Why You Should Put Profit First
Profit? What the heck is that? I’m just working for a salary. Unfortunately, that’s the problem with many businesses. When profit isn’t the goal there generally isn’t any profit and like so many things all that comes in used up.
My guest for this week’s episode of the Duct Tape Marketing Podcast is Mike Michalowicz. Michalowicz is an entrepreneur behind three multimillion dollar companies, a speaker, and author of many books, including Profit First. He and I discuss why it’s important to put profit first and how to turn your business into a money-making machine.
Michalowicz is a former small business columnist for The Wall Street Journal, a former MSNBC business make-over expert, and is a popular keynote speaker on innovative entrepreneurial topics. In addition to Profit First, Michalowicz is the author of Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”
Questions I ask Mike Michalowicz:
- Why do you need to account for profit first?
- What is wrong with the general way people look at the money aspects of their business today?
- What are the basic accounting principles of a profit first formula?
What you’ll learn if you give a listen:
- Why Parkinson’s Law is important to understand
- Why debt is a small business killer
- How to determine the health of a company
Key takeaways from the episode and more about Mike Michalowicz:
- Learn more about Mike Michalowicz on his website.
- Read or listen to Profit First.
- View Mike’s Blog.
- Download Mike’s charts, graphs, and resources.
- Access Proft First Professionals.
- Listen to the Profit First Podcast.
- Email firstname.lastname@example.org.
- Follow @ on Twitter.
This week’s episode of the Duct Tape Marketing podcast is brought to you by Office Small Business Academy, a monthly web series from Microsoft Office featuring experts with real-world advice for those would rather be the boss than work for one. Learn more at aka.ms/ducttapemarketing.
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If you liked this post, check out our Guide to Managing Your Small Business Finances.
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The Self-Reliant Entrepreneur
by John Jantsch
“A book that deserves a spot in every entrepreneur’s morning routine.”
—Ryan Holiday, #1 Bestselling Author of The Daily Stoic and The Obstacle is the Way