E124: What happens when you put Profit First with Mike Michalowicz
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.
- 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
- “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.”
- Reconsider your profit strategy. How accessible is your money? How well do you plan ahead for that-would-be-nice expenses?