236. ONE Thing to Put Your Profit First

Apr 6, 2020 | 0 comments

Why did you get into business in the first place?

Most of us start businesses or aspire to start businesses because we want financial freedom and flexibility. And yet, the stats show that the majority of small business owners don’t have those things. That’s because there is ONE Thing that they don’t do — but if they started doing this ONE thing immediately, it would guarantee profitability for the rest of their life.

Mike Michalowicz, the best-selling author of Profit First and the upcoming book Fix This Next, is going to walk you through a very simple plan. Pay attention to the lead domino because it is so small it is going to feel like cheating, but when you knock it over you’ll be well on your way to living a life of profitability.

At the end of April, we will be holding a live webinar featuring Mike where we talk about his new book, Fix This Next. The main thesis behind the book is that most business owners don’t know what their biggest challenge actually is and it provides a compass to pinpoint what your business needs to work on. If you would like to join in, visit the1thing.com/monthlywebinar for the opportunity to participate and ask questions.

In this episode, you will learn…

  • [01:05] Where the idea of Profit First came from
  • [07:39] How to approach this if you aren’t profitable yet
  • [21:05] The difference between profit for distribution and owners compensation
  • [34:41] What you need to do to get started with Profit First
  • [37:02] Finding out what to fix next

Links & Tools From This Episode

Do you run a small business?

Small business owners wear a lot of hats. Some of those hats feel incredible to wear. However, filing taxes and running payroll… well, for most of us, they don’t feel great and they’re not our ONE thing. That’s where Gusto comes in to help you make payroll, taxes, and HR easy. So ask yourself, it time to take off some of your hats?

You can get three FREE months when you run your first payroll at Gusto.com/ONE.