Profit First | Mike Michalowicz on How to Go from Busy to Profitable
Thrivetime Show | Business School without the BS
Clay Clark
4.7 • 1.5K Ratings
🗓️ 13 August 2021
⏱️ 41 minutes
🧾️ Download transcript
Summary
The best-selling author of Profit First, Mike Michalowicz shares why you must create a system for telling your money where to go before you spent it, why you must pay yourself first, why the goal of every business should be to remove the owner from the daily operations, and why most business owners are probably getting it wrong with their accounting.
Transcript
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| 0:00.0 | Revenue translates directly to stress. |
| 0:03.8 | What I mean by this is the more revenue you generate for your organization, |
| 0:07.2 | the more obligation you have. These are sales. |
| 0:09.4 | So the more obligation you have to deliver private service. |
| 0:12.2 | Well, the more obligation you have, the more stress that's put on the organization. |
| 0:15.4 | And if you're the one operating the organization, that's the more stress directly on you. |
| 0:19.2 | So more sales equals more stress. |
| 0:21.2 | The balance for this necessity is profitability and yet no one focuses on it. |
| 0:26.0 | So that's why I am so vehement about bringing profitability to businesses of all sizes. |
| 0:31.0 | On today's show, we have the opportunity to interview the best-selling author |
| 0:35.0 | of the smash hit book for business owners all throughout this country. |
| 0:38.8 | The book is called Profit First and the author, his name is Mike McCallowicz. |
| 0:43.6 | And on today's show, he shares with you and I why you must create a system for telling your money |
| 0:49.0 | where to go before you spend it, why you must pay yourself first, why profit is a habit, |
| 0:55.8 | why the goal of every business should be to remove the owner from the daily operations profitably, |
| 1:01.8 | why profit is a reward for the investors and owners of the business, |
| 1:05.4 | and why the biggest challenge for most entrepreneurs is knowing their biggest challenge. |
| 1:10.6 | Today's show can absolutely change your financial life. |
| 1:14.6 | So grab a pen in the pad and let's enter into the lab of the Profit First Dojo of Mojo with Mike McCallowicz. |
| 1:23.6 | Some shows don't need a celebrity narrator to introduce the show, |
| 1:27.6 | but this show dies. |
| 1:29.6 | Two men, eight kids co-created by two different women, |
... |
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