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The Wealth Without Wall Street Podcast

By Russ Morgan CFP® & Joey Muré

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Got Profit? Take it First w/Mike Michalowicz

• 49 min

What This Episode Is About Entrepreneurs are commonly taught that profit is the last thing they should take out of their business. What is the “profit first” model, and how does it actually make businesses grow and increase innovation? Why do businesses that adopt the profit first model consistently outperform competitors? How do we transform our behavioral patterns so we can actually implement profit first? On this episode, we are joined by Mike Michalowicz, author of Profit First, to discuss how we can implement this model in our business, regardless of size.        Mentioned In This Episode: The biggest roadblock to profitability * How the “profit first” model makes our business healthier * Why cost-cutting isn’t the best way to increase profit * How profit is the true substance of a business * When we allocate profit and owner’s compensation, we feel a sense of reward— and we’ll never resent our business * If we start focusing on the products and services that are most profitable, we start focusing on clients who want to consume them * When we niche down and build a loyal community, growth takes off     Free Tax Strategy Webinar: If you want to learn more about the tax strategies discussed in this podcast, register for this free webinar. We’ll take a deep-dive into the various ideas shared and even show you how to factor your estimated tax savings. You won’t want to miss it! Click HERE to register.   Resources: * Get Mike’s Profit First Instant Assessment PDF * Buy Mike’s book, Profit First * Schedule a Call with Us * Don’t run out of money webinar coming soon!   *We use affiliate links and if you choose to buy things we might receive compensation from those companies

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