Business Finance Masterclass: This Cash Management System Increases Profits For Every Small Business Owner!!

Young and Profiting with Hala Taha

YAP Media Network | Hala Taha

Marketing, Entrepreneurship, Business

4.8 • 1.5K Ratings

🗓️ 15 September 2023

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

What if you could implement a cash management system today that guarantees profitability, automatically sets aside money for tax season, and ensures you don't overspend on expenses? In this episode, Hala is joined by Mike Michalowicz to break down Profit First, the cash management system that has helped hundreds of thousands of small business owners increase their profits, or generate a profit from day one. Mike Michalowicz is the entrepreneur behind three multimillion-dollar companies and is an author of business books for entrepreneurs and small business owners like Profit First, Clockwork, The Pumpkin Plan, Fix This Next, and Get Different. Mike is a former small business columnist for The Wall Street Journal and regularly travels the globe as an entrepreneurial advocate. He became a business author with a clear mission: eradicate entrepreneurial poverty. In this episode, Hala and Mike will discuss: - What happens when you constrain a resource - How to think of profit as a habit - The value of practicing fund preallocation - The five bank accounts every small business owner needs - The difference between an ownership salary and profit - How much money should you put toward profit? - Why you should compress your operating expenses - How to pay off debt - How Relay can help you implement profit first with ease - And other topics… Mike Michalowicz is the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit. Today, Mike leads two new multimillion-dollar ventures, as he tests his latest business research for his books. He is a former small business columnist for The Wall Street Journal and a business makeover specialist on MSNBC. Mike is a popular main-stage keynote speaker on innovative entrepreneurial topics; and is the author of Get Different, Fix This Next, Clockwork, Profit First, Surge, The Pumpkin Plan, and The Toilet Paper Entrepreneur. Fabled author Simon Sinek deemed Mike Michalowicz “…the top contender for the patron saint of entrepreneurs.” Resources Mentioned: Mike’s Book Profit First: https://mikemichalowicz.com/profit-first/ Profit First Instant Assessment: https://s3.amazonaws.com/ProfitFirst/PF-InstantAssessment.pdf LinkedIn Secrets Masterclass, Have Job Security For Life: Use code ‘podcast’ for 30% off at yapmedia.io/course. Key YAP Links Reviews - ratethispodcast.com/yap Youtube - youtube.com/c/YoungandProfiting LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ Social + Podcast Services: yapmedia.com Transcripts - youngandprofiting.com/episodes-new Entrepreneurship, entrepreneurship podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Startup, mental health, Career, Leadership, Mindset, Health, Growth mindset. Finance, Financial, Personal Finance, Wealth, Stock Market, Scalability, Investment, Financial Freedom, Risk Management, Financial Planning, Business Coaching, Finance podcast, Investing, Saving, Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	When you can't quite get the angle, take hands-free selfies with the Samsung Galaxy Z Flip 5,
0:05.2	stand it up, step back, and your photos are also synced to your Chromebook, ready to edit.
0:10.8	The new Samsung Galaxy Z Flip 5 and Chromebook, available on Vodafone.
0:30.4	I was doing a keynote two days ago.
0:38.1	I asked audience to say, why did you start a business?
0:40.7	And they all shared the same two reasons, and I hear all the time.
0:44.1	I started my business for financial freedom, and I started for personal freedom.
0:48.4	I said, who's experiencing that in this room?
0:50.0	And there was 1,500 people in the room.
0:51.5	I would say six hands went up.
0:53.2	We all have this dream of financial freedom and personal freedom, and none of us have it.
0:57.0	Most businesses are so financially strapped that you have to work your ass off just to get through the day.
1:03.6	As a resource expands into availability, the more time we have, for example, the more we consume.
1:08.7	And it's true for money, and that's why so many businesses,
1:10.9	as they see their sales increasing and revenue increasing over time, they get really excited,
1:14.9	but almost uncannily, expenses are increasing at the exact same rate.
1:18.7	Well, that's a natural human response.
1:20.7	This is some constant response, so we don't even realize we're doing it.
1:23.0	But more cash means I have more to spend when we keep on spending.
1:26.2	To reverse this trend, we simply need to take profit first.
1:29.5	Profit is not an event, meaning eventuality. Profit is a habit.
1:37.2	What if I told you you could implement a cash management system today
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