Mike is the author of Profit First, Surge, The Pumpkin Plan, and his newest release Clockwork. By his 35th birthday, Mike had founded and sold two companies - one to private equity and another to a Fortune 500. Today he is running his third multi-million dollar venture, Profit First Professionals.
Mike is a former small business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC. Over the years, Mike has traveled the globe speaking with thousands of entrepreneurs, and is here to share the best of what he has learned.
Biggest Takeaway You Don't Want To Miss
Here's what everyone should do immediately, just these two simple steps. First, set up one savings account and call it "profit." Step two, allocate 1% of your income into that profit account. The magic will start to happen because you're literally taking your profit first. Start today, start slow and you'll grow into the full system over time.
Show Highlights
Mike lost two million dollars in two years, what was that experience like? [3:20]
Why do most entrepreneurs struggle to ever make a profit? [7:15]
What is GAAP's "Frankenstein Formula?"? [11:20]
What lessons did Mike learn from health and fitness experts? [13:50]
What are TAPs? Are they the starting point or end game? [18:30]
What numbers should business owners be looking at and doing, every quarter?[20:50]
What is Mike's newest book, Clockwork, about? [22:20]
Special Offer
Get a free copy of Mike's book “Surge” at https://www.mikemichalowicz.com/get-surge-free/
Links
Jump & Scale Webinar: jumpconsulting.net/scale
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Transcript:
This is episode 138 of Bella in Your Business. This episode is brought to you by my free webinar Jump and Scale Your Business. It's my three-part training series all dedicated to finding and attracting the right kind of people that will scale your business. Did I mention it's free? Listen, you have to attend this if you want to grow your staff, you feel like you're being held hostage, you have high turnover, you feel burnt out, or you're just not seeing the results you want. Join me for this three-part free webinar series. Register now at jumpconsulting.net/scale. That's jumpconsulting.net/scale. I'll see you there.
Welcome to Bella in Your Business, where Bella will discuss anything and everything about your pet sitting business to help you land on target. So get ready — Bella's got your chute. Let's jump.
Bella: Welcome to Bella in Your Business. My name is Bella Vasta, and if you're watching us live right now, you can see that I have a special guest. I know that you probably heard of Profit First and all the chatter going on in our Facebook groups these days — this whole concept that, my gosh, we should be paid first as business owners. So I decided to ring up Michael, and he was so excited to come on and talk to us. I want to introduce you guys to Mike Michalowicz, the author of Profit First, Surge, The Pumpkin Plan, and his newest release, Clockwork. By his 35th birthday, Mike had founded and sold two companies — one to private equity and another to a Fortune 500. Today, he's running a third multi-million dollar venture, Profit First Professionals. Mike is also a former small business columnist for the Wall Street Journal and a former business makeover specialist for MSNBC. Over the years, Mike has traveled the globe speaking with thousands of entrepreneurs and is here today to share the best of what he's learned.
Mike: Thank you so much for having me. I appreciate this.
Bella: I am so excited that you're here, especially someone of your magnitude who is flying around and going here, there,
