Podcasts about profit first a simple system

Today’s episode is one of the most important we’ve ever produced on this show, because it acknowledges several huge financial traps that most entrepreneurs will certainly face. We’re joined my Mike Michalowicz, who’s the author of one of the most important books that I’ve ever read, “Profit First”. Now there are two primary traps that we’re going to discuss today… The first is a vicious cycle that many entrepreneurs will experience, and that’s the cycle of paying yourself last as the business owner. 99% of the time, if you have expenses that need to be covered to keep your business operating, you’re going to pay those expenses first, even that doesn’t leave enough money for you personally. This increases stress tremendously, and it constantly puts you in a short-term reactive state of emergency, instead of a proactive state of steady, stable growth that reduces your stress, and allows you to make better, long-term decisions. The second trap that we’re going to run into, has to do with the way you manage your company’s finances. If you’re a small business with less than 10 employees, there’s a very good chance that you run your business by simply looking at the current balance of your checking account. If there’s money in the account, great! You’ll find a place to spend or invest it until it’s gone, and you’re back a square one again. I can’t tell you how common these traps are. Ryan Deiss shared the fact that he went through these same patterns until he found Mike’s book. I’ve gone through them as well, and so has Mike. If you’ll take a few days to implement Mike’s system in Profit First, I firmly believe that it will completely change your financial life, and your relationship with money. Your profits will increase, your stress will decrease, and you’ll build a more stable and successful business. So please help me welcome Mike. Resources:  MikeMichalowicz.com ProfitFirstProfessionals.com Profit First: A Simple System to Transform Your Business from a Cash-Eating Monster to a Money-Making Machine  Music: Music by: Omri Song: DisHonest Licensed under a Creative Commons License

Profit First, created by Mike Michalowicz, is an amazing system for managing your cash flow in your business. Join us we discuss how to get started and use this system in your business. The post Profit First – A Simple System to Manage Your Cash appeared first on Tom & Ariana Sylvester.

How do you stay in the black every month and avoid the red to ensure that you’re not running out of money? In this live stream, Tom shares some answers from his Contractor Sales Academy students as well as his own knowledge on how to make sure your business doesn’t run out of money. As you’ll quickly see, it’s more of a mindset change than anything tactical. In this episode we discuss... Pre Qualifying leads over the phone Marketing your business 365 days a year Charging the right prices to grow your business Protecting your time Taking control of the sales process Links to resources: “Staying In The Black As A Contractor” - Corey Philliphttps://www.homeprosuccess.com/staying-in-the-black-as-contractor/ Profit First A Simple System to Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowiczhttps://www.amazon.com/Transform-Business-Cash-Eating-Monster-Money-Making/dp/0981808298   Want to stop sucking the life out of your contracting business? Join the Contractor Sales Academy and take command of your entire sales process! CSA is a game changer for your business. Read more at http://strongpreneur.libsyn.com/#vyWRWfcf0VRHIKyQ.99

Mark Evans DM is an all-star in real estate investing. He gave us some advice a few months ago, we implemented it immediately, and it it has catapulted our business to the stratosphere!   In today’s episode, we’re going to dig into that incredible advice and teach you how to grow your Wholesaling business.   RESOURCES: Learn more at MarkEvansDM.com Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz

So you have a business and it is making money. But you are asking "How Much Should I Pay Myself?" And related are the questions of a) how much you should invest back into the business and b) how much you should save for taxes. While every business is a little different, I will share some basic principles that are easy to manage and do and will keep you motivated to keep going. [Tweet "Business owners should take 50% of the revenue #Payday #smallbusiness @MikeMichalowicz"] In Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine Mike Michalowicz provides a basic plan for handling the money your business makes - including a formula that answers that question "How much should I pay myself?". Two VERY common problems we see in small business finances: The business owner pockets all of the income and then does not have money for taxes at the end of the year. The business owner uses all of the money to grow the business and never sees any of the rewards. [Tweet "Failing to save for taxes means failing in your business #PaytheTaxMan #smallbusiness @MikeMichalowicz"] Or even worse- combine 1 and 2 and you get a business that grows and spends and is not ready to pay taxes or the owner. Rethinking the profit sheet Typical business thinking     >     Sales - Expenses = Profit Mike Profit First thinking     >     Sales - Profit = Expenses [Tweet "A new way to do business accounting ...Sales - Profit = Expenses  #Accounting #smallbusiness @MikeMichalowicz"] The simple idea - control your expenses to manage the profit you desire! I like this idea because business owners often take nothing out of their business and eventually burn out. What to do with the money How much should I pay myself?  (Called owners pay) How much do I set back for taxes? How much do I set aside to grow? (Called profit) For a business with less than $250,000 of revenue 5% of the revenue for profit to reinvest in the business 50% for owners pay! 15% for taxes Therefore, only 30% of the revenue should be part of your business operating expenses. Your job, as owner, is to control the operating expenses to make this work. Over $250k of Revenue As you grow over $250k your numbers will change, but the general principles still apply. Owner always gets paid something and taxes are covered. Generally I agree with this formula - a great start. Monthly go through the numbers and do this. To help - download Mike's Instant Assessment worksheet   What I do with the my revenue Our main adjustment is that we hold back 25% for taxes - which might be overkill in most years - but it helps balance out things in our overall tax bill since we have multiple businesses and other sources of income. For you, I would recommend you implement Mike’s plan monthly and see how it works - then adjust as needed. You will find just having a simple plan and looking at it monthly will keep you out of trouble with the IRS and make you smile when you get paid. One other thing... NEVER HIRE FULL TIME EMPLOYEES until you hit $250k revenue Links mentioned in this episode: Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine Profit first Worksheet - This is all you really need. The Total Money Makeover Building Your Own Business Podcast Details: Click Here to Subscribe via RSS (non-iTunes feed) Subscribing is simple! Go to iTunes. Click Open In iTunes Hit subscribe! While there why not leave me a review! Stitcher If you are a Stitcher listener, I have not left you out! Just click Company of One on Stitcher!

Doug- @DJDoug Strickland- @NiceGuyonBiz Mike- @MikeMichalowicz   Mike Michalowicz had it all, lost it all, and then wrote a book about what he learned from that. Hear his whole story on The Nice Guys today. Find out answers to all these questions:   - You talk about this adding money into the bank first, profit first, but what happens if you have debt? - Expenses. It's only $10, it's only $20 a month but I am being fucked by small charges that all add up to a big Amex bill every month, how do I fix this? - What's the goal of all of this? - You talk about in the book this windfall of cash from selling a business and subsequent ugly period. How did this scare you and why did you decide to change? - The reality of it is this is so simple, but what do you find is the biggest reason people haven't changed to a “profit first” system? - How can I make my business and life profitable and do it immediately?   Here's Mike's website- http://www.mikemichalowicz.com/   Get Mike's "Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine." book here   Or his book "The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field" but not until there are fucking leaves on the ground.   Clck here to see all of Mike's books   Show notes: Production Assistant - Anna Nygren http://www.annavnygren.com/   Please support our sponsor MantraMunchies.com Amazing healthy and delicious snacks, mixes and sauces. Tell them The Nice Guys sent you.   Click through our Amazon.com link before buying anything. As Amazon.com affiliates, we receive a small commission on purchases made after clicking our links. It cost you nothing extra but supports the podcast. Thanks in advance.   Go to Nice Guy Community sign-up and we'll send you the free E-Book "The 5 biggest (relationship) mistakes in business."   Get Doug's Amazon #1 Bestselling book Nice Guys Finish First here.    Want to ask us a question or record a show intro for us? Call 4242-DJDoug and leave us a message.   Subscribe to the Podcast and get more info about the Nice Guys at www.Niceguysonbusiness.com   Don't underestimate the Power of Nice.

This episode's guest is multiple best-selling business author Mike Michalowicz, who joins us to discuss his latest book, Profit First: A Simple System to Transform Any Business From a Cash-Eating Monster to a Money-Making Machine. By his 35th birthday Mike had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor… and proceeded to lose his entire fortune. Then he started all over again, with a new “profit first” formula. Michalowicz now operates his third million dollar venture, is a former small business columnist for The Wall Street Journal; the former MSNBC business make-over expert; is a keynote speaker on entrepreneurship; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” Learn more about your ad choices. Visit megaphone.fm/adchoices