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Deeper Weekend 2014

Episode 67

Putting Profit First with Guest Mike Michalowicz

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Show Notes:

In this episode, Jason and Greg talk about the kind of info clients need. The importance of GAAP, independence, metrics, KPIs, and more are considered. Then Mike Michalowicz joins them to discuss what business owners can do to have a healthier company financially.

Thank you to our sponsor, Intuit, for supporting the Thrivecast!

 

 

 

Mentioned in the Show

Become a Thriveal Member!
Intuit
Mike Michalowicz
Profit First
Surge
The Pumpkin Plan
The Toilet Paper Entrepreneur
Intro to Thriveal monthly call
Profit First Podcast

Audio Engineering by: Aaron Dowd

Produced by: Jennifer Blumer

Contact us:

twitter: @jasonmblumer @gregkyte @thrivealcpas
email: [email protected], [email protected]
Instagram: @thrivealcpas @gregkyte

This month’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, Mikecreated 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 Surge, Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

Listen at: Stitcher

  • On 02-06-2017 at 2:33 pm, Carol Topp, CPA said:

    Really got me thinking of how I can apply this concept to my small and micro business clients. They don’t do regular bookkeeping, so Mike’s system is a little complex. I like the principles, but I need to think of a simpler execution plan.

    Reply
  • Jason Blumer

    On 02-07-2017 at 12:39 am, Jason Blumer said:

    Thanks for the comments Carol! We had a small business client that also wanted to apply the principles in Profit First. I told that it takes so much internal commitment that it might be hard for us to help them implement it.

    We have adopted a modified version of this that simply involves creating a few more bank account for our company to include:
    – a regular Operating checking account
    – a regular savings account, and
    – a tax savings account

    You could add another bank account just for the owner’s’ salary. It’s a more simplified version, but it could still give you access to some of the principles in the Profit First book.

    Thanks for listening Carol!

    Reply

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