Mike Michalowicz is the entrepreneur behind three multimillion dollar companies and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur. He’s a former small business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC. Today Mike travels the world as an entrepreneurial advocate, he is globally recognized as the guy who “challenges out dated business beliefs” and teaches us what to do about it.
During todays show, Mike talks to us about his book Profit First, in which he gives us details on the cash management system that will ensure any business – of any size, in any industry, no matter how much debt it carries or how many years it has been operating—will become permanently profitable.
During our interview, Mike explains why the traditional accounting formula of Sales – Expenses = Profit is counterintuitive to human behaviour and a myth that locks you into a never-ending cycle of selling more, yet profiting less. He also explains why the Profit First Formula of Sales – Profit = Expenses actually forces innovation, supports sustained growth and skyrockets profits.
You will quickly hear why Mike is in demand as a speaker all over the world, you will hear about the book, the messages and lessons within it, and you will walk away with actions you can implement into your own business and life straight away.
We will also be announcing the winner of our Podtober Prize Giveaway! A copy of the membership economy by Robbie Kellman Baxter.
- 00:40 – Introduction to this weeks guest – Mike Michalowicz
- 02:46 – Welcome to Mike Michalowicz
- 05:24 – What motivated you to write Profit First?
- 06:29 – The Profit First Formula
- 11:51 – Whats the first step people can take to get back on track with their finances?
- 14: 29 – How do the 4 core principals of weight loss relate to the foundations for business health?
- 21:55 – What’s the first action to take from Profit First
- 24:03 – Top 3 pieces of advice for Fitness Business Owners
- 27:50 – Sponsor Message from Active Management
- 29:55 – Big announcement…..
- 30:34 – The Podcast Wrap
Top Tips From The Show
- Profit First Formula is Sales – Profit = Expenses
- Stop whats not working, and start focusing on what is working and amplify that.
- Set up multiple accounts, when money comes in, disperse it in pre-determined percentages.
- Change the way your operating to work within the confines of what money is available for operating expenses – remove the temptation
- Be selective of your clients – not all clients are created equal, look at the ones at that are your best and focus on them. If you have the courage to get rid of your weakest clients and automatically your profits get boosted.
Inspirational Quotes From The Experts
“If you intend to do something, don’t wait 6 months from now or a week from now, it fades out of our mind, start today, start now, but start small.” Mike Michalowicz
Resources Our Experts Shared In The Show
Tweetables – share the Experts knowledge to #GROW
Share Your Thoughts
Tell us your #1 Takeaway from this show or what success you have had from implementing an idea you heard here! Comment below and you could win a 3 minute interview on the Fitness Business Podcast!
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