What if you could implement a cash management system today that guarantees profitability, automatically sets aside money for tax season, and ensures you don't overspend on expenses? In this episode, Hala is joined by Mike Michalowicz to break down Profit First, the cash management system that has helped hundreds of thousands of small business owners increase their profits, or generate a profit from day one.
Mike Michalowiczis the entrepreneur behind three multimillion-dollar companies and is an author of business books for entrepreneurs and small business owners like Profit First, Clockwork, The Pumpkin Plan, Fix This Next, and Get Different. Mike is a former small business columnist for The Wall Street Journal and regularly travels the globe as an entrepreneurial advocate. He became a business author with a clear mission: eradicate entrepreneurial poverty.
In this episode, Hala and Mike will discuss:
- What happens when you constrain a resource
- How to think of profit as a habit
- The value of practicing fund preallocation
- The five bank accounts every small business owner needs
- The difference between an ownership salary and profit
- How much money should you put toward profit?
- Why you should compress your operating expenses
- How to pay off debt
- How Relay can help you implement profit first with ease
- And other topics…
Mike Michalowicz is the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit. Today, Mike leads two new multimillion-dollar ventures, as he tests his latest business research for his books. He is a former small business columnist for The Wall Street Journal and a business makeover specialist on MSNBC. Mike is a popular main-stage keynote speaker on innovative entrepreneurial topics; and is the author of Get Different, Fix This Next, Clockwork, Profit First, Surge, The Pumpkin Plan, and The Toilet Paper Entrepreneur. Fabled author Simon Sinek deemed Mike Michalowicz “…the top contender for the patron saint of entrepreneurs.”
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**Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Evolve Bank & Trust and Thread Bank; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.**