Mike Michalowicz: Profit First, Transform Your Business from a Cash-Eating Monster to a Money-Making Machine | Entrepreneurship | E219

Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)

YAP Media Network

Education, Marketing, Entrepreneurship, Business, Self-improvement

4.8 • 1.3K Ratings

🗓️ 17 April 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mike Michalowicz had founded and sold two multi-million dollar companies by his 35th birthday and was confident that he had it made. After he became a small business angel investor, he lost his entire fortune due to a series of bad business decisions. Mike decided to start over, find a way to grow healthy and strong businesses, and eliminate entrepreneurial poverty. In this episode, Mike will break down his Profit First framework. He will also give the rundown on how to create and manage a profitable business. 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: - Why profits should come first - The Profit First Formula - How Parkinson’s Law applies to profiting - Why you should split your money into small chunks - Target Allocation Percentages (TAP) - The way to handle business debt - Why constrained spending brings natural innovation - Why all revenue is not the same - The most effective marketing strategy for small businesses - 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 multi-million-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 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 Website: https://mikemichalowicz.com/ Mike’s LinkedIn: https://www.linkedin.com/in/mikemichalowicz/ Mike’s Twitter: https://twitter.com/MikeMichalowicz?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Mike’s Instagram: https://www.instagram.com/mikemichalowicz/?hl=en Mike’s Facebook: https://www.facebook.com/MikeMichalowiczFanPage Mike’s Podcast The Entrepreneurship Elevated Podcast: https://mikemichalowicz.com/podcast/ Mike’s Blog: https://mikemichalowicz.com/blog/ 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 ‘masterclass’ for 25% off at yapmedia.io/course. Sponsored By: Shopify - Sign up for a $1 per month trial period at shopify.com/profiting More About Young and Profiting Download Transcripts - youngandprofiting.com Get Sponsorship Deals - youngandprofiting.com/sponsorships Leave a Review - ratethispodcast.com/yap Watch Videos - youtube.com/c/YoungandProfiting Follow Hala Taha LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ TikTok - tiktok.com/@yapwithhala Twitter - twitter.com/yapwithhala Learn more about YAP Media Agency Services - yapmedia.io/

Transcript

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0:00.0	I was doing a keynote two days ago.
0:14.8	I asked you and said, why did you start a business?
0:17.6	And they all shared the same two reasons.
0:20.2	And I hear all the time.
0:21.1	I started my business for financial freedom and I started for personal freedom. I said,
0:25.7	who's experiencing that in this room? And there was 1,500 people in the room. I would say,
0:28.9	six hands went up. We all have this dream of financial freedom and personal freedom. And none of us
0:33.4	have it. Most businesses are so financially strapped that you have to work your ass off just to get
0:37.8	through the day. As a resource expands into availability, the more time we have, for example,
0:44.5	the more we consume. And it's true for money. And that's why so many businesses, as they see
0:48.4	their sales increasing and revenue increasing over time, they get really excited, but almost
0:52.3	uncannily expenses are increasing at
0:54.5	the exact same rate. Well, that's a natural human response, the subconscious response, so we don't
0:58.8	even realize we're doing it. But more cash means I have more to spend and we keep on spending.
1:03.1	To reverse this trend, we simply need to take profit first. Profit is not an event, meaning
1:07.7	eventuality. Profit is a habit.
1:13.9	What is up, young and profiteers?
1:17.2	You're listening to Yap, Young and Profiting podcast
1:20.2	where we interview the brightest minds in the world
1:22.3	and unpack their wisdom into actionable advice
1:25.2	that you can use in your daily life.
1:27.8	I'm your host, Halitaha.
	...

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