mike michalowicz

Gym owners: Stop cutting your own pay to make ends meet. It doesn't make your business stronger.

Still skeptical? Take it from Ashely Coffey, owner of Get Fit in Bridgewater, Massachusetts.

When she first opened her gym, it was a struggle just to pay her coaches, much less herself. She was working 14-hour days and wearing all the hats, but her business wasn't growing.

Then she tried Mike Michalowicz's Profit First method, which teaches business owners to pay themselves before paying any other expense. The result? Ashley's gym has grown, she's off-loaded lower-value roles, and the business is profitable.

Links:

Get Fit
AGuard
Chalk It Pro
Gym Owners United

Timeline:

1:07 – Horror stories.

7:02 – Starting mentorship in the middle of the COVID-19 pandemic.

9:19 – Discovering “Profit First.”

11:34 – Starting small.

13:44 – Eating the sandwich.

14:38 – The snowball effect.

16:10 – Climbing the value ladder.

20:24 – Concentrating on high-value roles.

23:03 – Dealing with bumps along the road.

25:11 – You can’t help others if you’re not OK.

26:44 – Setting goalposts to drive revenue growth.

27:49 – You are a legitimate business expense.

29:10 – Life on the Profit First plan: stability, confidence, and growth.

31:12 – Success breeds success.

Money's tight this month. But your gym will make it—as long as you cut your own pay a little. No problem; you're not in this business to get rich, right?

But you can't live like that forever. Eventually, your business needs to be profitable and you need a paycheck—or you're going to burn out. But how do you get there?

The Profit First system, developed by Mike Michalowicz, is a powerful technique for managing cashflow to result in profit. Gym owner and certified public accountant John Briggs tweaked the system even further in his book, "Profit First for Microgyms."

Here, John explains how you can use the system to get out of debt, pay yourself and your team, cover your expenses and make a profit.

Links:

"Profit First for Microgyms"
Incite Tax
Arbox
Chalk It Pro
Gym Owners United

Timeline:

2:25 – What is Profit First?

3:04 – Parkinson’s Law. 

6:18 – The gym-owner trap.

11:14 – The seven accounts: income.

12:19  – The seven accounts: team members.

14:13 – The seven accounts: owner pay.

17:20 – The seven accounts: profit.

22:31 – The seven accounts: tax.

24:14  – The seven accounts: operating expenses.

24:28 – The seven accounts: equipment.

25:48 – Why the system works.

27:29 – How to start implementing Profit First if you’re broke.

29:38 – Analyzing expenses and generating revenue.

33:27 – Starting small.

35:14 – How Profit First will make your life better.

36:53 – Where to start.

In 2013, Kristen Ricupero reached a turning point as her mounting debt finally reached a level where it could no longer be ignored. It was at that moment that she decided to educate herself on the subject of personal finances and to put a plan into place to take control of her spending. Within eighteen months, she freed herself from more than $25,000 of consumer debt. The feeling was liberating and exhilarating, and she wanted others to have this same experience. In 2016, Kristen started Financial Fitness Coaching to help small business owners and entrepreneurs achieve their financial goals while eliminating financial chaos from their lives.

As her practice has grown, Kristen has continued to expand her repertoire and knowledge within the financial consulting industry. In 2019, she became a Certified Profit First Professional, which is an accreditation in a specific system aimed at assisting clients with prioritizing profit and innovating in order to manage expenses. Kristen has also developed a number of online courses, which cover topics such as budgeting, cash flow, profitability, and mindset. She believes that you’re never too old or young to learn good financial habits, and teaching her son money basics has been a point of emphasis in her household.

If you have any questions or if you’d like to chat, you can reach me at my contact info below. The purpose of this podcast is to share ideas, inspire action, and build a stronger small business community here in Pittsburgh. So please say hello, tell me what you think, and let me know how I’m doing. It means a ton!

YOU CAN REACH ME AT:

Website: https://www.proprietorsofpittsburgh.com

Instagram: https://www.instagram.com/proprietorsofpittsburghpodcast

Facebook: https://www.facebook.com/proprietorsofpittsburghpodcast

LinkedIn: https://www.linkedin.com/in/darinvilano

Phone: 412-336-8247

YOU CAN REACH KRISTEN RICUPERO AT:

Website: https://financialfitnesscoaching.com

Instagram: https://www.instagram.com/financial.fitness.coaching

Facebook: https://www.facebook.com/financialfitnesscoach18

LinkedIn: https://www.linkedin.com/in/kristen-ricupero

The book, Profit First by Mike Michalowicz is my #1 most gifted and recommended business book. It literally saved my life and business. So, needless to say, I am a big admirer of Mike and I have been looking forward to this interview for a long time. 

In episode 67, you will learn 🧠:

• 00:00 Arman shares how Mike’s book, Profit First, saved his life
• 1:26 What is Mike’s most memorable/meaningful story 
• 6:55 Entrepreneurship, time freedom, and profitability 
• 12:00 Mike talks about his new book, Get Different, and the best way to market
• 18:05 Mike’s thoughts on the different paths of book publishing 
• 27:22 Closing thoughts - what brings Mike joy?

 
Resources/Links:
Mike Michalowicz
Dan Martell 
Profit First 
Clockwork
The Toilet Paper Entrepreneur 
The Pumpkin Plan 
Preorder - Get Different 

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Truth be told, Kites and Strings has been unfair to accountants,  but we have have made it a point, as per our mission, to appreciate the tensions between different worlds.  So Kites and Strings went looking for somebody who could help us bridge the gap between the arts world and the ordered, numbers world.  Kelley Brubaker bridges that gap and she helps us understand that the gap does not have to be huge and ominous

You see, Kelley Brubaker, is an artsy CPA.  She markets her accounting services to artists. Creativity is in her art and has been for a long time, even though it has gone dorment for a while.  She is now dusting off those parts and getting back into photography and drawing. We’re also gonna hear about how she helps artists create sound business models while remaining true to their vision, and this entails connecting and discussing things that go beyond just numbers. 

Kelley's website -  https://artsycpa.com/cpaartsy/
Kelley's Photography website - https://www.brokenroadimages.com/

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.

Many people read books but... How many people actually implement what they have read?  This is the question of the ages. If we don't implement, how do we expect to change our lives? Listen in to find out more.

Here are the 5 books I mention in todays podcast:

The Big Leap by Gay Hendricks

Profit First by Mike Michalowicz

The 12 Week Year by Brian Moran

Think and Grow Rich by Napoleon Hill

The Power of Habit by Charles Duhigg

Check out one or all of these books and let me know what insights you got from them by emailing me at, jared@jvdshow.com

upyouraveragepodcast.com

EPISODE SUMMARY: Too often, business owners pay themselves last as they grind, push, battle, and pull out all the stops to get their enterprise off the ground. All of us have been predisposed to look at the bottom line, then draw a salary. And if there's nothing to take, those are the breaks. 

It can be a vicious cycle to get nothing from all the hours, the blood, the sweat, and the tears that are poured into launching a business. This is why you need to change your entire mindset. 

This is why you need to think Profit First.

On Episode 65 of The Business Equation Podcast, Nick Bogacz is joined by none other than Mike Michalowicz, successful entrepreneur and world-renowned author of books including Profit First, The Pumpkin Plan, The Toilet Paper Entrepreneur, Clockwork, and others.

FROM MIKE'S WEBSITE: I became a business author with a clear mission: Eradicate entrepreneurial poverty. I have devoted my life to fixing those struggles for you, for myself, and for every entrepreneur I have the privilege to connect with. Successful entrepreneurship is not easy, but it can be a whole lot simpler. That is what I am here to do with you, right now.

On this podcast, Nick and Mike discuss Mike's books and dig into the profit first mindset. Mike also talks about why entrepreneurs (and pretty much anyone, for that matter) should adopt the Profit First system into their lives. Mike and Nick also talk about how businesses have reinvented themselves through COVID-19 and found new ways to thrive and succeed.

All of Mike's books are highly recommended, as are his courses. You can connect with Mike and discover everything he has to offer at mikemichalowicz.com.


Questions for Nick? Hit him up at nickbogacz.com!

Nick is a published author! Click here to check out his book, The Pizza Equation: Slicing Up How to Run a Successful Pizza Enterprise.

Connect with Nick Bogacz and The Business Equation!
Facebook  |  Instagram  |  Twitter  |  Linked In

MUSIC CREDIT: Theme music for The Business Equation Podcast - Never Forget by Gareth Johnson & Chris Bussey, via www.audionetwork.com

Bill Litster, founder of Better Biz Info, and a Master Level Certified Profit First professional talks to Kim about the biggest problems small business and freelancers have with money management.

The Profit First system, created by Mike Michalowicz, combines a unique process of paying out profit to the business owner first and dividing remaining cash into multiple bank accounts to pay bills and save money for tax time, similar to the envelope system your grandmother used to run her household. Bill talks about the danger in using bank balance accounting to get a pulse on a business' finances and how much money they have to spend.

Bill combines 25 years of real-world business and accounting experience having owned and operated several small businesses, in addition to consulting with hundreds of small and large companies, including NASA, Boeing, Dow Chemical, and the US Navy. More on Bill and Better Biz Info can be found at https://betterbizinfo.com/

Mike Michalowicz is the entrepreneur behind three multimillion dollar companies and is the author of Profit First, Clockwork, The Pumpkin Plan, and his newest book, Fix This Next. Mike is a former small business columnist for The Wall Street Journal and regularly travels the globe as as an entrepreneurial advocate.

To learn more about Mike and get access to a treasure trove of entrepreneurial tips, visit www.MikeMichalowicz.com. And, to go directly to the Business Priority Pyramid simply click here. 

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John Bates provides 1:1 Executive Communications Coaching, both in-person and online, as well as large and small group training. 

Sign up for his free weekly micro-trainings at https://johnbates.com/mini-trainings and create a great leadership communications habit that makes you the kind of leader who inspires trust, loyalty and connection.

In this episode, self-made millionaire Mike Michalowicz shares six books that he wrote designed to help the everyday entrepreneur avoid the most common pitfalls and experience massive success in their business. For a full list of recommended books, check this out: https://ebooksurvivalkit.com

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❓ WHO IS IT?... 👇

Michael Michalowicz, best selling author, self-made millionaire, and just a really cool guy!

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❓ WHAT IS THE BIGGEST CHALLENGE THEY’VE OVERCOME?... 👇

Mike grew and sold business at a very early age, but he didn’t understand the discipline of a true, healthy business.  He learned arrogance and ignorance is a deadly combination. After losing all his wealth, Mike dedicated his time to becoming a full-time author, documenting the systems and processes that when used by entrepreneurs can launch them towards massive success.

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❓ WHY SHOULD YOU LISTEN?... 👇

Take it from a guy who’s made and lost millions… you get to hear from one entrepreneur who’s had his fair share of business roller coasters so you understand the right steps to take on your entrepreneurial journey and which ones to avoid.

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❓ HOW WILL IT HELP ME?... 👇

Mike provides practical advice on what you should and should not be doing in your business in hopes of ending entrepreneurial poverty.  You can implement his recommendations and start seeing results immediately through the tools and resources suggested in this interview.

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🔎 WHERE CAN I LEARN MORE ABOUT THEM?... 👇

Facebook (Fan Page) ► https://www.facebook.com/pg/MikeMichalowiczFanPage/community
Instagram ► https://www.instagram.com/mikemichalowicz/
Twitter ► https://twitter.com/mikemichalowicz
Website ► www.mikemichalowicz.com

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🗝️ KEY TAKEAWAYS 👇

- Who is Mike Michalowicz? (1:17)
- Why did Mike become an entrepreneur in the first place? (3:40)
- What was the most challenging part of being an entrepreneur and to keep going? (6:25)
- Book Recommendation # 1 - “The Toilet Paper Entrepreneur” (9:43)
- Book Recommendation # 2 - “The Pumpkin Plan” (11:53)
- Book Recommendation # 3 - “Profit First” (14:25)
- Book Recommendation # 4 - “Surge” (24:25)
- Book Recommendation # 5 - “Clockwork” (27:42)
- Book Recommendation # 6 - “Fix This Next” (32:25)
- Powerful Takeaways (36:22)

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🤓  VIEW THE BLOG POST 👇

https://www.growingentrepreneur.com/002-six-books-every-entrepreneur-must-read-in-2020-with-mike-michalowicz/

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📚  RECOMMENDED RESOURCES 👇

The Toilet Paper Entrepreneur ► http://growingentrepreneur.com/the-toilet-paper-entrepreneur
The Pumpkin Plan ► http://growingentrepreneur.com/the-pumpkin-plan
Profit First ► http://growingentrepreneur.com/profit-first
Surge ► http://growingentrepreneur.com/surge
Clockwork ► http://growingentrepreneur.com/clockwork
Fix This Next ► http://growingentrepreneur.com/fix-this-next
Full List ► https://www.growingentrepreneur.com/resources

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🔴 URGENT: YouTube won’t show you my NEW videos UNLESS you
🔔 TURN ON MY NOTIFICATIONS 🔔

🔴 SUBSCRIBE ➤ http://growingentrepreneur.com/youtube

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💥 FREEBIES 👇

📕  13 Principles To Achieve Greatness ► https://13PrinciplesBook.com
📕  Truly Automated - Work Smarter Not Harder ► https://TrulyAutomated.com

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📅 WEEKLY SCHEDULE 👇

✦ Mindset MONDAYS  (Faith | Fortitude)
https://www.growingentrepreneur.com/playlist-mindset-mondays

✦ Tech and Tools TUESDAYS (Foundation | Figuring It Out)
https://www.growingentrepreneur.com/playlist-think-tank-tuesdays

✦ Wellness WEDNESDAYS (Fun | Fitness | Family | Friends)
https://www.growingentrepreneur.com/playlist-wellness-wednesdays

✦ Thought Leader THURSDAYS (Following | Fast Track To Success)
https://www.growingentrepreneur.com/playlist-thought-leader-thursdays

✦ Finance FRIDAYS (Finances | Freedom)
https://www.growingentrepreneur.com/playlist-finance-fridays

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🗣️ LET’S CONNECT ON SOCIAL MEDIA 👇

Facebook ► https://growingentrepreneur.com/facebook-page
Twitter ► https://growingentrepreneur.com/twitter
Instagram ► https://growingentrepreneur.com/instagram
LinkedIn ► https://www.growingentrepreneur.com/linkedin  
Podcast ► https://www.growingentrepreneur.com/the-podcast

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🤔 ABOUT GROWING ENTREPRENEUR 😃

Hi, I’m Brendan McCauley and welcome to Growing Entrepreneur!  I’m a millennial focused on helping entrepreneurs just like you create the business of your dreams and live the life you desire.

My goal is to be completely transparent, sharing all aspects of what it takes as a growing entrepreneur to truly be successful in all areas of life (Spiritual, Relationships, Health, Profession, Finances). 

Every month I will set goals and share those goals with you so you may help hold me accountable as I document my journey to financial freedom and living the life of my dreams.

Website ► http://www.growingentrepreneur.com/about

If you found this video valuable, give it a like.

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Leave a comment below with your thoughts.

Add it to a playlist if you want to watch it later.

DISCLAIMER: The information contained on this YouTube Channel and the resources available for download/viewing through this YouTube Channel are for educational and informational purposes only.​

This description may contain affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). I only ever endorse products that I have personally used and benefited from personally. Thank you for your support!

#FIXTHISNEXT #MIKEMICHALOWICZ #PROFITFIRST #CASHFLOW #THEPUMPKINPLAN

In today's episode, we dive into the transformative insights of Mike Michalowicz's book, "Fix This Next," which introduces the Business Hierarchy of Needs. The five levels are Sales, Profit, Order, Impact, and Legacy.

At the Sales level, the focus is on generating cash, including lifestyle congruence, prospect attraction, client conversion, and delivering on commitments.

Moving to the Profit level, the aim is stability through debt eradication, margin health, transaction frequency, profitable leverage, and maintaining cash reserves.

The Order level emphasizes organizational efficiency by minimizing wasted effort, aligning roles, delegating outcomes, ensuring linchpin redundancy, and building a mastery reputation.

Impact, the fourth level, centers on client alignment and transformation, including a focus on transformation orientation, mission motivation, dream alignment, feedback integrity, and building a complimentary network.

The pinnacle is the Legacy level, where the goal is to create permanence. This involves community continuance, intentional leadership churn, heart-based promoters, quarterly dynamics, and ongoing adaptation.

This Business Hierarchy of Needs serves as a powerful tool for intentional business growth and ethical impact. The key is to align your actions with the principles outlined in each level. So, grab a copy of "Fix This Next," bombard Mike with gratitude, and start implementing these transformative insights into your business journey!

_

Looking for access to my entire book recommendation library? Check out my Amazon Storefront -- your hub for a curated collection of transformative books covering business, marketing, mindset, and personal development. Shop HERE 📖

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Discover the secrets to building lasting relationships with your customers and boosting your retention with The Last Customer Journey - a 5-part video series designed to help you master a relationship-based marketing approach. 

With actionable insights and proven strategies, you'll learn how to connect with your audience on a deeper level, establish know, like, and trust, and create an unforgettable customer experience that keeps them coming back for more. 

Don't miss this opportunity to transform your business and take your customer relationships to the next level. Sign up now for this free series!

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If you have any questions or comments about the episode, I’d love to hear from you! Send me a DM over on Instagram @itsgeorgebryant or pop on over to our free Facebook community, Relationship Beat Algorithms.

This week, we’ll be learning profit-first strategies, managing business expenses, and more from none other than the author of Profit First himself, Mike Michalowicz.

Mike is the Founder of Profit First Professionals and the Co-Founder of Provendus Group. He also authored The Pumpkin Plan and Clockwork, which are favorites among businesspeople. Mike also has a new book coming up titled Fix This Next which will surely be worth your time to read.

This episode is just a gold mine of wisdom for anyone looking to improve their profits while creating an impact. We hope you enjoy this episode!

SHOW NOTES 

• [0:01:21.1]  Mike’s favorite among all his book
• [0:01:51.3]  Rapid-fire questions: what he’s currently reading, people who inspires Mike, childhood aspirations, favorite motto
• [0:05:14.8]  From working at a computer store to becoming an entrepreneur/author today
• [0:07:57.8]  Why your health is of utmost importance
• [0:09:07.2]  What Fix This Next is about (Mike’s new book)
• [0:10:54.2]  5 Levels of Business Needs: Sales, Profit, Order, Impact, and Legacy
• [0:13:04.5]  Breaking down the Profit-First strategy
• [0:15:34.9]  Making sure that each expense has a corresponding ROI
• [0:17:29.9]  How to make your business run itself
• [0:19:33.3]  Mike explains the “Queen Bee Role (QBR)” concept
• [0:20:47.9]  Action steps for clinic owners
• [0:23:33.9]  Steps you can take to make an impact
• [0:25:15.5]  How can we leave a legacy?
• [0:28:04.2]  What role does a mentor play in helping businesses?
• [0:29:32.8]  Know more about Mike and all his books

QUOTES

“When we’re comfortable, we could be of greatest service to others.”

MENTIONS

• Talking to Strangers by Malcolm Gladwell (book)
• Extreme Ownership by Jocko Willink (book)

MIKE’S BOOKS

• The Pumpkin Plan
• Profit First
• Clockwork
• Fix This Next (new book)

CONNECT WITH MIKE

• LinkedIn
• Website

If you like this episode of the Grow My Clinic podcast, please don't forget to like, share, comment, and give us your ratings on iTunes and

If you found this episode valuable, please give us a thumbs up, share, comment, and give us your ratings on:

• iTunes - https://podcasts.apple.com/us/podcast/grow-your-clinic/id1332920944?mt=2
• Spotify - https://open.spotify.com/show/03nmt7gYDfeeOPV6qBmVTu
• Watch on YouTube - https://www.youtube.com/@clinicmastery

We appreciate your support and feedback!

Too many gym owners are eating table scraps.

That is, they wait to pay themselves until all other expenses are covered, and they're left with a pittance—if anything—as profit.

In his book "Profit First," Mike Michalowicz posited a revolutionary cash-flow management system: Business owners pay themselves first, ensuring they make the profit they need to serve another day.

John Briggs, founder of Incite Tax in Sandy, Utah, has adapted Michalowicz's philosophy and program especially for microgym owners. His book, "Profit First for Microgyms," will be available in January 2020, and in this episode of Two-Brain Radio, he and Chris Cooper talk about why microgym owners should take profit first, how to do that and make sure everything else still gets paid and how much to save for taxes.

Links:

Pre-order "Profit First for Microgyms" by John Briggs
Incite Tax

Timeline:

2:08 – Why the profit first concept isn’t greedy.

5:56 – Lessons from toothpaste.

9:38 – Adapting “Profit First” for the microgym industry.

12:17 – The seven essential accounts.

14:24 – How much gym owners should allocate to staff pay.

18:24 – Customizing profit first for each stage of the entrepreneur’s journey. 

22:47 – On the writing process.

24:32 – Removing the temptation account.

28:03 – On taxation and entitlement programs: limiting how the government spends your money.

In this episode, Jordan speaks with Mike Michalowicz, the author of Profit First.

In this interesting interview, Mike shares life lessons from his entrepreneurial journey and how those experiences made him who is today. He also talks about when it is appropriate to take on debt (and when it is not) and why he wants to eradicate entrepreneurial poverty.

Jordan and Mike talk about how Profit First can help your ecommerce business.

Find out more about Michael Michalowicz here:
https://mikemichalowicz.com/

Listen to our previous interview with Makel of Fin and Vince here:
https://podcasts.apple.com/ca/podcast/ep-21-do-what-you-do-best-hire-out-rest-makel-fin-vince/id1480733021?i=1000456888565

Do you feel frustrated trying to scale your business online?
Do you wish there was an easier way?

Get the Profitable Ecommerce Marketing Blueprint: https://www.mindfulmarketing.co/blueprint

Have an e-commerce business of your own?
Join the Secrets To Scaling Online Facebook group!
https://www.facebook.com/groups/secretstoscalingonline

This episode’s sponsor is Finale Inventory- the ultimate solution for accurate and efficient inventory management. Trusted by thousands of brands, Finale offers seamless integrations with over 80 sales channels and platforms.

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Getting your business set up to be the most profitable it can be is easier than you think. This week the girls discuss what Profit First, the profitability system created by Mike Michalowicz, is and how to get your finances set up and organized at any phase of your business. Whether you are just starting out or been in business for years, it's not too late to get organized for more profits. If you feel like your business is living paycheck to paycheck, this is the episode for you!

This week's episode is sponsored by our friends at Retouch Up! Use the coupon code GYST10 for a special discount!

This episode was written and performed by Mary Fisk-Taylor and Kira Derryberry, produced by Kira Derryberry and edited by Joel North.

A good money mindset, together with effective money management are key to your SA business success – I learnt a lot of practical tips and methods to manage both recently, and I’m starting the ‘Profit First’ techniques, described by Mike Michalowicz in his book and online support. Listen to five tips, as well as five more in-depth actions to take from Mike’s book here. For show notes and resources in my podcast, go to my website www.servicedaccommodationsecrets.com and Facebook page: http://bit.ly/SASecretsPage

See omnystudio.com/listener for privacy information.

See omnystudio.com/listener for privacy information.

Ready to improve the profit margins of your Shopify store, reduce waste, and take an unplugged vacation?

Well, you’re in luck! Because today we’re talking to Adrienne Dorison, who co-founded Run Like Clockwork™ with Mike Michalowicz, author of the show-favorite book Profit First and Clockwork.

Their goal is to help CEOs design a business and team that can run itself, as the name suggests, like clockwork.

Adrienne and the Run Like Clockwork team have created the most simplistic approach to making your business ultra-efficient, drawing on her 10+ years studying big business efficiency principles and figuring out how to adapt them for the small business world.

Because of these efficiency tools and concepts, her clients have been able to experience explosive company growth, all while removing themselves from the day-to-day operation.

To learn more, visit: http://honestecommerce.co

Resources:

• Check out runlikeclockwork.com
• Listen: runlikeclockwork.com/podcast
• Instagram: @adriennedorison
• LinkedIn: https://www.linkedin.com/in/adriennedorison
• Twitter: @adriennedorison
• Read: Clockwork: Design Your Business to Run Itself by Mike Michalowicz
• Read: Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
• Are you a maker, crafter, or small manufacturer on Shopify? Get easier production scheduling & inventory management with Katana. You can try it for free, and you use code HONEST to get 30% off your first 3 months, at www.katanamrp.com!

Mike Michalowicz' new book, Clockwork, continues his tradition of writing VERY actionable books. While business books containing one great idea are published every week, Michalowicz' books are valuable because of the action they trigger. His Pumpkin Plan and Profit First strategies are part of our Incubator and Growth Phase curriculum, and Clockwork's "Queen Bee Role" has been the subject of great discussion in our private Facebook group.

First, we start with Mike's definition of the Entrepreneur's Survival Trap: doing the things that will help you survive the day, but won't grow your business. It's the rush to the "urgent problems" without considering the future we're trying to reach.

Then we talk about Parkinson's Law: how your tasks will always expand to fill the time you have. You'll always be busy. The key to success is to do the RIGHT things.

Mike said that he doesn't like the "grind" and "hustle" mentality that many business speakers push now. I agree (here's our post called "The Hustle Is A Lie."

Mike went into his "4-D Mix" - where an entrepreneur spends his time, between Doing, Deciding, Delegating, and Designing.

All of us know we need to spend more time thinking about our business; planning for growth; identifying and prioritizing opportunities. But we all get sucked into the daily delivery of our service. Mike gives us a great exercise to get more "Designing" time. He calls this the QBR: The "Queen Bee Role".

Mike explained how to get yourself out of daily Doing, Deciding, and then how to properly Delegate. Then we got into Design, and what you SHOULD be doing every day.

Mike Michalowicz is the entrepreneur behind three multimillion dollar companies and is the author of Profit First, The Pumpkin Plan and what BusinessWeek deemed the entrepreneurs cult classic, The Toilet Paper Entrepreneur.

Mike is a former small business columnist for The Wall Street Journal, and regularly travels the globe as entrepreneurial advocate.

Mike launched three multi-million dollar companies before his 35th birthday, was awarded the NJ SBA’s Young Entrepreneur of The Year when he was 26. He sold his first company to private equity and his second firm to a Fortune 500. Mike 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 coaches called ProfitFirstProfessionals.com

In this episode you'll discover

• GAP accounting: what is it and why doesn’t it work?
  -The one small step that will shift your mindset to focus on your profits first.
• Reverse engineering profits: why this is key to your overall business success.
• Some of the most valuable lessons I’ve learned in business.
• Who’s the MOST important employee in your business?
• Much, much more!