What’s The Secret? Profit First with Mike Michalowicz

Join Tom Gaddis and Mike Michalowicz as they talk about profits. As Mike discusses in the show, 83% of small business owners live paycheck to paycheck, not knowing how to get out of this crazy loop! We start these businesses to get to financial freedom, so we have to take it upon ourselves to make that happen as entrepreneurs. You’ll know the thing you have to focus on first that will make your business thrive and start having it pay you. Stay tuned to the show to learn Mike’s four core principles of profit first and his take on the phrase “wallet over words.”

If profit's important, profit must come first.”

– Mike Michalowicz

On this episode:

  • The problem with the formula of sales minus expenses equals profit.
  • Creating a system of bank accounts with the right labels, one of them for profit!
  • Taking distributions every 90 days and how it normalizes spending patterns.
  • Starting slow and letting it grow.
  • Choosing not to participate in the recession and taking the opportunity to reinvent.
  • Getting validation from people’s willingness to pay versus affirmation by words alone.

Mike’s Book: https://fixthisnext.com/
Mike’s Website: https://mikemichalowicz.com/

Link for the free E-Guide https://tomgaddis.com/secret

Connect with Tom Gaddis:

Website – https://tomgaddis.com/
LinkedIn – https://www.linkedin.com/in/tomgaddis
Facebook – https://www.facebook.com/tomgbiz

Tom Gaddis

Tom Gaddis

Attended the School of Hard Knocks. A former restaurant manager in Oklahoma, Tom always wanted to be self-employed and free from the butt-smooching of the corporate world. He wanted success bad enough that he picked up his family, including two small children and moved to beautiful Maui, Hawaii. Starting from zero, Tom embarked on building a local marketing consulting business. And promptly fell on his face! It seems Hawaiians were lovely people, until you tried to sell them something! But he persevered and learned from his mistakes. Today he's arguably one of the most successful in his niche and expecting to grow over 100% this year alone.

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