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.