Podcasts about profit first formula

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Today's guest is the entrepreneur behind 3 multi-million dollar companies, having founded and sold two of them before reaching his 35th birthday. He is a former small business journalist for The Wall Street Journal, and he is the author of “Profit First,” “The Pumpkin Plan,” and “The Toilet Paper Entrepreneur,” which BusinessWeek deemed “the entrepreneur's cult classic.” His books have been translated into over 10 different languages. A popular keynote speaker, he travels the globe as an entrepreneurial advocate, is an active partner in multiple companies, including an American manufacturer, a business growth consultancy, an augmented reality tech firm, and a certification organization for accountants, bookkeepers, and business coaching. He also created the Profit First Formula, a way for businesses large and small to ensure profitability from their very next deposit forward. Please join me in welcoming Mike Michalowicz. 

Let's talk about an incredibly important topic: PROFIT. If you haven't been able to tell, I'm passionate about helping business owners like you create more wealth for themselves and others.  I think it's a critically important topic because 83% of small businesses operate check to check. This causes stress and chaos for you, your family, and those around you. But we can stop this. The hard truth is that generating healthy and sustainable profit isn't hard. It's a habit. In this episode I am reminding you of the Profit First formula.

What if, rather than you serving your business, your business served you? What if you could turn a profit from your very next deposit? And what if you had the power to guarantee that profitability?   In this week's episode of the Let's Talk Business podcast, serial entrepreneur and bestselling author Mike Michalowicz shares his simple cash-management solution that helps businesses break the day-to-day struggle for survival and become permanently profitable immediately—no matter their size, industry, or how much debt they carry.    If you're ready to transform your business from a cash-eating monster to a money-making machine, check out Mike's interview below!     [00:01 - 07:05] Opening Segment • Mike introduces Profit First, a system that teaches leaders and entrepreneurs how to profit first • How to overcome financial struggles and understand the profit-first methodology • A listener saved $32,000 in an account after hearing Mike's advice • Mike had success from the outside, but his businesses were never profitable, and he lost all his wealth   [07:06 - 13:29] The Profit First Formula: Learn How to Take Profit Without Sacrificing Your Expenses • It's essential to share the struggles of entrepreneurship and not paint a rosy picture The ego needs to be checked to succeed • The Profit First Formula and how it flips the traditional formula of sales minus expenses equals profit • If a business cannot pay its bills, it is telling them that something needs to be fixed   [13:30 - 19:47] Uncovering the Benefits of Profit First • How taking your profits first can help your business succeed • Take a portion of the profit first, use it to reward shareholders, and build cash equity • Working harder is not the solution; working smarter is key • The simplest solution is often the right one.   [19:48 - 25:56] Achieving Financial Growth & Stability Through Niche Specialization • Business owners can double their profits by increasing pricing by 20% • Businesses that take their profit first grow faster than their competition and become more selective about what they spend • Reverse engineer niche specialization to outpace competitors in growth Pay for vacations with cash from vacation account to stay within budget   [25:57 - 31:11] Closing Segment • For personal budgeting, set multiple accounts for intended use and divide money into different outcomes • Mike on the rapid-fire questions         Want to connect with Mike? Follow him on LinkedIn and Instagram. Visit his website to make your journey simple!     Key Quotes:     “Entrepreneurship's not easy, but to make the elements simpler is my mission.” - Mike Michalowicz   “As a small business owner, we all need to realize we are shareholders in our own business.” - Mike Michalowicz   “You can't wait to be profitable to make profit. You have to start making profit today.” - Mike Michalowicz   “We have to realize that our business and our personal lives are intertwined. They are not separate. So we have a big dependency on our business and its income and profitability to support our lifestyle. “ - Mike Michalowicz       Connect with Ptex Group: Facebook, Instagram, Twitter, LinkedIn   LEAVE A REVIEW + and SHARE this episode with someone who wants to achieve in business. Listen to previous episodes on Spotify, Apple Podcasts, or wherever you get your podcasts!     

Far too many business owners find themselves working hard, pouring into their ventures with nothing to show for it at the end of each year. It's not because their businesses are failing, it's because they haven't mastered profit.  Mike Michalowicz's Profit First system has made thousands of businesses profitable and changed how we do things around here.  What's the psychology behind the system? What problem does Mike want to solve with his new business?  In this episode, Mike returns to the show to share why Profit First is so powerful and gives us the details of his upcoming book.  Three Things You'll Learn In This Episode  Reverse engineer your profitability Why do we become more profitable when we think more frugally? How to find employees who think like owners What holds businesses back from finding the best talent? Solving the greatest recruiting problem What can sports teams and large corporations teach us about finding great hires?   Guest Bio Mike Michalowicz is an author, speaker, and serial entrepreneur with years of experience building strong and successful companies. He is the creator of the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.  Mike has run multiple million-dollar ventures, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.”  Get a free copy of Profit First and $50 when you sign up for the Relay, the official Profit First bank at https://banklikemike.com. Pre-order Mike's latest book, “All In: How Great Leaders Build Unstoppable Teams” here.   

In this episode with Brandon Neely of Wealth Wisdom Financial Partners, we go over: What's your background of expertise? Why is a Profit First system important for a small business? What's the difference between “velocity” versus “infinite” banking? What are the lead generation strategies you use for your business? Where can people find you Brandon? CLICK HERE to go to the blog post that has many more resources, if you're interested in learning more about Brandon Neely and the folks over at Wealth Wisdom Financial Partners.

In this episode we talk with Mike Michalowicz - author of the book Profit First - about how to build a profitable business using his Profit First Formula.

On this podcast episode, Mike Michalowicz and I discuss the profit first formula for real estate investing. We also talk about Mike's new book "Get Different" and how you can apply the marketing strategies to increase your income in your business. Check it out! Timeline: 0:00 Prelude 0:30 Introduction 1:24 About Mike Michalowicz 5:10 What obstacles will entrepreneurs face when paying themselves first? 9:03 Step by step process to profiting first 12:27 What's “Get Different” about? 15:11 How do you feel about pattern interrupts? 17:25 How to get a copy of Get Different? 18:54 What's your favorite type of pizza? 19:38 How to contact Mike Michalowicz? 20:06 Last words from Mike 20:25 Closing comments

On this podcast episode, Mike Michalowicz and I discuss the profit first formula for real estate investing. We also talk about Mike's new book "Get Different" and how you can apply the marketing strategies to increase your income in your business. Check it out! Timeline: 0:00 Prelude 0:30 Introduction 1:24 About Mike Michalowicz 5:10 What obstacles will entrepreneurs face when paying themselves first? 9:03 Step by step process to profiting first 12:27 What's “Get Different” about? 15:11 How do you feel about pattern interrupts? 17:25 How to get a copy of Get Different? 18:54 What's your favorite type of pizza? 19:38 How to contact Mike Michalowicz? 20:06 Last words from Mike 20:25 Closing comments

I'm SO passionate about helping business owners like you create more wealth (aka profit) for themselves and others.  That's one of the main reasons I became Profit First certified and have been sharing a lot about it on the podcast recently. I think it's a critically important topic because 83% of small businesses operate check to check. This causes stress and chaos for you, your family, and those around you. But we can stop this. The hard truth is that generating healthy and sustainable profit isn't hard. It's a habit. So today on the podcast I wanted to remind you of the magic of the Profit First formula and its 5 key concepts you will want to master to grow this habit. Read more at https://theboldleadershiprevolution.com/5-things-profit-first-formula/

Today's guest is the entrepreneur behind 3 multi-million dollar companies, having founded and sold two of them before reaching his 35th birthday. He is a former small business journalist for The Wall Street Journal, and he is the author of “Profit First,” “The Pumpkin Plan,” and “The Toilet Paper Entrepreneur,” which BusinessWeek deemed “the entrepreneur's cult classic.” His books have been translated into over 10 different languages. A popular keynote speaker, he travels the globe as an entrepreneurial advocate, is an active partner in multiple companies, including an American manufacturer, a business growth consultancy, an augmented reality tech firm, and a certification organization for accountants, bookkeepers, and business coaching. He also created the Profit First Formula, a way for businesses large and small to ensure profitability from their very next deposit forward. Please join me in welcoming Mike Michalowicz. In this episode we discuss: his thoughts on leadership: “leadership is about reciprocity. It is truly about the fact that we will get out of others what we put into others.” how he believes everyone can be a leader and that they just need to embrace who they actually are and lean into it. how humor and being the class clown grew him into the successful author he is. his journey from writing a book with no sales on the launch day, to an author whose book was named the “entrepreneurs cult classic” by BusinessWeek. his methods for maintaining connections with his readers and fellow authors and colleagues. how he works to create diversity among people who serve his core listeners. Listen, subscribe and read show notes at www.OnTheSchmooze.com.

What do you use to manage the finances of your business? I guess this could be anything from Post-It-Notes to accounting softwares. I'll be the first to admit that I'm not the most sophisticated when it comes to managing my business finances, but the tools that immediately come to my mind are CRMs to track and project pipelines, Freshbooks or Quickbooks for invoicing and accounting, Stripe or a million others for receiving online payments, and of course there's Context & Clarity guest alum, Mike Michalowicz's Profit First Formula. That's a lot of tools and you may be thinking, 'I just use a spreadsheet.' And that's ok too.

Mike Michalowicz is an author, entrepreneur and lecturer. By the age of just 35, Mike had founded and sold two multi-million dollar companies. After becoming an angel investor and then losing his entire fortune, Mike started all over again. Through this trying experience, he became driven to discover the recipe for a truly successful business. In our discussion we learn how Mike created the ‘Profit First Formula'. Join us and discover the secret to designing a business so healthy, that it runs itself.To find more on Mike's books, The Profit First Podcast, his blog and much more, simply visit MikeMotorbike.comListener TribeWe have our own private social network for listeners of the Unmistakable Creative podcast. You can meet other listeners, discuss episodes, and engage with the creative community! Just visit https://the-unmistakable-creative-podcast.mn.co/ to sign up. See acast.com/privacy for privacy and opt-out information.

2020 Put unprecedented stress on companies. Systems like the Profit First Formula help enterprises to plan for the future. Businesses first pay profit, taxes, personal then operating expenses and a rainy day fund.

This week is all about getting your finances in check ⬇️ On Monday Daniel explained the Profit First Formula and how you can implement it in your fitness business On Tuesday I shared 4 strategies we're doing at DKnine to make sure we move out of lockdown successfully ✅ Today I'm sharing whats working with Facebook Ads I want to break it down into the costs for each metric I will look at 4 metrics and explain what each of them are and explain how you should know if they're working or not

This week is all about getting your finances in place to make sure we hit the ground running when we re-open Daniel explained the Profit First Formula and implementing it into your fitness business Tuesday I shared 4 tips we're doing at DKnine right now to keep finances in check Wednesday we looked at your Facebook Ad metrics and explained what each meant to make sure you get the most of it Today I've got a foundational tip for you ✅ This isn't exactly an exciting topic Bookkeeping Keeping on top of what's coming in and what's going out It also means at the end of the year your accountant bill won't be so big Or if you don't have an accountant...you wont be spending hours or even days sorting it at the end of the year ➡️ So keep things as simple as possible A simple spreadsheet will do the trick So you know how much is going in and how much is going out And at the same time notice any subscriptions you could probably get rid of❗️ When it comes to the end of the year and you have everything in one key spreadsheet You will save so much time and money

This week is all about finances and here to kick it all off is Daniel Förster talking all about the profit first formula ⬇️ Enjoy! David :)

Today’s Guest Mike Michalowicz By his 35th birthday, MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million-dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics, and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” Website: mikemichalowicz.com Make Your Business Profit First Step 1: Set up multiple bank accounts and allocate the funds based on percentage. Step 2: Determine your allocation frequency and sequence. Step 3: Remove any temptation. Step 4: Get into the rhythm and stick to it. Support the show: https://www.systemhub.com/podcast See omnystudio.com/listener for privacy information.

In this episode, I'm speaking to Mike Michalowicz, author of many books including Profit First about how to design a business that runs itself.  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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics, and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.” In this episode, we discuss: 1:49 Understanding the hierarchy of needs for you as a practice owner 3:12 Tips for how to get off the delivery treadmill and make time to delegate in your business 3:53 Why you shouldn't believe the myth of switching from working in to on the business 7:07 Tips for making that leap from working in your business to on your business 9:42 Why putting more effort and more time into your business won't continue to grow your business 10:43 Understanding that it's the delegation of outcomes not tasks that achieve growth 13:50 Ways you can empower your team 15:23 Tips for creating a balanced team 18:33 Why you need to focus on your strengths as a business owner 20:05 How to focus on what you're good at without the wheels falling off your business 22:02 How to delegate slowly, but effectively for optimal scaling 24:17 How to implement Profit First principles in a structured way And more!

There are two reasons why people start their own business. One is to have financial freedom, and the other is personal freedom. The problem is most business owners find themselves struggling financially and feeling trapped by the very businesses they built to make their lives better.     When our businesses become too complicated, and we don’t know how to prioritize, we end up in a constant state of damage control which impedes any progress we may make. If our businesses don’t have the fundamental elements that make them strong, we can’t have freedom, make an impact or achieve any efficiency.    What 5 fundamentals do our businesses need to have for them to become not only stable, but impactful? Why is entrepreneurship a responsibility? In this episode, I’m joined by serial entrepreneur and author of Profit First, Mike Michalowicz. He shares how we can get all the unnecessary complexity out of the way in the running of our business.   Three Things You’ll Learn In This Episode  - The survival trap in business In our businesses, there’s a rift between where we are right now and what our businesses need to grow. If we know where we’re going, we can identify the problems we need to solve  to ensure that we’re not stuck in a loop of constantly putting out fires.    - Why entrepreneurship is a big responsibility Only 7% of people in the world will start businesses, but 93% of the world’s population will work for entrepreneurs and business owners. It’s our responsibility to grow our businesses because they drive the economy. If we choose to do everything in our businesses ourselves, we’re robbing other people of their jobs.    - Why we can’t make an impact without order Our businesses become impactful when we change people’s lives and transform them in some way. It’s hard to have sustainable impact if our businesses don’t achieve order first. This comes after consistent sales and profits.   Guest Bio-  Mike Michalowicz is an author, speaker and serial entrepreneur with years of experience building strong and successful companies. He is the creator of the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.   Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”  For more information visit https://mikemichalowicz.com/.  Buy his latest book Fix This Next: Make the Vital Change That Will Level Up Your Business here.

Let's talk about an incredibly important topic: PROFIT.Let's dig into this here, and talk about why you should put profit first and the profit first formula to help your business grow. Read more at https://theboldleadershiprevolution.com/5-things-profit-first-formula/

Mike Michalowicz ~ Author Fix This Next ~ Current Series ~ 100 Interviews with 100 Major Influencers   By his 35th birthday Mike Michalowicz had founded and sold two multi million dollar companies then he decided to become an Angel Investor and lost it all. He stared all over again determined to help entrepreneurs grow healthy, and strong companies by creating the Profit First Formula.    Now, Mike is running his 3rd & 4th million dollar ventures. Mike is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Clockwork, The Pumpkin Plan, Fix This Next, Surge, and The Toilet Paper Entrepreneur, which BusinessWeek deemed "the entrepreneur's cult classic." Mike is also a guest lecturer for collegiate entrepreneurial programs such as Babson, Boston College, Columbia, Copenhagen Business School, Emerson, Harvard, Penn State, Pepperdine and Princeton. His books are in the core curriculum for entrepreneur students at Pepperdine, Carnegie Mellon, Stanford University, and universities across the country. His books have been translated into over 10 languages, and sold over ½ million copies, and he is the host of Entrepreneurship Elevated Podcast!   I recommend listening to this episode for all the entrepreneurs out there. Mike's method for helping entrepreneurs business successful business should be standard business knowledge and I am convinced that if more entrepreneurs knew what Mike taught, the success rate of building a business would greatly increase. It is an incredible episode so make sure to listen to this one!  02:19: Who is Mike Michalowicz? 10:39: Building a 7-Figure Business & Losing It Through Angel Investing 15:05: Mike on Rebuilding After Failure 20:21: Entrepreneurial Hierarchy of Needs 34:18: Apparent Issues VS Impactful Issues 38:31: Achieving Colossal Growth: Quality over Quantity 43:12: Using Nature to Understand Business Efficiency 49:48: Mike's “Profit First” Business Model 55:05: Tips from Mike's New Book “Fix This Next” Contact Info:   https://mikemichalowicz.com/

By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

Everything expands as we grow our income, and often—despite having a large or comfortable income—it can seem like you’re still barely breaking even and constantly struggling to get ahead. Mike Michalowicz is an author, speaker, and massively successful entrepreneur who helps people and businesses with innovative strategies and his famed “Profit First Formula.” He joins the show today to share where he and other business owners went terribly wrong and how to build a more solid financial future. You can find show notes and more information by clicking here: https://bit.ly/2WoVUrd

MIKE MICHALOWICZ  (I messed up his name in the intro)  founded two multi-million dollar businesses and then proceeded to lose his entire fortune. Driven to find better ways to grow healthy, strong companies. Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. In, our at times hilarious, conversation  Mike shared some very counterintuitive advice including… How to transform your cash eating monster to a money making machine How to get your kids invested in your business Why you should ALWAYS pay yourself first Why only the bottom line matters and everything else is ego How to escape credit card addiction and become debt free forever How to become financially free by ripping off the bandaids So without further ado get ready to rip that band-aid off … here’s Mike Michalowicz … Resources & Links: https://www.mikemichalowicz.com/ (https://www.mikemichalowicz.com/) The Self Help Addict (http://www.theselfhelpaddict.com) (My book) Gefen Media Group (http://www.GefenMediaGroup.com)  Podcast Booking Agency PodBooker (http://www.PodBooker.com) – Podcast Guest Booking Platform   Did you enjoy this episode? Then  please subscribe to my podcast on iTunes (https://itunes.apple.com/us/podcast/can-i-pick-your-brain-entrepreneur-business-podcast/id1076916148?mt=2) , so you can get automatic updates whenever another episode goes live and a 5 star rating would make my day

Do you get stressed out at tax time? What about budgeting for retirement? Does bookkeeping give you migraines? All these are essential parts of being a business owner but I doubt they’re anyone’s favorite parts. Today, I have Mike Michalowicz here who understands these topics and also understands how to help business owners like you and me take control of these daunting parts of your business. Mike is the author of one of my favorite books, Profit First. He is a popular speaker on topics surrounding entrepreneurial innovation. Years ago, Mike lost nearly everything, but today he’s running his third million dollar business. Mike’s mission is to share his life’s lessons and his “Profit First Formula” to help businesses ensure profitability starting with their very next deposit. In this interview, Mike and I talk about what it truly means to be profitable. This goes beyond just measuring your bottom line but being able to reward yourself as the business owner. Mike lays down some truth about understanding just what sustainable profitability is and why many business owners fail to see it. If you’re like me, you might want to keep a tissue handy for this interview as Mike gets real and emotional about his own struggles with profitability. It’s a powerful story that many entrepreneurs will resonate with and a great reminder that no one is alone in this struggle. You’re going to get some great actionable tips for how to get started or go further in creating a new kind of legacy for you, your family, and your business. As Mike tells us, it all starts with profit. What can you do right away to start putting your profits first? Let me know in the comments on the episode page!   In this episode: What profitability really means for entrepreneurs and how it should result in rewards for you The important differences between revenue and profitability and why understanding the difference is key to long-term success Sound and actionable advice for entrepreneurs facing financial struggles How to escape from the limitations of traditional accounting The different types of accounts your business should have to ensure that you are prioritizing profitability   Quotes: “When it comes to our definition, the entrepreneurial definition of profit, it is cold hard cash available for the withdrawal and for distribution to the shareholder - the owners - of the business.” [9:23] “We need to change the formula for putting profit last to putting profit first. And we got to put our profit first so that it becomes habitual.” [15:58] “Every time a sale occurs, when money flows into your business, you’re going to take a predetermined percentage of that money, allocate it towards profit in a literal account, store that money away and the remaining cash is going to be available to run your business. It’s the pay yourself first principle simply applied to business.” [32:48] “I think as owners we’re naturally givers. We want to give employment. We want to give our clients service. But the greatest giving is where we have financial freedom and the ability to give in the moment without having to worry about the financial stress.” [43:41]   Links: Find Mike Michalowicz online Follow Mike on Twitter | Facebook Profit First by Mike Michalowicz Small Giants Community Send me your questions for the upcoming live Q & A here!   Additional Links: Check out the full show notes page Do you have something to share on this podcast? Fill out this form here. Be sure to take the Studio Sherpas survey for a chance to win some incredible prizes (if we do say so ourselves!) Stay up to date with everything we're doing at Studio Sherpas Tune into our weekly Facebook Lives Follow Studio Sherpas on Facebook | Twitter | Instagram If you haven't already, we'd love it if you would take 1 minute to leave us a review on iTunes!

Visit stuschaefer.com for complete show notes of every podcast episode: Leave us a rating and review! By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

In this episode, we meet Mike Michalowicz, serial entrepreneur and multiple best-selling author. Self-defined as a normal guy with a normal upbringing, 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, alongside keynote speaking and is also the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.” In this episode we talk about: How his early success ultimately proved to be a fallacy and led to his downfall; Why workaholism is not a badge of honour and must be defeated in our culture; How to reframe your value in the marketplace by choosing to become dispensable instead of indispensable; and Why having no cash, experience or contacts are your biggest assets when it comes to starting a business. Connecting with Mike You can find out all about Mike on his website - https://www.mikemichalowicz.com/ (or https://mikemotorbike.com). Thanks to Jeff Brown for recommending Mike. On a story from his childhood that impacted his life I was typically average! It's funny, I hear stories of other people that have gone through extraordinary trauma or had some kind of awakening to their calling in their childhood, and that wasn't me. But one thing I think that was interesting, whenever my parents would talk about work, is that I had to find that one job working for that one big corporation because that's the safest way to navigate through life. And even today, they still are confused by the path of the entrepreneur. So maybe that's the thing that kind of triggered my desire to explore. I think the greatest lesson I learned in lacrosse was the power of the mind. One of the necessary skills in lacrosse as a middie was to face off. When I did, I realised my thoughts were determining how successful I was on these face-offs. If I thought I could beat the person I was going against and had a plan of where I was gonna move the ball, I was wildly successful. But if I ever felt intimidated or lacked confidence, I would falter. And in business, I realised the power of thought dictates our subsequent actions. On why early success was his undoing My first business was in IT Support and my exit was via private equity. The second business was in computer crime investigation and I was in the right place at the right time. First six months I think we did over half a million dollars. The first full year, we did around one and a half or two million. And then in the second year in business, we were on a run for seven million dollars in revenue. In the moment, I thought I was just super smart, but my company got part of the Enron trial. We were racking up debt, borrowing from the banks, pulling credit lines. I think at one point when we sold the company, we maybe had a half a million dollars of debt. But it was acquired by a Fortune 500 because we were on such a fast growth trajectory, and then it started to instil in my thoughts that, "Oh, you don't need to run a business that's healthy financially. Just go all in on it. And if you do, someone somewhere will buy you." This concept of grow-at-all-costs is insidious. You see on the cover of every magazine for entrepreneurs and business leaders, "Grow, grow, grow, workaholism, grind it out, push yourself." And we're not considering the health of the organisation or the health of ourselves. And I learned that the hard way, and now I'm on a mission to fix that. On workaholism It seems the way to climb up the ladder as a leader is to outperform everyone else, to hustle and to grind out effort. That translates into workaholism. It's become a badge of honour, like "I work x number of hours." Of course the trade-off for workaholism is you've got to sacrifice your family, your interests and passions outside work. Sam Walton, the founder of Wal-Mart, on his deathbed he was quoted of saying, "I blew it." Why? Well, he was surrounded by his family who didn't know him, who didn't care for him; he barely even knew his own wife. I think that's the definition of what we need to avoid. On being dispensible Previously, I would say to my staff, "If you want to make a big salary here, if you want to achieve your vision of employment, your job is to become indispensable; if you're indispensable, I am so dependable upon you, you can dictate your own salary." And then I changed, and said I want to be dispensable; if we're dispensable it means we have the ability to create the systems and structure around us where systems, technology, maybe other people can carry the workload. And therefore if we go away for a week or two because we're sick or want to take a vacation, the business hums along. I think the greatest leaders understand that. What small business owners think is that if we can do more of that, it'll bring us to the levels of Amazon and Google. The whole way to get there as leaders is to extract ourselves, to find ways for the technology and for others to carry the business forward. That's the definition of an extraordinary leader. On rewarding truth If I want to get the truth from my staff, I have to speak the truth. If I want to get loyalty, I have to give loyalty. I found that as the leader of my organisation, I always have to take the first step in a behaviour that I want. So I will be loyal to them, I will defend and protect my colleagues like they're my family. I will do everything to serve them. That's the first step to getting truth from them. The second thing is I will put them in a position where they are actually rewarded for speaking the truth. So when someone says, "Mike, you made a mistake," I say, "First of all, let's give you a surprise!" Whatever it is; a bonus or a gift or just a wholehearted thank you. And then they put the truth on the table. On moments of doubt I have doubt right now in this interview, but it's just a story in my head. A friend of mine calls it the monkey brain and a great way to navigate it is to vocalise it, wherever you are. Step two is to envision that you're driving a car and so you strap those negative monkey mind thoughts in the back seat. And you say, "Listen, you're staying back there, and I gotta move forward now. But I acknowledge that you exist." On how to spot the business wave worth catching Pick a wave to evaluate, and then insert yourself into the community. Go to the conferences, talk with the attendees to see what the chatter is, read the magazines, listen to the podcasts. Like a surfer, many waves you just let roll by. You don't pick the next wave; you evaluate the next wave and then pick the one that you can ride all the way home. You can read more about these in my books Profit First and Surge. On why having nothing is your biggest asset If you lack cash, lack experience, lack a network of contacts, lack of prospects, those are actually your biggest assets. And sadly, it holds so many people back from starting a business. So in The Toilet Paper Entrepreneur, I explore why lacking each of those is a good thing. They say necessity is the mother of invention. Well, a lack of money forces innovation, to be creative, which challenges the industry norms, which is a beautiful thing. The lack of experience means you don't know the rules of the industry. Therefore you become known as the business that breaks the industry norms. The lack of prospects means you have to learn how to sell. If you go into a business where your friends and colleagues, they'll say, "Oh yeah, I'll buy that," and they help you get started, I know they're doing the socially appropriate thing, but they're not letting you learn early and fast and hard. It's the lack of an ability to sell in the beginning that forces you how to figure out how to sell. On the similarities between pumpkin farming and growth businesses Within the community of pumpkin farmers, there's a very tiny faction called colossal pumpkin farmers. They grow these pumpkins that are the size of trucks. What's fascinating about them is they change the growing process only by a small percentage. So I ran the analysis in The Pumpkin Plan and sure enough, when I found colossal growth companies -  companies that grow organically ridiculously fast - they have the same kind of process that they do with colossal pumpkin farming. One was seed selection - colossal farmers match seeds to their soil content and the climate they're in; growth businesses exploit their uniqueness in a community that resonates with it. Another was discipline - colossal farmers cut away weak pumpkins regularly; what I found in these businesses was the best leaders were phenomenal at removing distraction. The best leaders were disciplined in turning down opportunities, and the weakest people, while the businesses that struggled actually took on the most opportunity. It takes the word “no” to grow. If we're not willing to immediately stop everything we're doing and abandon everything immediately to take on this new task, it's not important enough and we have to say no to it. On the routine that makes the most difference I love two moments about exercise: right before I exercise, I love the idea, there's like a dopamine release of how I'm gonna feel after I'm done. I don't like doing the activity, but I do like the end, the feeling that inspires. Those two moments of excitement sandwich the actual effort. Final message of wisdom and hope Every human on our planet is going through a life experience that is not better or worse than anyone else. It's just different. We're all in this brother and sisterhood and all have something to learn from each other. This episode is sponsored by UnrushedExperiences.com Unrushed Experiences is:   Sydney's premium degustation of the senses event for overworked professionals to undo the damage of busy.   We believe that the world is drowning in speed and starving for stillness.   The 7-course degustation menu with wine and beverages, accompanied with live world-class musicians, performers and Q&A with special guest storytellers aims to help attendees unwind and be fully present for a night.   It's on a Saturday evening on the 11th of May at renowned restaurant No.1 Bent Street By Mike in the Sydney CBD.   For listeners use the buy one ticket get one free promo offer at checkout. The code is:   ONEFREE   www.unrushedexperiences.com

By his 35th birthday MIKE MICHALOWICZ 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. He started all over again, and created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.” Listen to this inspirational Profit-ology Podcast episode with Mike Michalowicz and discover: ● What is entrepreneurial poverty. and how do we close the gap between perception and reality. ● How to tell if you are suffering from superhero syndrome. ● Why Mike was called the "angel of death" and how his daughter saved him on Valentine's Day. ● The difference between thinking like a shareholder instead of a entrepreneur or a business owner. ● How taking a 4 week completely unplugged vacation from your business can make it stronger. ● How to make your business worth more by doing less. Links Mentioned Alan Weiss's Million Dollar Consultant https://www.alanweiss.com/ Connect with Mike Get a Free Download of Mike's book: https://www.mikemichalowicz.com/resources/ Website http://www.mikemichalowicz.com/ Facebook https://www.facebook.com/MikeMichalowiczFanPage/ Twitter https://twitter.com/MikeMichalowicz Instagram https://www.instagram.com/mikemichalowicz/ Learn more about your ad choices. Visit megaphone.fm/adchoices

By his 35th birthday MIKE MICHALOWICZ 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. He started all over again, and created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit […]

Episode 362: Running Your Business Like Clockwork – Interview W/ Best Selling Author Mike Michalowicz By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular https://www.mikemichalowicz.com/speaking/ (keynote speaker) on innovative entrepreneurial topics; and is the author of https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making/dp/073521414X/ref=as_li_ss_tl?ie=UTF8&linkCode=ll1&tag=obsidian-20&linkId=c9087f76de6899f980693107b5d8c5c3 (Profit First), https://www.amazon.com/Surge-Marketplace-Consumer-Demand-Industrys/dp/0981808247/ref=as_li_ss_tl?ie=UTF8&qid=1484783328&sr=8-33&keywords=surge&linkCode=ll1&tag=obsidian-20&linkId=091434424cef59ee09f2d4e5337fa1ad (Surge), https://www.amazon.com/gp/product/1591844886/ref=ox_sc_mini_detail?ie=UTF8&psc=1&smid=ATVPDKIKX0DER (The Pumpkin Plan) and http://www.amazon.com/gp/product/0981808204/ref=as_li_ss_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=0981808204&linkCode=as2&tag=obsidian-20 (The Toilet Paper Entrepreneur), which BusinessWeek deemed “the entrepreneur's cult classic.”     If you want to take your business to the next level and get one-on-one accountability please go an apply for The AGS Conquer Program now…. https://www.AgsConquer.com/home (https://www.AgsConquer.com/home)   Learn about the exciting new App coming out in the Spring of 2019 called ‘Automate Motivate’ and how you can get on the waiting list…  https://automatemotivate.com (CLICK HERE) “10 out of 10 people die…  So how about doing something today that actually matters while you still can” – Joshua Latimer     You can check out Joshua’s AMAZING Marketing software by clicking here If you’ve enjoyed this PodCast this year if it’s brought value to you, your life or your business could you please go to iTunes and leave a 5-star review? https://itunes.apple.com/us/podcast/radiusbomb-com-quick-talk-podcast/id1061375545?mt=2 (Click here to leave your review)

Mike Michalowicz, author, entrepreneur, investor, and business-success consultant (mikemichalowicz.com), delivers an insightful overview of the methods and practices that entrepreneurs can use to grow their businesses and build upon a solid foundation. Mike Michalowicz doesn't believe in wasting time; in fact, there is no time to waste when you are a sought-after speaker, consultant, and prolific author of multiple books on business and entrepreneurship. Only in his third decade of life on this earth Michalowicz had already founded and sold two multi-million-dollar companies and was looking for more opportunities to dive into. Riding high on his confidence from recent successes he dove headfirst into angel investing where he proceeded to lose most of the financial security he had put away, but… like a true entrepreneur, he dusted himself off and built it all back again with new ventures and a wise plan to grow strong companies from the ground up, block by block, to success. Michalowicz has received much exposure for his line of successful books and also for his method known as the “Profit First Formula,” which is a means for businesses to ensure profitability from their very next deposit forward and ongoing.  Mike is the celebrated author of Profit First, The Pumpkin Plan, Clockwork, The Toilet Paper Entrepreneur, and others. He discusses his desire to end entrepreneurial poverty, and his drive to share the secrets that can help businesspeople succeed, and build their dreams. Michalowicz's first book discussed the concept of hiding profit away, referred to as ‘profit first,' which caught the attention of business leaders and publishers, and was one of his first methods that business leaders responded to positively.  Michalowicz details the stages of sales in business and how business owners can take steps that bolster their finances and ultimately their confidence to move their businesses forward, have balance in their lives, and more control of their path. He outlines the variables in business, such as productivity and efficiency, and the importance of choreographing all resources to achieve results and allow a business to run more automatically.  Michalowicz also stresses the importance of actually taking time to ‘think,' to process your ideas as they come, and prioritize new avenues for growth. He cites the example of bees and their environment and how each bee understands its role in the ultimate goal of producing eggs, and compares that to efficiency and understanding in business activities that produce higher productivity. Additionally, he discusses the importance of discovering where your survivability and thrivability exist, to understand what your brand promises, and what is the one activity that makes that promise a reality. He discusses the brand, FedEx, and how their success ultimately is based upon their primary function: logistics and delivery of packages on time. Thus it is important to identify what your brand promises and always deliver it.  The business-success author underscores the importance of having people on your team who can coordinate all the resources and line them up to achieve results via fulfilling customer satisfaction, delivering on promises, innovating, and more. Michalowicz has moved into his third million-dollar venture and is always looking for new opportunities. He is a former columnist for The Wall Street Journal, former MSNBC business makeover expert and consultant, and is a sought-after keynote speaker on innovative entrepreneurial issues. As a celebrated business author and journalist his methods and practices have become popular tools utilized by entrepreneurs everywhere. His books are go-to manuals for many successful business leaders and his book, The Toilet Paper Entrepreneur, was referred to by BusinessWeek as “the entrepreneur's cult classic.”

Mike Michalowiz is an author, entrepreneur and lecturer. By the age of just 35, Mike had founded and sold two multi-million dollar companies. After becoming an angel investor and then losing his entire fortune, Mike started all over again. Through this trying experience, he became driven to discover the recipe for a truly successful business. In our discussion we learn how Mike created the ‘Profit First Formula'. Join us and discover the secret to designing a business so healthy, that it runs itself.To find more on Mike's books, The Profit First Podcast, his blog and much, much more, simply visit MikeMotorbike.com See acast.com/privacy for privacy and opt-out information. Become a member at https://plus.acast.com/s/the-unmistakable-creative-podcast.

Mike Michalowiz is an author, entrepreneur and lecturer. By the age of just 35, Mike had founded and sold two multi-million dollar companies. After becoming an angel investor and then losing his entire fortune, Mike started all over again. Through this trying experience, he became driven to discover the recipe for a truly successful business. In our discussion we learn how Mike created the ‘Profit First Formula'. Join us and discover the secret to designing a business so healthy, that it runs itself.To find more on Mike's books, The Profit First Podcast, his blog and much, much more, simply visit MikeMotorbike.com See acast.com/privacy for privacy and opt-out information.

Mike Michalowicz has grown three multi-million dollar ventures and sold two of them. He is a popular KeyNote speaker and is constantly coming up with innovative strategies such as the Profit First Formula to grow healthy strong companies. The former small business Wall Street Journal columnist has written books like Profit First, Surge, The Pumpkin Plan, and the Toilet Paper Entrepreneur. His latest book, Clockwork, teaches people how they can design a business that runs itself. Quotes To Remember: “Every business has a critical function that the business success and life depends on.” “Every business that is generating revenue need to start becoming more efficient.” “We need to select things that have great results versus things that are not.” “If we can identify these weak links and address them, the entire business elevates on a massive level.”   What You’ll Learn: Determining the Right Time to Start How to Identify that “Queen Bee” Role Other Strategies To Do For Your Business When You Have No Funds For Delegation Finding Interns For Your Brand   Key Links From The Show: Mike’s Site Episode 13: Finding The Next Wave Of Consumer Demand With Mike Michalowicz   Recommended Books: Content Marketing Secrets by Marc Guberti Podcast Domination by Marc Guberti Clockwork by Mike Michalowicz Surge by Mike Michalowicz Profit First by Mike Michalowicz The Pumpkin Plan by Mike Michalowicz The Toilet Paper Entrepreneur by Mike Michalowicz Principles: Life and Work by Ray Dalio The Goal by Eliyahu M. Goldratt Scaling Up by Verne Harnish Traction by Gino Wickman

In this episode, I'm speaking to Mike Michalowicz, author of many books including Profit First about how to design a business that runs itself.  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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.” In this episode, we discuss: 1:49 Understanding the hierarchy of needs for you as a practice owner 3:12 Tips for how to get off the delivery treadmill and make time to delegate in your business 3:53 Why you shouldn't believe the myth of switching from working in to on the business 7:07 Tips for making that leap from working in your business to on your business 9:42 Why putting more effort and more time into your business won't continue to grow your business 10:43 Understanding that it's the delegation of outcomes not tasks that achieve growth 13:50 Ways you can empower your team 15:23 Tips for creating a balanced team 18:33 Why you need to focus on your strengths as a business owner 20:05 How to focus on what you're good at without the wheels falling off your business 22:02 How to delegate slowly, but effectively for optimal scaling. 24:17 How to implement Profit First principles in a structured way And more! Find out more about Mike Michalowicz http://www.mikemichalowicz.com

We are honored to have Mike Michalowicz join us for episode 73. We start by talking about his hit business book Profit First and end talking about his latest book Clockwork.   By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.   Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Clockwork, Profit First, Surge, The Pumpkin Plan, The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic." Have you found some value in the show? Click here to support us through Patreon! Please subscribe through iTunes or your favorite podcast app! If you like what you hear please give us a rating, like, and share. It really helps the show grow. iTunes: http://bit.ly/REIrookiesOniTunes Google Play: http://bit.ly/REIRookiesOnGooglePlay YouTube: http://bit.ly/REIRookiesOnYouTube Stitcher: http://bit.ly/REIRookiesOnStitcher SoundCloud: http://bit.ly/REIRookiesOnSoundcloud Facebook: http://bit.ly/REIRookiesOnFacebook Patreon: https://www.patreon.com/reirookies Follow Josh Koth and Jack Hoss on their journey towards financial freedom using the power of Real Estate through the REI Rookies Podcast (Real Estate Investing Rookies Podcast). We share our experiences as we acquire rental properties, build net worth, and work towards financial freedom. We are focused on creating wealth through conventional and creative real estate investing while improving our financial education. If you are a fan of Rich Dad Poor Dad by Robert Kiyosaki and Millionaire Real Estate Investor by Gary Keller or are looking for an alternative to the Dave Ramsey, Jim Cramer, Motley Fool or Suze Orman shows we invite you to subscribe today!

In today’s episode, Susan talks with Mike Michalowicz, Speaker and Author, including Profit First - Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. He’s also the author of “Clockwork: Design You Business to Run Itself.”Susan and Mike talk about setting up the systems in your business so that you can (finally) take a real vacation.Find Mike: https://www.mikemichalowicz.comMike's book:https://amzn.to/2L9fmOdSusan’s websites:Everything Susan: http://suebmoe.com2Questions.TV: http://2Questions.TVBaroncini-Moe Executive Coaching: http://susanbaroncini-moe.comBusiness in Blue Jeans: http://businessinbluejeans.comShare your thoughts in the comments below!Equipment used for this video:- Zoom.us- Blue Yeti Microphone- Logitech C922x Pro Stream Webcam- MacBook Pro Subscribe to 2QuestionsTV for more interviews and behind the scenes footage! See acast.com/privacy for privacy and opt-out information.

Today's guest is the entrepreneur behind 3 multi-million dollar companies, having founded and sold two of them before reaching his 35th birthday. He is a former small business journalist for The Wall Street Journal, and he is the author of “Profit First,” “The Pumpkin Plan,” and “The Toilet Paper Entrepreneur,” which BusinessWeek deemed “the entrepreneur's cult classic.” His books have been translated into over 10 different languages. A popular keynote speaker, he travels the globe as an entrepreneurial advocate, is an active partner in multiple companies, including an American manufacturer, a business growth consultancy, an augmented reality tech firm, and a certification organization for accountants, bookkeepers, and business coaching. He also created the Profit First Formula, a way for businesses large and small to ensure profitability from their very next deposit forward. Please join me in welcoming Mike Michalowicz. In this episode we discuss: his thoughts on leadership: “leadership is about reciprocity. It is truly about the fact that we will get out of others what we put into others.” how he believes everyone can be a leader and that they just need to embrace who they actually are and lean into it. how humor and being the class clown grew him into the successful author he is. his journey from writing a book with no sales on the launch day, to an author whose book was named the “entrepreneurs cult classic” by BusinessWeek. his methods for maintaining connections with his readers and fellow authors and colleagues. how he works to create diversity among people who serve his core listeners. Listen, subscribe and read show notes at www.OnTheSchmooze.com - episode 108

You’re in for a treat, because today’s guest is the author of a book that not only completely changed Rachel’s business, but her life as well! Mike Michalwicz is the creator of the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward, and his book, Profit First, is a must read for every entrepreneur. His other works include Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic. His latest book is called Clockwork: Design Your Business to Run Itself, and is launching on August 21st, 2018. Today you’re going to hear about Mike’s 6 year journey to write his new book, what he discovered about business while he was doing his research for it and how he makes topics like business efficiency and systems fun (yes…they actually can be fun)! He shares the 7 stages of Clockwork, how to delegate tasks to others the right way, and what’s keeping us stuck as business owners and often resenting what we created. You’re going to hear about the “Queen Bee Role” and why it’s so important to identify in your business. Mike also reveals his tips for solopreneurs and ways they can remove themselves from their businesses entirely over time, and what can happen when we recognize ourselves as being the soul, not the heart, of our company. Rachel talks about personal experiences and how she is actively embracing the principles that Mike teaches. Mike also has a special challenge for listeners that you’ll hear about at the end of this episode, and he wants your feedback at mike@operationvacation.me. For those of you who want to create a legacy, Clockwork is the book that’s going to help you create it and this is an episode that you’re going to want to listen to many times. You can pre-order Clockwork now! http://clockworkbymikemichalowicz.com/ Get all of Mike’s books at http://www.mikemichalowicz.com/books/  Interested in designing a business that runs by itself? Visit https://www.runlikeclockwork.com/ Connect with Mike on social media: https://twitter.com/MikeMichalowicz https://www.instagram.com/mikemichalowicz/  https://www.facebook.com/pages/Mike-Michalowicz/323042817712874 ---------------------------------------------------------- Learn more about Rachel’s Feel Good Sales Society! https://therachelluna.lpages.co/masterclass-how-to-confidently-sell-anything/ Want to stay in the loop for Rachel’s upcoming book, Girl, Confident? Visit http://girlconfident.com. To help Rachel promote this show and reach more people, just snap a screenshot of your device while listening to the episode and share it on Instagram stories - tag Rachel, @GirlConfident. You can show Rachel and the podcast some love by subscribing! http://www.rachelluna.biz/podcast-1/ 

Making a profit is the goal of any agency owner. But too often, the way we think about profit actually hurts our agency. The standard equation (sales - expenses = profit) can lead to bad decision-making. We are willing to accept the leftovers (profit) rather than running our business to deliver profit as a key outcome. I’d much rather have you determine the amount of profit that is acceptable to you and then you manage your business to that goal. This is a more effective way to look at the profit equation – one that helps agencies thrive and gives you the ROI you deserve for taking the risk of owning an agency. Michael Michalowicz founded and sold two multi-million dollar companies. Then in his mid-30’s, he went broke. Starting over again, he was driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula,” a way for small to mid-sized businesses like our agencies to ensure profitability from their very next deposit forward. Michael is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal, the former MSNBC business make-over expert, a popular keynote speaker on innovative entrepreneurial topics, and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur.   What you’ll learn about in this episode: The two questions Michael asked himself that allowed him to find his calling to become an author Why leaving too much money in your agency leads to bad decisions What it means to run the Profit First system within your agency Basic principles to help your agency get ready to use the Profit First system Why you aren’t limited by a lack of resources The parallel between Pumpkin farmers and business regarding organic growth Key takeaways agency owners can apply to their biz dev strategy using the principle of “growing the strong sprout” Why it’s important to serve the verticals your agency knows well, and that will allow three or four of those legs to support your stool Consequences you may face when you put too much focus on your weakest clients Why entrepreneurs struggle with being profitable A better way to calculate profit for your agency so you can stop using the “Frankenstein Formula” Principles taken from health and fitness industry you can apply to manage your money better and simplify your agency We’re proud to announce that Hubspot is now the presenting sponsor of the Build A Better Agency podcast! Many thanks to them for their support!

By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Main Questions Asked: Give us some insight into profit. Tell us about the hope method. What your favourite piece of the pumpkin plan? Tell us about Clockwork. Key Lessons Learned: Profit First The fundamental flaw business owners make is they try to comply with what the experts say instead of channelling their natural behaviour. Profit First is a bank based accounting system. By setting up multiple accounts with different names, you know the allocated use of that money before you spend it, therefore you spend money more wisely. Don’t change you, capture who you are and use that to push your business forward. Business Owner Mindset Our parents tried to help us from their narrow perspective but we were not taught how to manage money or use it well in general. The biggest element of success is to leverage who you already are. People resonate with authenticity. You can become wildly successful by exploiting differences. Taking your profit first is the infusion you need to sustain profitability in your business. You don’t have to implement the full system, you can see radical changes in your business by starting very slowly. It’s not just about growing a business, it’s about growing a profitable business. Cherish the pennies. The discipline of small wins leads to massive wins down the road. Our lack of resources is what makes us innovative and a challenger. Pumpkin Plan Steve Jobs had a phobia of buttons when he was younger, instead of feeling ashamed of it he decided that was what made him different. Better is not better, different is better. How are you personally different and how can your business amplify your difference? A lot of people are looking for a service business that speaks to them. The want the service but they want to work with someone different more than anything else. Putting something in a new, fresh format is what people are looking for. Clockwork Designing a business that runs itself is the ultimate level of business. There are three levels of business, the first level is cash, the second level is the recovery of time, the highest level is about meaning and impact. The day you decide to no longer have an office is a massive step towards becoming independent. You have to be able to delegate before you can design. Most business owners need little more than a backpack with a laptop in it. If your presence as a leader is always with your team, you don’t need to physically be there. Links To Resources Mentioned Servicebusinessedge.com Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5-star rating and review in iTunes!

By his 35th birthday, Mike Michalowicz 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the Profit First Formula, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business makeover expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed the entrepreneurs cult classic. What you’ll learn about in this episode: Mike’s Pumpkin Plan system and the specific processes it includes The lessons Mike learned from being an angel investor How to determine whether a seed is strong and has potential How to match the uniqueness of an idea with the demand How to put a value on each client based upon the cringe or crush factor The importance of focusing on a few strong ideas rather than many weak ideas How to promote explosive growth The critical questions that every business owner should ask their best customers Ways to contact Mike: Website: www.mikemichalowicz.com Twitter: @MikeMichalowicz A transcript of this episode is available here: http://systemexecution.com/the-pumpkin-plan/

Mike Michalowicz (pronounced mi-‘kal-o-wits) had founded and sold two multi-million dollar companies by his 35th birthday. 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.   Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”     Our episode today is all about creating profit in your company by implementing the profit first system. Mike explains the action steps needed to start setting aside profit immediately.   Mike also shares why profit is necessary and important, and how to put a system in place so that we aren’t spending more money as more money comes in.   Mike leaves listeners with the advice, “Set up that one bank account. Do it today. Go to your bank, get one account set up for profit. Start allocating 1% of what flows into your accounts towards profit.”   Get the full show notes on the Under30Experiences Blog.

In today’s episode, Susan talks with Mike Michalowicz, Speaker and Author of many books, including Profit First. Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.Susan and Mike talk about comparing yourself to others, drawing self worth from net worth, and more. Links:Mike’s website: http://www.mikemichalowicz.comMike’s Article: http://www.mikemichalowicz.com/mike-m...Mike’s books:Pre-order Clockwork: https://amzn.to/2qtawDkProfit First: https://amzn.to/2HtMO1CWatch the After Show here: http://2questions.tv/the-2questions-t...Susan’s websites:Everything Susan: http://suebmoe.com2Questions.TV: http://2Questions.TVBaroncini-Moe Executive Coaching: http://susanbaroncini-moe.comBusiness in Blue Jeans: http://businessinbluejeans.comShare your thoughts in the comments below!Equipment used for this video:- Zoom.us- Blue Yeti Microphone- MacBook Pro Subscribe to 2QuestionsTV for more interviews and behind the scenes footage! See acast.com/privacy for privacy and opt-out information.

By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”   Connect with Mike: Website: http://www.mikemichalowicz.com Email: Kelsey@MikeMichalowicz.com   PEAK PERFORMANCE NATION A community dedicated to raising your game to the next level by learning how to Execute at the highest level and eliminating the obstacles that keep you from being the leader you were born to be. Join group here:  https://www.facebook.com/groups/PeakPerformanceNation/   SPONSORS & FREE OFFERS Audible - Free Audio Book & 30 Day Trial  Blue Apron -  $30 Off Your First Order   Acuity Scheduling - Stop Wasting Time Setting Up Meetings Peak Accountability - http://www.thorconklin.com/accountability/ Thank you once again for listening Please follow us on: Facebook: Thor Conklin    Twitter: @ThorConklin Website: http://www.thorconklin.com   ThorConklin.com Thor Conklin Media Peak Performers Podcast Peak Performance Nation    #1 Podcast on how to get things done.  Learn from Peak Performers in all areas of life and Business.  Do you know what to do but can't figure out why you are not executing what you already know?   If so, this Podcast will give you the tools, strategies and psychology to not only break through the choke point but to truly become a Peak Performer.   Thor will be sharing his tools and strategies as well as interviewing inspiring Peak Performers that are Entrepreneur's, Professional Athletes, Business leaders, Military, Technology guru's, Health and Fitness masters, Relationships Experts as well as Music & Entertainment superstars.   Mission and Purpose - To engage, educate, entertain and inspire listeners to excel in any area of life through mastering the science of execution and Peak Performance.  You will learn the necessary road map, strategies, tools and psychology to win this game.

By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”   Connect with Mike: Website: http://www.mikemichalowicz.com Email: Kelsey@MikeMichalowicz.com   PEAK PERFORMANCE NATION A community dedicated to raising your game to the next level by learning how to Execute at the highest level and eliminating the obstacles that keep you from being the leader you were born to be. Join group here:  https://www.facebook.com/groups/PeakPerformanceNation/   SPONSORS & FREE OFFERS Audible - Free Audio Book & 30 Day Trial  Blue Apron -  $30 Off Your First Order   Acuity Scheduling - Stop Wasting Time Setting Up Meetings Peak Accountability - http://www.thorconklin.com/accountability/ Thank you once again for listening Please follow us on: Facebook: Thor Conklin    Twitter: @ThorConklin Website: http://www.thorconklin.com   ThorConklin.com Thor Conklin Media Peak Performers Podcast Peak Performance Nation    #1 Podcast on how to get things done.  Learn from Peak Performers in all areas of life and Business.  Do you know what to do but can't figure out why you are not executing what you already know?   If so, this Podcast will give you the tools, strategies and psychology to not only break through the choke point but to truly become a Peak Performer.   Thor will be sharing his tools and strategies as well as interviewing inspiring Peak Performers that are Entrepreneur's, Professional Athletes, Business leaders, Military, Technology guru's, Health and Fitness masters, Relationships Experts as well as Music & Entertainment superstars.   Mission and Purpose - To engage, educate, entertain and inspire listeners to excel in any area of life through mastering the science of execution and Peak Performance.  You will learn the necessary road map, strategies, tools and psychology to win this game.

By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”   Connect with Mike: Website: http://www.mikemichalowicz.com Email: Kelsey@MikeMichalowicz.com   PEAK PERFORMANCE NATION A community dedicated to raising your game to the next level by learning how to Execute at the highest level and eliminating the obstacles that keep you from being the leader you were born to be. Join group here:  https://www.facebook.com/groups/PeakPerformanceNation/   SPONSORS & FREE OFFERS Audible - Free Audio Book & 30 Day Trial  Blue Apron -  $30 Off Your First Order   Acuity Scheduling - Stop Wasting Time Setting Up Meetings Peak Accountability - http://www.thorconklin.com/accountability/ Thank you once again for listening Please follow us on: Facebook: Thor Conklin    Twitter: @ThorConklin Website: http://www.thorconklin.com   ThorConklin.com Thor Conklin Media Peak Performers Podcast Peak Performance Nation    #1 Podcast on how to get things done.  Learn from Peak Performers in all areas of life and Business.  Do you know what to do but can't figure out why you are not executing what you already know?   If so, this Podcast will give you the tools, strategies and psychology to not only break through the choke point but to truly become a Peak Performer.   Thor will be sharing his tools and strategies as well as interviewing inspiring Peak Performers that are Entrepreneur's, Professional Athletes, Business leaders, Military, Technology guru's, Health and Fitness masters, Relationships Experts as well as Music & Entertainment superstars.   Mission and Purpose - To engage, educate, entertain and inspire listeners to excel in any area of life through mastering the science of execution and Peak Performance.  You will learn the necessary road map, strategies, tools and psychology to win this game.

The latest Academy episode features Mike Michalowicz — author of several books, including Profit First, Surge and The Pumpkin Plan. 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” During this episode with Mike, you’ll discover: Mike’s mission to eradicate entrepreneurial poverty Why entrepreneurship is not the highlight reel you see People grossly underestimate the time and effort to success How to identify common trends in an industry Why not knowing your purpose is normal (and how to find it) Asking the right questions to find your alignment Why your purpose will evolve over time and growth Identifying what mentally stimulates you is crucial Transitioning from doing everything to delegation Defining the “I can” syndrome in business How Mike defines a modern entrepreneur ...and so much more to level up your mindset around purpose, passion, business and growth. LIKED WHAT YOU HEARD? We'd love a review of the Academy, and you'll be entered to win a free copy of UnResolution. Here's how: 1. Open up the podcast app on your iTunes or iOs. 2. Search 'Resist Average Academy.' 3. Subscribe, then click 'Write A Review.' 4. Tell us why you love our content, and you're done! 5. Your review will post within 24-48 hours. ARE YOU READY TO TURN INFORMATION INTO RESULTS? The Resist Average TRIBE Experience was designed to bridge the gap from where you are right now, to where you want to go using the same tools, systems, mindsets, coaching and access of all my high-level programs. We have opened 2 slots during the last week — and your time is now. Visit www.ResistAverageTribe.com

115: Mike Michalowicz – “I’m a huge fan of fear…I believe that anyone who starts a business, embrace the fear. Don’t live in it. Because over time it brings about stress. But fear will wake you up at 5 in the morning and it will have you working until 5 the next morning.” “It’s very hard to remember specific conversations, all we remember is emotion… So a lot of the stuff that we experience is instantly forgotten, it’s just the end of emotion” “[Unlike on shows like Shark Tank and The Profit] The reality is that 99.9% of businesses never get an investment outside of the founders and the family.” “You must find the profit within yourself! And that’s my investment, giving them the knowledge and the mentorship, but not the money.  Seeking someone else to save us is the fallacy of so many businesses and I see it now more than ever.” “The Profit First Formula is really simple: Sales-Profit=Expenses” “Profit isn’t the whole focus [of my business] it’s the first focus…Profit is the foundation of a healthy business.” “Successful people don’t look for other’s approval in their success and therefore don’t need to show it off.” “There’s a truism of life in poker. When someone starts bluffing, that means they have a weak hand.” Links Mentioned: MikeMichalowicz.com MikeMotorBike.com Surge Profit First Profit First Podcast The Pumpkin Plan Toilet Paper Entrepreneur   Help Us Stand Out: Subscribe And Leave Us A Review On iTunes Like Us On Facebook   Produced and edited by Podcast On The Go

Raise your hand if you have ever been stressed out about your financial situation? We all know how much this can impact our mindset, relationships, and our health. Well my friends I'm bringing in the big guns this week to help make sure that we are all able to position ourselves so that we never have to stress about our finances again! This week my special guest is one of my all time favorite authors Mike Michalowicz. 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speakeron innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur. Listen in as Mike and I discuss: *His "rock bottom" financial moment and how he pulled himself out of it. *How a late night fitness informercial inspired him to create his Profit First Formula. *How we can apply his Profit First Formula to our own lives. *His advice for anyone that is experiencing a rock bottom moment right now. To get more information on Mike just head on over to his website: http://www.mikemichalowicz.com/ Be sure to check out his Profit First podcast: https://itunes.apple.com/us/podcast/the-profit-first-podcast/id940156245?mt=2 After you finish listening to this episode please SUBSCRIBE and leave me a rating/review. You could be the next person that becomes "podcast famous" by having your review read on the next episode! Here is a quick video that will show you how to leave a rating and review on iTunes. Please be sure to search for "The Million Pound Mission": https://youtu.be/zFBrnPUKQ1Q Don't forget to check out the FREEBIE for this week: The Amazing Results Scorecard available here: https://www.transformationcoach.me/p/amazing

By his 35th birthday, Mike Michalowicz 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed "the entrepreneur's cult classic." Resources Profit First (book) Mike Michalowicz (official site) The Profit First Podcast

By his 35th birthday Mike Michalowicz 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.   Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.”   In this episode you'll learn: [01:07] What does Mike's day-to-day look like and what he's involved with? [02:24] How Parkinson's law affects our decision making process in business? [03:50] How entrepreneurs can be at fault when being run by emotions instead of logic? [04:37] How Ramit Sethi uses artificial constraints to control his finances? [06:00] How Mike thinks about niches and mass appeal? [08:15] Why did Mike use his books to target the mass market? [10:40] What does Mike's process look like when he goes towards a new niche? [12:33] "Sustainability only comes from profitability." - Mike [12:57] Mikes process on measuring the potential market size (2,000-20,000 rule) [15:12] How did Mike overcome his 'functional depression' and what drives him now? [18:35] How fast did Mike spend his money after he sold his business? [20:34] How is Mike controlling his finances right now? [22:25] How to implement the 'profit first' method? Links mentioned: Mike's Website   Brought to you by Experiment 27. Find us on Youtube here.   If you've enjoyed the episode, please subscribe to the Digital Agency Marketing Podcast on iTunes and leave us a review for the show.   Get access to our FREE Sales Courses.

By his 35th birthday Mike Michalowicz 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.   Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”   www.MikeMichalowicz.com www.ProfitFirstProfessionals.com

Marketing Strategies Revealed in this Episode: How to take profit first without compromising your business How to radically change the financial health of your business How to skyrocket profits with the profit first formula

On today’s episode we welcome Mike Michalowicz. 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 had to start all over again, with a drive to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture. He is also a former small business columnist for The Wall Street Journal, he is the former MSNBC business make-over expert, a popular keynote speaker on innovative entrepreneurial topics, and is the author of Profit First, Surge, The Pumpkin Plan, and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” In today’s episode we talk about how to make any business profitable, how to stand out from the crowd, and we learn more about Mike’s book, The Pumpkin Plan. Key Points From This Episode: Mike tells us how he got started on his journey to entrepreneurship. Hear how Mike was motivated to grow his business. Learn why you need to focus on niche specialization. Mike shares on how he founded and sold two multi-million dollar companies and went on to become an angel investor, and proceeded to lose his entire fortune. Discover what triggered Mike to start writing books. Hear how Mike coped during his two years of depression by journaling his feelings. Find out how the idea for Mike’s book, The Pumpkin Plan came about. Learn why focusing and exploiting strengths are the key takeaway’s from this book. Find out why Mike says to take your profit first then to serve your clients. Hear how you reverse profitability by taking your profit first. Understand what Parkinson’s Law is and how it is applied. Mike identifies one book that everyone must read. Learn some steps that someone stuck in their business can take to break free. Hear what piece of advice Mike’s father never got to tell him yet demonstrated in his actions. Discover why Mike says that action always beats out learning. Find out what projects excite Mike. And much more! Links Mentioned in Today’s Episode: Mike Michalowicz – http://www.mikemichalowicz.com/ Mike on Twitter – https://twitter.com/mikemichalowicz Profit First – http://profitfirstbook.com/ All of Mike’s books on Amazon – https://www.amazon.com/Mike-Michalowicz/e/B002E4G0CC Frank Minutolo – http://www.rfm2020.com/ Robert Cialdini’s book, Influence – https://www.amazon.com/Influence-Psychology-Persuasion- Robert-Cialdini/dp/006124189X/

Imagine selling two multi-million dollar companies, becoming an angel investor and then losing it ALL. That's exactly what happened to serial entrepreneur and our So Money guest today, Mike Michalowicz. Determined to figure out how to grow a healthy and strong company he started all over again which led to the "Profit First Formula," a way for businesses to ensure profitability. Now, Mike is running his third multi-million dollar venture. He's a former small business columnist for The Wall Street Journal and author of the new book, Profit First: Transform Your Business from a Cash Eating Monster to a Money-Making Machine. In our conversation we discuss the WRONG way many businesses crunch their numbers. And Mike's simple yet profound switch that can help you generate money. Hitting financial rock bottom, having to confess it to his family..and the unforgettable move his then 9-year-old daughter made that inspired Mike to turn his finances and life around. For more information visit www.somoneypodcast.com. 

By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

Today's episode is life-changing and offers a specific plan to develop financial freedom in your life. One of the best ways to be creative and enjoy the process is not to have to live a life where you are working to pay your bills. I've learned that it's not that you're doing something wrong it's more about being taught a system that just doesn't work. Today you're going to learn how to put profits first, and that means you! By his 35th birthday, MIKE MICHALOWICZ 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. He had to start all over again. Driven to find better ways to grow healthy, strong companies Mike created the “Profit First Formula,” a way for businesses to ensure profitability from their very next deposit forward along with many other innovative strategies. Mike is now running his third million dollar venture. He is a former small business columnist for The Wall Street Journal, the former MSNBC business make-over expert and a popular keynote speaker on innovative entrepreneurial topics. Mike is the author of Surge, Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.” Highlights - Profit First Formula Profit First system Amplifying who you already are #1 thing that matters most in every business How to eliminate cash flow peaks and valleys   Resources BlueHost Warrior's if you need secure, hassle-free web hosting for your website or blog BlueHost is our pick. They are easy-to-use, affordable and reliable. No technical experience needed to get up & running or to transfer your current service. BlueHost saved us tons of money and has the best service. Visit creativewarriorsunite.com/bluehost for our offer or get the link in our show notes.  Acuity Scheduling If you want more of your most valuable resource back, automate your calendar with our top pick, Acuity. No more back and fourth, no-shows or multiple calendars to manage. All appointments, reminders, cancellations, even payments happen with 1-click. Acuity helps you gain time! Visit creativewarriorsunite.com/acuity for our offer or click the link in the show notes.  Grammarly In our fast-paced world, we still need to clearly and confidently communicate what we want to say. Grammarly is our private editor 24/7 checking our spelling and grammar whenever we write something online to help avoid embarrassing mistakes in comments, tweets, and status updates! Grammarly is a Better Way To Write. Visit creativewarriorsunite.com/grammarly for our offer or click on the link in the show notes.  Audible Books The easiest way I know to get inspired when reading is not an option is with AudibleBooks. You can regain time and transform your commute, workout or chores into fun, productive ME TIME! Audible books are offering a free audio book, try it, like it and stay or cancel and keep your free Audible book. Visit creativewarriorsunite.com/audible for our offer or click on the link in the show notes. New Free MasterClass: Warriors, if 80% of your income comes from 20% of your clients, 80% of your clients are the wrong clients! Imagine what it would be like to have almost 100% of your income come from all your clients because you're working with the right clients. Learn how knowing their secret language will attract your right clients— people who value what you do and are eager to pay you what you're worth. To register for this new masterclass, go to YourRightClients.com, and I'll see you in the masterclass!    Guest Contact - Website, Twitter, Facebook Books Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine  Surge: Time the Marketplace, Ride the Wave of Consumer Demand, and Become Your Industry's Big Kahuna  The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field  The Toilet Paper Entrepreneur: The tell-it-like-it-is guide to cleaning up in business, even if you are at the end of your roll  Gift:Propel your business forward and register for Week of The Warrior for free. A 7-day mini-course to learn how to leverage your creative powers. 

On his 35th birthday Mike Michalowicz 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the Profit First Formula, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Surge, Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed the entrepreneurs cult classic. Secret – timesaving technique Mike tells himself that he is the most impactful small business author of this century -- before the world sees something in you -- you need to see it in yourself. ONWARD! Daily habit that contributes to success Don't structure your to-do list by due dates -- Mike writes a to-do list and prioritizes tasks with symbols. Most critical skill you think business owners need to master to be successful "You have to deliver on your promises." Most influential lesson learned from a mentor "Everyone is giving you the wrong information -- everyone has a bias."   Final Round – “Breaking Down the Recipe for Success” What strategy would you recommend new business owners focus on to best ensure success? Don't follow your passion -- follow your purpose Test, test, test Don't pivot -- align How best to connect with Mike: Website: mikemotorbike.com Wall Street Journal Article: www.wsj.com/articles/SB10001424052748704723104576062231197795222

Today's show is The Best of the Boys! It brings together the best bits of advice, information and entertainment from some of our amazing guests on the show over the past few months. Show 22 – JT from Active Management tells us what we need to know about our customers and creating your Avatar. Mike Michaelowitz from Show 24 tells us about the Profit First Formula and how we can work it out for our own businesses and Mike shares his top 3 pieces of advice for Fitness Business Owners. In show 25 Tim Keightly gives us his top tips for keeping Personal Trainers motivated and what we should look for when recruiting personal trainers. Visit: fitnessbusinesspodcast.comEmail: info@activemgmt.com.auPhone: +61 2 9484 5501Twitter: @fitbizpodcastFacebook: https://www.facebook.com/fitnessbusinesspodcast/

What happens when you arrive at a destination you are seeking then find out you are still not all that satisfied.   For Mike Michalowicz, it caused him to do a lot of thinking and the realization he needed a new framework on viewing his life and business.   In this interview, he says profit is a habit not a destination. Since hitting rock bottom, he has now written 3 books and become an expert in the world of entrepreneurship, teaching concepts based around his “Profit First Formula.”   This interview goes through his story and his methodology in how to view financial information as a business owner.   See more from Mike at www.mikemichalowicz.com  

There is a big lesson to be learned from farmers. Not the every day guys, but those county fair geeks who grow one ton pumpkins. They hold the secret to explosive growth, and Mike will show you how it applies directly to your business. It’s your turn to grow an award winning, explosive company! By his 35th birthday MIKE MICHALOWICZ(pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” www.MikeMichowicz.com

Episode 025: Mike Michalowicz – Why You Should Put Profit First… This was a very interesting conversation with Mike Michalowicz… Mike has had some very great moments and some low moments… Including a heartbreaking story about telling his family he went broke.  The response from his daughter in particular was incredible.  You’ll want to hear Mike tell this story… By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” Episode 025: Mike Michalowicz – Why You Should Put Profit First… Subscribe on iTunes or Stitcher Radio. The Learning Leader Show “Don’t ask yourself what the world needs; ask yourself what brings you alive.” Some Questions I Ask: Why do we fail to execute on these great ideas? Why don’t you like the content that Tim Ferriss produces? What is one exercise people can do to get out of their comfort zone? Which three people would you love to be at your dinner table? What books have influenced you most? Which individual leader has had the most influence on you? In This Episode, You Will Learn: The heart breaking story of his daughter offering up her piggy bank when Mike went broke How to use swearing well Tactics to become a better public speaker How Dale Carnegie has influenced him so much How to properly set goals The elements that define a quality life How long it takes to become an overnight success Continue Learning Read:  Profit First Read: The Toilet Paper Entrepreneur Follow Mike on Twitter: @MikeMichalowicz You may also like these episodes: Episode 001: How To Become A Master Connector With Jayson Gaignard From MasterMind Talks Episode 002: How To Take Over And Set Bigger Goals With Chris Brogan Episode 004: How Todd Wagner (and Mark Cuban) Sold Broadcast.com To Yahoo! For $5.7 Billion Episode 010: Shane Snow – How To Accelerate Success Using Smart Cuts Did you enjoy the podcast? I love learning from people who bring a new idea to the table… That is what Mike has done.  Mike is an extremely interesting person. Who do you know that needs to hear this?  Send them to The Learning Leader Show! Episode edited by the great J Scott Donnell   Bio From mikemichalowicz.com By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.   Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

MIKE MICHALOWICZAuthor | Entrepreneur By his 35th birthday MIKE MICHALOWICZ (pronounced mi-'kal-o-wits) 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the "Profit First Formula", a way for businesses to ensure profitability from their very next deposit forward.Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed "the entrepreneur's cult classic."MIKE'S MOST HUMBLING MOMENT: Mike's Most Humbling Moment: After losing his fortune, Mike's 9 year old daughter offered her piggy bank savings to support the family.In this episode discover:Mike offers a synopsis on each of his books... starting a revolution with Toilet Paper Entrepreneur What it takes to be a pumpkin farmer that is remarkable - and why this example is applicable to your business - You'd be surprised Why asking for referrals doesn't work How not to be a jerk in your business More on Profit First how you can create a healthy business In Profit First, Mike Michalowicz, author of The Pumpkin Plan & The Toilet Paper Entrepreneur, explains why the GAAP accounting method is contrary to human nature, trapping entrepreneurs in the panic-driven cycle of operating check-to-check and reveals why this new method is the easiest and smartest way to ensure your business becomes wildly (and permanently) profitable from your very next deposit forward.Books / Links mentioned:The Toilet Paper EntrepreneurThe Pumpkin Plan - A Simple Strategy to Grow a Remarkable Business in Any FieldProfit First - A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making MachineInterested in becoming a Profit First Professional - click here Patty's Profit First Financial Expert:  Rebecca Bernack from Office Heads - tell her Patty sent you!  Mike's  Social Media Connections:  Mike's Website  Mike on Twitter  Mike on FacebookWant more Boss Free Society?Join Us at Boss Free SocietyJoin us at the Boss Free Society DojoJoin us on TwitterSUBSCRIBE: Never miss an episode by using one of the options below:Click Here to Subscribe via iTunesClick Here to Subscribe via StitcherClick Here to Subscribe via RSS FeedBIG BIG FAVOR ::Would you leave us a quick review on ITunes?It helps the show tremendously and we would appreciate it greatly.Tim and Patty will be so grateful to you (plus it comes with a shout out on air) #winning

By his 35th birthday Mike Michalowicz 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, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur's cult classic.” Email: mike@mikemichalowicz.com Website: www.mikemichalowicz.com ------- VISIT: www.progress-not-perfection.com SPREAD THE WORD: If you liked this episode, please subscribe in iTunes and WRITE A REVIEW. This is what helps make the podcast easily accessible to those who could benefit from it. GET NEW EPISODES DELIVERED TO YOUR PHONE: Download the Podcasts app and subscribe to the progress-not-perfection podcast to have new episodes delivered directly to your phone. FEEDBACK: If you want to bounce any ideas off me, provide show feedback, or guest recommendations, email me at zaid@progress-not-perfection.com.   

23 million out of 28 million companies that do less than $25 million in revenue are operating check to check, which means it's very likely that you are one of the the struggling 82%. Fortunately, there is a simple system you can implement to turn your business from a cash-eating monster into a profit-generating machine to ensure you're permanently profitable. Mike Michalowicz (mi-CAL-oh-wits) founded and sold two multi-million dollar companies by the time he turned 35. 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. Driven to find better ways to grow healthy, strong companies, Mike created the “Profit First Formula”, a way for businesses to ensure they're permanently profitable from their very next deposit forward. Mike is now running his third million dollar venture; is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” He is also a guest speaker at Harvard, Princeton, eBay, SBA and other organizations throughout the world and also hosts the Profit First Podcast. In today’s episode we’re breakdown the Profit First Formula, the cash management system that will ensure any business will become permanently profitable regardless of size, industry, or how much debt it carries or how many years it has been operating. Key Takeaways from the Show Reverse engineering your way to profitability Why entrepreneurs never name themselves as top employees and why that's a problem. Why having a large bank account can be bad for business How and why standard accounting principles are flawed Links / Resources Mike's Website Link to Profit First Book   Subscribe & Review To get more awesome Ecommerce Influence content sent directly to your device and into your ears as they become available, you can easily subscribe by clicking here. Also, ratings and reviews on iTunes (hopefully 5-stars!) help us tremendously a we’re very grateful for them. We do read all of the reviews and we’ll answer your questions or comments on future episodes. Cheers, Austin & Chad!   Follow on Twitter: Follow @chadvanags Follow @a_brawn

http://Relaunchshow.com/171 Comment? Feedback? Ask a Question? 424-888-3987 After coming-clean with his family and admitting that they had been bleeding money and were now broke, his nine year-old daughter ran to her room and brought to her dad the best solution she could - her piggy bank. And, while I never did ask him how much money she had stashed away in the little plastic money-holder, it didn't matter - it was exactly what was needed to stitch up the problem and help him build a stronger business and home. On the show, author of The Pumpkin Plan, Profit First, and The Toilet Paper Entrepreneur, Mike Michalowicz, shakes up conventional business and bean-counter wisdom to explain how to use the Profit First Formula - a way for businesses to ensure profitability from their very next deposit forward. Follow Mike on Twitter, Facebook, Google-plus, and visit his site.

Moe and Mike catch up to discuss a simple system to transform any business into a money-making machine.