profit? Here’s why Mike calls baloney on it.
  • Learn how you can adapt Mike’s Profit First model for a healthier business.
  • Learn why you would reinvest profit.
  • Need something new? Want to hire a new employee? Here’s how to do it without digging into profit.
  • Find out how Mike “hides” money from himself so he won’t be tempted to touch it.
  • Run time: 41:52
  • Best advice ever received: Don’t listen to my advice… the customer speaks the truth through their wallets. Customers trump experts.
  • Habit that contributes to success: Exercise.
  • Recommended book: Friction by Roger Dooley
  • Recommended tools: BombBomb


Links:

Quotes:

  • “Fear is probably one of the greatest underrated assets.”
  • “My life’s purpose is to eradicate entrepreneurial poverty.”
  • “Sales translates to stress….sales is an obligation.”
  • “I was probably one of the worst angel investors ever. I called myself the angel of death.”
  • “If you spend money, it’s an expense!”
  • “Profit’s not used to resolve ongoing problems.”
  • “When money’s easily accessible, it dumbs us down.”

Takeaways:

  • Reconsider your profit strategy. How accessible is your money? How well do you plan ahead for that-would-be-nice expenses?