E40: Achieving Permanent Profitability by Taking Profit First

Mike Michalowicz is a serial entrepreneur and the founder of the Profit First Professionals. He is also an accomplished author of many bestselling business books such as The Pumpkin Plan and Profit First, and has made several appearances as a guest expert on many TV shows, including CNBC’s On the Money and MSNBC.  His passion lies in helping entrepreneurs achieve profitability so that they can live the vision that they’ve had for themselves. In this episode, we talked about profitability, leadership, hiring…

Show notes

• Introducing Mike Michalowicz. [00:30]
• The two kinds of business owners. [03:09]
• The Profit First formula, and how it came to be. [05:00]
• The five foundational accounts every business needs to implement the Profit First formula. [11:23]
• Why Mike believes it doesn’t take money to make money. [16:18]
• How taking your profit first helps entrepreneurs achieve success in their business. [17:06]
• Three KPIs you need to look at before putting more money into your marketing. [20:53]
• Why determining a fixed percentage for your marketing budget works. [22:31]
• The worst business mistake Mike has ever made, and what entrepreneurs can learn from it. [24:22]
• Why timing is crucial in making tough decisions. [29:29]
• The four business phases that every business goes through. [36:32]
• How to strengthen your business by identifying your weakest link. [37:14]
• The advantages of getting a staffing agency to fill your hiring gap. [40:45]
• The hiring formula that transformed Mike’s business. [42:34]
• Why productivity is not the key to business effectiveness. [47:07]
• How to get your employees to buy in to your business’ mission. [55:19]
• Three strategies you can implement to attract more of your ideal customers. [59:15]
• The one reason why you keep attracting more bad clients. [1:00:06]
• Mike talks about his five books, and what every entrepreneur can learn from each of them. [1:03:28]
• Where to get more information about Mike. [1:05:51]
• How to tell if your business is set up for success. [1:07:06]
• Mike’s challenge to all entrepreneurs. [1:07:35]

Resources And People Mentioned:

• Website: Grow.com
• The 10X Rule: The Only Difference Between Success and Failure by Grant Cardone
• The Toilet Paper Entrepreneur by Mike Michalowicz
• The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field by Mike Michalowicz
• Surge: Time the Marketplace, Ride the Wave of Consumer Demand, and Become Your Industry’s Big Kahuna by Mike Michalowicz
• Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
• Clockwork: Design Your Business to Run Itself by Mike Michalowicz