Ep #224: Mike Michalowicz – Profit First – A Better Way to Build Your Financial Future

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.

By looking at and capturing typical behavior patterns, Mike structured a system that allows us to capture our existing behavior and channel the results we want. He has some great insight on how to truly understand profit and the formulas you use that get you where you need to be. You will learn a ton from Mike and his methods on flipping formulas and finding how to put profit first.

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Minute Markers:

1:53 – Introducing Mike and what he does best.
2:58 – One thing he leaves off his resume and why it’s important to his success.
4:20 – What entrepreneurial poverty is and how it happens.
6:46 – Explaining the “Frankenstein Formula.”
11:19 – Why you need to stop bank balance accounting.
12:33 – How to set up the right diet for your business.
17:22 – The difference between what we see and what the accountant sees.
19:08 – What loss aversion is and why we get it.
22:25 – Understanding what profit actually is.
26:52 – What TAPS means and how it affects how you set targets.

Featured on the Show:

- Mike Michalowicz: Site | YouTube | Instagram | Twitter | Facebook
- Profit First by Mike Michalowicz
- The Toilet Paper Entrepreneur by Mike Michalowicz
- Parkinson’s Law
- Dave Ramsey

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