Mike Michalowicz (pronounced mi-‘kal-o-wits) had founded and sold two multi-million dollar companies by his 35th birthday. 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, Mike created 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 Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”
Our episode today is all about creating profit in your company by implementing the profit first system. Mike explains the action steps needed to start setting aside profit immediately.
Mike also shares why profit is necessary and important, and how to put a system in place so that we aren’t spending more money as more money comes in.
Mike leaves listeners with the advice, “Set up that one bank account. Do it today. Go to your bank, get one account set up for profit. Start allocating 1% of what flows into your accounts towards profit.”
Get the full show notes on the Under30Experiences Blog.