Profit First Nation (Danielle Mulvey and Mike Michalowicz)

Join us as Profit First Professional's Chief Guide, Billie Anne Grigg, shares valuable insights on leveraging DRIP accounts for managing unearned revenue in retainer-based businesses and dealing with seasonal income fluctuations.

 Discover how DRIP accounts can help businesses cover expenses during leaner months and maintain financial stability throughout the year.

 Plus, get an exclusive look behind the scenes of the Profit First Professionals organization, including certification and the benefits of being part of a supportive community of bookkeepers, accountants, and coaches. Don't miss this episode for essential tips and insider information on owning your financials and taking your business to the next level.

They acquired a laundromat thinking they were fulfilling Hastin’s childhood dream of owning a laundromat, but the struggle was more the tale of a nightmare. They were bleeding cash, and expenses just seemed to increase month over month.

After reading Fix This Next and Profit First, Taylor and Hastin took the Fix This Next Assessment and connected with Danielle. Taylor attributes their turnaround in less than a year to MAGIC, but it really was just their commitment to doing Profit First RIGHT.

In this episode, our experts guide you through Step #2 of implementing Profit First - building your profit habit. Discover how to start allocating 1% of every deposit to your profit account and develop the muscle to make your business fiscally fit.

With expert tips and tricks for making your profit habit a success, our experts provide actionable advice for building your financial stability and taking control of your business finances. Tune in now to discover how to take the next step towards financial success with Profit First.

Mark Coudray joins the show once again to share his insights on how artificial intelligence can help businesses determine their competitive advantage and identify areas for growth. He also dives into the concept of an "Irresistible Offer" and how crafting one can boost your business's profitability and cash flow.

This episode is a must-listen for any business owner looking to leverage technology and strategic thinking to take their business to the next level.

Danielle and Cyndi Thomason, an expert certified in Profit First at the mastery level and the author of Profit First for E-commerce Sellers, explore the critical role of inventory in determining the success of your business. Cyndi shares valuable techniques for managing inventory levels and emphasizes the importance of maintaining distinct accounts. They will also investigate the advertising budget, highlighting the recommended percentage allocation for this aspect. This episode offers valuable insights and practical advice for ensuring the profitability of your business.

IN THIS EPISODE:

• [01:27] Cyndi talks about why inventory can be a serious pitfall for a business, why you need an inventory account
• [08:51] Looking at  each product you sell to determine how to price 
• [11:39] Cyndi shares the importance of inventory days and getting creative to move stale inventory 
• [15:39] She explains why  inventory cash flow is different from your operating expenses and the part advertising can play if not managed well
• [19:27] Pay attention to the return on their advertising spend and how to figure the percentage you should spend
• [26:45] Cyndi shares the downfall of integrating your accounting system with your inventory 

KEY TAKEAWAYS: 

• The key to operating a business where inventory is involved is to allocate funds so you don’t have to borrow money to buy stock.
• Sales are lost when you run out of inventory. Good record-keeping through accounts prevents that from happening.
• Be very careful of how much you spend on advertising.  It is an expense that can quickly get out of hand.

GUEST BIOGRAPHY:

Cyndi Thomason, author of Profit First for Ecommerce Sellers, is a Certified Master Profit First Professional, and the founder and president of bookskeep, a virtual company that provides bookkeeping and Profit First consulting services to ecommerce clients all over the world. Cyndi devotes much of her time speaking at various events such as ASD Market Week, ProfitCon, Marketplace Brand Accelerator Training, the Ecommerce Business School and other webinars, teaching ecommerce businesses how to implement the Profit First method. She has contributed to publications such as Skip McGrath s Online Seller s Resource and is a regular contributor to The Private Label Insider and the Inventory Lab newsletter. Honors and awards include Profit First Member of the Year 2016, Profit First Go-Giver 2017, and one of the Top 50 Women in Accounting Award 2018, presented by Practice Ignition. Cyndi is a master gardener and enjoys being surrounded by nature, spending time with family, friends and a menagerie of fur babies.

Bookskeep -Website https://www.bookskeep.com/

Cyndi Thomason - Website https://www.bookskeep.com/about/cyndi-thomason/

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website https://www.daniellemulvey.com/

Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315

The All In Company - Website http://theallincompany.com

Profit First Nation - Website http://profitfirstnation.com

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

In this episode, we explore the link between pricing and profitability in a business. Our guest emphasizes the importance of maximizing pricing to achieve a healthy margin, which is a critical factor in overall profitability.

We discuss how premium service dictates premium pricing and the need to resist the temptation to serve everyone with your products or services. Instead, it is important to focus on ideal customers who value your premium service and are willing to pay for it. We also touch on the topic of resistance and balking on premium pricing, which can serve as a filter to identify your ideal customers.

Tune in for valuable insights on how to set your pricing strategy to achieve maximum profitability.

Celebrate our 100th episode with us as we serve up an "FAQ Buffet" covering a wide range of topics important to entrepreneurs. From handling reservation deposits to paying personal liabilities like child support, we'll answer your burning questions and offer insights and strategies for success.

Plus, don't miss our special invitation to a live webinar event on Thursday, March 24th at 1pm PT / 4pm ET. Tune in and join the feast!

In this episode, our experts take you on a journey to reach your target allocation percentages (TAPs) based on the Profit First Instant Assessment completed in Episode 27.

Discover how to make allocation adjustments for each subsequent quarter to reach your TAPs and gain valuable insights into the true secret of going slow with modest adjustments. 

With tips for mapping out your Profit First journey and reaching your financial goals, this episode is a must-listen for anyone looking to take their business to the next level. Tune in now to gain valuable insights into Profit First allocation strategies and discover how to reach your target allocation percentages over time.

Are you ready to take your Profit First strategy to the next level? Join us for this episode featuring Billie Anne Grigg, Profit First Professional's Chief Profit Guide, as she shares her expert insights on advanced Profit First strategies.

Discover how to leverage credit cards and QuickBooks to maximize your profitability, and learn why it's important to do "Both + And" when adjusting allocations during periods of inflation. With Billie Anne's guidance, you'll be equipped to take your business to new heights of financial success.

Don't miss this valuable episode filled with practical tips and proven strategies for mastering Profit First.

In this episode, we discuss the reasons why many small businesses struggle with cash flow and profitability, and how this is often linked to poor sales performance.

We share more than 20 strategies for building a solid sales foundation, and breaking free from the cycle of just surviving to achieving long-term growth and profitability. Don't miss out on these valuable insights to take your business to the next level!

Join us as entrepreneur Brian Sly shares his Profit First journey and his big "EUREKA" moment of realizing that profit is not a dirty word, but a misunderstood word.

Discover valuable insights and practical tips on marketing and leveraging video and LinkedIn to keep your company top of mind and keep your pipeline full. 

Whether you're a small business owner or entrepreneur, this episode will provide inspiration and actionable strategies to help you take your business to the next level. Don't miss this opportunity to learn from one of the best and discover how to achieve financial success while growing your business.

Join us in this episode as we dive into the first three steps of implementing Profit First in your business. We discuss the crucial first step of "Getting Your Butt to the Bank" and how it sets the foundation for the entire system. We also cover steps two and three and provide expert insights from Profit First creator, Mike Michalowicz, on why spreadsheets don't work in this system. Tune in to master the first three steps of Profit First and take your business's financial management to the next level.

Download Show Notes

What does intentional growth mean? We're not referring to the physical size of your premises or the number of employees you have. 

We're focusing on profitability scaling your business!

In this episode, Danielle leads us through six steps for intentional growth. If you want deliberate expansion and increased profitability, you need to be purposeful in following these six steps.!

IN THIS EPISODE:

• [00:00] The topic of the day is intentional profitability growth
• [00:49] No. 1. Committing to growing intentionally starts with the owner's salary. Opt into the resource page on the website to participate in learning about what an owner should be paid. July 12th, 2023,  11:00 AM Pacific Time, 
• [05:45] No. 2. You need to commit to being intentional about making your business public. 
• [08:11] No. 3. Identify the areas where you'd like to grow your business.
• [12:46]  No. 4.  Invest one hour a day in assessing your areas of growth
• [17:25]  No. 5. Invest one hour weekly in reflection and writing down your learning
• [25:50] No. 6.  Become intentional about the growth of your business and share with someone

KEY TAKEAWAYS: 

• When money comes into your business, and it's gone in a flash, you must be more profitable. That's letting your business happen to you.
• Sometimes reducing the size of your audience is best because you can concentrate on what you are doing and do it well.
• Investing in Profit First is an investment in your business.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

In today's discussion, our primary focus is on the Business Hierarchy of Needs, specifically highlighting the Impact Level. Previous podcasts have already explored the Sales Level, Profit Level, and Order Level, all of which are accessible for you to listen to. Now, we focus on the Impact Level, where Danielle will delve into five distinct sub-topics within this domain. These areas are essential and directly influence your business, employees, and the community. Don’t overlook this crucial aspect of the Business Hierarchy of Needs.

IN THIS EPISODE:

• [01:19] Fix this Next: Business Hierarchy of Needs. Danielle dives into the  first level: Transformation Orientation 
• [05:49] What is Mission Motivation
• [06:44] What is Dream Alignment
• [09:51] What is Feedback Integrity
• [13:36] What is a Complimentary Network
• [16:40] Danielle refers the listener to OC.FixThisNext.com for a complimentary assessment

KEY TAKEAWAYS: 

• Companies should have a mission statement that employees know and can support. Does your mission statement inspire anyone?
• Don’t be afraid of communicating with your competition. You can learn from each other.
• Take advantage of the complimentary products that OC.FixThisNext.com to complete the assessment.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Fix This Next - Website

As a business owner or manager, your biggest expense is likely payroll, especially once you have three or more employees. That's why it's crucial to recruit and hire A-players who can drive profitability and success in your organization.

In this episode, we discuss the four pillars of Topgrading - a proven method for recruiting and hiring top talent. From identifying core values to conducting in-depth interviews and reference checks, these pillars can help you build a team of A-players who represent the top 10% of available talent. 

Whether you're a small business owner or a large corporation, this episode offers practical insights into the hiring process and how to identify and retain top talent that will drive your bottom line. Tune in for the four pillars of Topgrading and start building a team of A-players who will help you achieve long-term success.

Your employees can make or break your business, so why settle for average or worse? Join us as we show you how to go ALL IN on recruiting, hiring, and retaining 5-Star Employees and build your Dream Team.

We'll guide you through the process of avoiding the seven most common hiring mistakes and give you the tools you need to succeed. 

Don't miss out on this essential episode for any entrepreneur looking to take their business to the next level.

In this episode, we dive into the importance of understanding your "Return on Payroll" to achieve maximum profitability and growth in your business.

Our guest emphasizes the need to define success with measurable numbers and to watch payroll expenses, especially as the business scales. We discuss the impact of hiring average employees versus 5-star employees and how it can significantly affect payroll costs.

Tune in for valuable insights on how to maximize profitability and scale your business successfully.

In this ALL IN edition of Profit First Nation, Danielle welcomes Kelly Sullivan Ruta, a clinical psychotherapist turned coach, focused on building an unstoppable team by cultivating emotional agility. 

Kelly shares insights into the concept of the Ultimate Inner Operating System, emphasizing the importance of skills like emotional agility and emotional intelligence in scaling a business via power skills.

If you want to learn how to enhance your own emotional intelligence and empower your teams for success, this episode is for you.

TIMESTAMPS:

• [00:19] Introduction to the episode and guest, Kelly Sullivan Ruda.
• [03:31] Discussion on the importance of emotional agility when scaling a business and building a strong team.
• [04:50] Highlighting the impact of emotional agility on talent retention, stress reduction, and avoiding burnout.
• [06:47] Example of a company overcoming challenges through the development of emotional agility.
• [09:19] The significance of incorporating learning and development into an organization for employee satisfaction and business success.
• [14:13] Reframing soft skills as power skills and their measurable impact on business outcomes.
• [16:50] Distinguishing between emotional agility and emotional intelligence.
• [19:06] Connecting emotional intelligence to effective communication, problem-solving, and creating a positive workplace culture.
• [22:27] Emphasizing the importance of aligning team values and the positive outcomes it produces.

 Key Takeaways:

• Developing emotional agility is a powerful tool for leaders and teams to navigate challenges, maintain resilience, and create a positive work environment.
• Reframe the terminology from "soft skills" to "power skills" to acknowledge the measurable impact these skills have on business outcomes, team performance, and overall success.
• Emotional intelligence is essential for leaders to connect on a deeper level with their teams, fostering a positive workplace culture, reducing turnover, and increasing employee satisfaction.

Kelly Sullivan Ruta is a clinical psychotherapist of two decades who made a leap into the coaching world to help entrepreneurs create an ultimate inner operating system for scaling without breakdown.

Kelly believes entrepreneurs are perfectly positioned to create a massive positive impact on the planet. But she also knows that no strategy, plan, or tactic will ever outperform one’s mindset, limiting beliefs, conditioned programs, or habits. She is obsessed with helping entrepreneurs do deep inner work while they scale and grow.

Resources:

https://www.linkedin.com/in/kellyruta/ 

https://www.facebook.com/KellyRutaMentor 

https://www.instagram.com/kellysruta/

https://kellyruta.com/

https://kellyruta.com/op/psw-audio-series/ 

Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1

ABOUT THE HOST:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $50 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website https://www.daniellemulvey.com/

Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315

The All In Company - Website http://theallincompany.com

Profit First Nation - Website http://profitfirstnation.com

Mike Michalowicz - Website http://mikemichalowicz.com

Mike Michalowicz - Linkedin http://linkedin.com/in/mikemichalowicz

Mike Michalowicz - Twitter http://mikemichalowicz

Profit First Professionals - Website http://profitfirstprofessionals.com

Mike Michalowicz - Books http://mikemichalowicz.com/books/

Profit First is a powerful system for achieving permanent profitability in your business. But how can you ensure that you're doing it right from the start?

In this episode, we share easy steps for priming yourself to implement Profit First effectively, while avoiding common missteps that can derail your progress. From allocating to profit to avoiding aggressive strategies, we cover everything you need to know to make Profit First work for your business.

Whether you're new to the system or looking for ways to improve your approach, this episode is a must-listen for any entrepreneur looking to achieve permanent profitability in their business. Join us for a fascinating conversation about the power of Profit First.

In this episode of Profit First Nation, Danielle discusses the importance of the "Switzerland Structure" in your business. 

The Switzerland Structure is about avoiding over-dependence on a single customer, employee, or vendor to ensure the long-term success and profitability of your business. 

Danielle emphasizes the need for diversification, customer value analysis, employee cross-training, and vendor audits.

IN THIS EPISODE:

• [00:27] Introduction to the podcast and the topic of the "Switzerland Structure."
• [02:38] Explanation of why it's crucial not to be overly dependent on one customer, employee, or vendor.
• [08:14] The Pareto Principle applied to customer diversification.
• [12:04] Avoiding over-dependence on a single employee by cross-training and ensuring no one is a linchpin.
• [17:57] Conducting a vendor audit to prevent over-reliance on one supplier and keeping incentives in check.
• [21:54] Encouragement to submit questions and information on how to connect with certified Profit First professionals.

KEY TAKEAWAYS: 

• Don't rely too heavily on one customer. Diversify your customer base to ensure steady income and reduce risk.
• Prevent over-dependence on a single employee by cross-training your team, ensuring others can cover their responsibilities.
• Regularly review your vendor relationships and consider incentives carefully to maintain a healthy balance between quality and cost.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website https://www.daniellemulvey.com/

Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315

The All In Company - Website http://theallincompany.com

Profit First Nation - Website http://profitfirstnation.com

Mike Michalowicz - Website http://mikemichalowicz.com

Mike Michalowicz - Linkedin http://linkedin.com/in/mikemichalowicz

Mike Michalowicz - Twitter http://mikemichalowicz

Profit First Professionals - Website http://profitfirstprofessionals.com

Mike Michalowicz - Books http://mikemichalowicz.com/books/

In this episode, our experts guide you through Step #4 of implementing Profit First - determining your allocation rhythm and scheduling your first allocation day. Discover how to build your profit habit and gain valuable insights into the importance of setting a regular allocation schedule.

Plus, listen to our Profit First Nation Inspiration interview with Rob Hughes of Hughes Integrated and gain inspiration and insights from a successful entrepreneur who has implemented Profit First in his business. Tune in now to discover how to take the next step towards financial stability and build your profit habit with Profit First.

In this episode ending in "-8," we dive into Mike's inbox and answer listener emails on various Profit First topics.

We discuss the importance of defining your lifestyle through owner's compensation, what to do with your primary checking account when implementing Profit First, and why it may be beneficial to work with a CERTIFIED Profit First Professional to become "fiscally fit."

We also address the topic of business debt and how it fits into the Profit First system. Tune in for valuable insights and practical tips on implementing Profit First in your business.

In this episode, we are joined by Donna Leyens as we discuss how to find your business's "sweet spot" through the Pumpkin Plan strategy.

Our guest shares how combining the Pumpkin Plan with the Profit First method can help scale and increase profitability in your business while distancing yourself from competitors. We also explore the importance of understanding your top clients' needs and wants to hone in on your business's fantastic and wildly profitable and scalable sweet spot.

Tune in for valuable insights on how to operate your business in your sweet spot and achieve long-term success.

Join Mike Michalowicz and Danielle as they dive into another episode of "Reading Mike's Inbox." In this episode, they'll be sharing some of the most interesting and entertaining emails that Mike has received recently.

From funny stories to insightful questions, you never know what you'll find in Mike's inbox. Tune in now to see what's in store for episode 8!

In this episode, Kasey Anton, a Mastery-certified Profit First Professional, shares the six common stymies that can hinder your progress in doing Profit First right. She also offers practical tips and strategies to overcome these obstacles and achieve financial success in your business.

Plus, she invites listeners to take her Fix This Next Assessment Tool to identify the critical needs of their business.

Are you struggling to attract 5-Star Candidates to your business? In this episode, we reveal six game-changing strategies to improve your recruitment process and attract the best talent.

Learn how to tweak your job postings, woo candidates, and go all in on your recruitment efforts to repel 1, 2, and 3-Star Duds. Remember, settling for less than 5-Star Employees can kill your profitability. 

Don't miss this episode on mastering your recruitment strategy and building your dream team for success.

Hiring the wrong bookkeeper can be a costly mistake for your business. In this episode, we discuss the importance of being wary of individuals who call themselves "bookkeepers," but lack the proper training and qualifications.

Join us to learn how to identify and hire A-player bookkeepers who can help your business thrive, while avoiding the pitfalls of working with B and C-player candidates.

Whether you're a new business owner or a seasoned entrepreneur, this episode is packed with valuable insights to help you make the best hiring decisions for your company.

Kasey Anton, the author of Profit First for Restaurants and founder of Spark Business Consulting, shares her thoughts with Danielle about analyzing your business's profitability. Her bottom line is to return to the basics. Reviewing your original business plan or bank statements can be an eye-opener on why your business thrives or is in trouble. Kasey will talk about her book, which is out today, and she also has some ingenious marketing ideas you won’t want to miss. 

IN THIS EPISODE:

• [01:59] Kasey says she directs her clients to get back to the basics and eliminate the fluff in their business
• [04:38] How do you know if you have a solid business model
• [07:14] How do you work with the numbers in your business when you are anxious about numbers
• [18:08] How an influx of money, either by grants or government funds, can create a problem on your bottom line
• [23:13] Kasey talks about her book focusing on a marketing tactic that was successful in her restaurant 
  
  

KEY TAKEAWAYS: 

• You can cultivate a base of loyal consumers by demonstrating small gestures of recognition toward your customers. It is a fundamental desire to be acknowledged.
• It is necessary to look at your business numbers periodically, no matter the age of your business,  to get back to basics.  Take away the fluff and see what you are spending and earning.
• It doesn’t matter if your business is doing well or not. Business owners need to know their numbers and make corrections if necessary. 

Kasey Anton - Website

Spark Business Consulting - Website

Profit First for Restaurants - The Book

GUEST BIOGRAPHY: 

Kasey Anton is a former Restaurateur turned Bookkeeper.

After living the high-end (and low-end) restaurateur lifestyle and experiencing the BEST and WORST that the world has to offer, Kasey decided to take her knowledge and true-life experiences and turn it into a business that can help others navigate some of the pitfalls of entrepreneurship.

One of the biggest lessons learned on her journey? NUMBERS DON’T LIE. But we sometimes lie to ourselves – especially about business. So, knowing your numbers, the true, accurate, real, down and dirty, no-holds-barred NUMBERS of your business is KEY to the success of your business. And Kasey knows her numbers, and she’ll make sure you know yours too.

Along her journey, she came across a real game-changer known as “Profit First” – a simple yet ridiculously effective cash management tool that EVERY business should be using (and I mean EVERY). Once discovered, Kasey became a Profit First Professional Mastery Member, one of less than 50 in the world, and now works with businesses all across the US to help “eradicate entrepreneurial poverty”

Kasey’s sole mission, and she and her Team have chosen to accept it, is to help business owners take control of their business, control their numbers, drive the business toward its truest vision, and be rewarded for that valiant effort.

Fun Fact? Kasey is a ridiculously obsessed NFL fan (GO PATRIOTS!) and has flown on the Team Jet to a game in Buffalo and watched the game from the sideline, standing near all the players.

In the face of economic uncertainty, many entrepreneurs are struggling to figure out how to survive and thrive. In this episode, we explore Mike Michalowicz's concept of "Recession Response" and share practical exercises and strategies for navigating challenging times.

From focusing on your core offerings to pivoting your business model, we cover a range of tactics for staying competitive and resilient in the face of adversity. 

Whether you're a seasoned entrepreneur or just starting out, this episode is packed with valuable insights and actionable advice for building a recession-proof business. Join us for a fascinating conversation about how to thrive in challenging times.

Join us for the first episode in a series focused on the challenge of cutting 10% of your operating expenses to increase your profitability. Learn why this challenge is so important and how you can take actionable steps to meet it. Plus, hear from special guest John Briggs, author of Profit First for Microgyms.

More of your Frequently Asked Questions (FAQs) addressed and answered covering a lot of ground to support you in doing Profit First “right” and keeping you on the path to permanent profitability.

In this special episode, we dive into the rules of Employee Retention Tax Credits and how they can benefit your business. With potential credits of up to $7,000 per employee per quarter in 2021, and eligibility even if you took PPP money, this is a topic you don't want to miss.

We also explore how businesses that started after Feb 15, 2020 may be eligible for up to $50,000 in tax credits per quarter. Tune in now to learn more.

In this episode, our experts share their step-by-step guide to reverse engineering your business and calculating your real revenue needs using our free Reverse Engineering Calculator.

Discover how to determine what you need to make to take care of yourself and your family, and gain valuable insights into the gross sales you need to achieve and how much you need to sell to hit your target owner's pay salary. 

With a bonus video available on our website that walks you through the calculator, this episode is a must-listen for any business owner looking to take control of their finances and achieve financial stability. Tune in now to discover the power of reverse engineering your business and start calculating your real revenue needs today.

www.ProfitFirstNation.com

In this episode, we speak with Michelle Campbell, a Financial Advisor and Investment Advisor Representative at Wealth Strategies Financial Group, about her Profit First journey.

Michelle shares her experiences, challenges, and successes with implementing Profit First, as well as her passion for helping individuals achieve financial success through investing tailored to their unique situations.

Tune in for insights and inspiration on how to integrate Profit First principles into your financial planning and investment strategies.

In this episode, we dive into Renee Moore's Profit First journey at Canine Craze Performance Center. Discover how she revamped her business by restructuring classes, introducing a membership model, and doubling consulting fees. 

Renee's story highlights the power of embracing change, pushing boundaries, and committing to Profit First principles for remarkable improvements in profitability and efficiency. Join us for an inspiring journey of transformation and growth.

IN THIS EPISODE:

• [00:40] Introduction to Renee Moore, owner of Canine Craze Performance Center in Urbandale, Iowa, and creator of Dog Perfect and Puppy Perfect online training programs
• [01:42] -Renee shares her motivation for implementing Profit First, highlighting her struggles with managing cash flow in her business
• [06:38] - Transition to a credit union and how she optimized her automatic payments, saving money
• [11:17] - Positive effects of the Second Half Strong program, including increased productivity and strategic focus
• [18:22 ]- Results and Transformations; retooling her business model, offering memberships, and providing accelerated learning opportunities for clients
• [25:38 ]- Accelerated Learning: Renee emphasized the concept of accelerated learning, benefiting clients and improving profitability

KEY TAKEAWAYS:

• Commitment to Change: Implementing Profit First requires a mindset shift and a commitment to breaking old financial habits. It's not just a technical change; it's a mental one.
• Streamline Expenses: Review and cut unnecessary expenses to improve profitability. Analyzing and reducing operational costs can have a significant impact on your bottom line.
• Embrace Change for Growth: Embrace change in your business model and offerings. Be open to exploring new ideas and pushing boundaries to foster growth and profitability.

RESOURCES:

Danielle Mulvey - Website https://www.daniellemulvey.com/

Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315

The All In Company - Website http://theallincompany.com

Profit First Nation - Website http://profitfirstnation.com

ABOUT THE GUEST:

Renee Moore has been professionally training dogs since graduating from Animal Behavior College in 2006. Since then she has exprience competing in obedience, training service dogs, handling and directing dogs that were filmed for PSA's (Public Service Announcements), leading group and private lessons,  as well as, creating successful training programs, including Canine Craze's Train & Play "Private School Program" for dogs and her interactive “Dog Perfect” + “Puppy Perfect” online training programs.

Renee’s mission is to help people understand how to teach their dogs how to think and have fun during the learning process. A true innovator, Renees is always looking for new ways to help owners have the best relationship with their pets.

Linkedin: linkedin.com/in/renee-moore-2b212921   

Website : caninecraze.com

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

In this episode, we are joined by Billie Anne Grigg as we discuss how to understand the jargon of Profit First, specifically in chapter 3 of the book. 

Our guest provides insights from both a traditional accounting/bookkeeping perspective and a Profit First cash management perspective to help readers overcome terminology hang-ups. We also reference a previous episode on cash management versus accounting for more in-depth subtopics.

Tune in for valuable insights on how to navigate Profit First terminology and achieve financial success in your business.

Join us as we hear from Jeff Wickersham, an accomplished author, coach, and podcast host, who generously shares his firsthand encounter with the Profit First system. Jeff enthusiastically describes it as a "Game Changer" for his businesses, highlighting a surprising realization that a venture he believed profitable was experiencing financial losses. Additionally, Jeff introduces us to his podcast, the Morning Fire for Entrepreneurs, where he dives into the power of mindset and the transformative potential it holds, even with just ten minutes a day. This episode of Profit First is genuinely uplifting and inspiring.

IN THIS EPISODE:

• [01:43] Jeff explains how he learned about Profit First and how he implemented this game changer process into his business plans 
• [03:55] Jeff shares what his finances were like before Profit First and how they improved when he opened the required accounts
• [06:27] Cutting expenses quarterly and how Jeff raised his prices without losing customers
• [11:00] Jeff talks about after he closed his gym, he still walked away with knowledge about nutrition and the physical, which assists him as a coach
• [12:27] What lessons were learned from the pandemic regarding sticking to the fundamentals 
• [15:07] Jeff discusses personal struggles and how they framed his podcast. He also talks about how to change your life in 10 minutes a day
• [22:18] Jeff shares the key to happiness through a gratitude journal and how vital a mental attitude is 
  

KEY TAKEAWAYS: 

• There is only one way to increase your profitability. That is to decrease expenses and increase margin. 
• To change your life, you need to change your habits. Changing your habits starts at night before you go to bed. Set yourself up for success.
• Being grateful every week will raise your happiness level by 25% at the end of ten weeks.

GUEST BIOGRAPHY: Jeff Wickersham

Jeff is a sought-after mental toughness and peak performance coach who specializes in helping clients intentionally step into the best version of themselves personally and professionally. Jeff guides his clients to install habits and systems that set them up for success. Jeff's consistency and authenticity are what clients call out most when working with him.

Jeff will meet you exactly where you are at. He will support, guide, and cheer you on in your journey working side by side with you.

Jeff never puts his clients through what he hasn't already tested on himself. He's a practitioner of what he teaches, and clients get amazing results.

Jeff hosts Morning Fire for Entrepreneurs and is the number one bestselling author of Rise Fight, love, Repeat, Ignite Your Morning Fire.

Jeff Wickersham - Linkedin

The Morning Fire - Website

How To Ignite Your Morning Fire - Audible

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Join us for an enlightening episode as we delve into the world of entrepreneurial trauma and dispel some of the most common myths surrounding entrepreneurship. And, to end on a high note, we hear from Krystel Stacey, entrepreneur and author, who shares her inspiring Profit First journey.

Don't miss out on this insightful conversation!

In this episode, Mike Michalowicz shares his signature "Mike-isms" that will give you more confidence, security, and cash in the bank for profitable business growth and financial freedom. By changing one word in your vocabulary, from "make" to "take," you can shift your focus to what matters most in business - maximizing profitability.

Discover simple yet profound insights and strategies that will help you achieve the ultimate entrepreneurial dream with a strong financial foundation. Tune in for expert advice that will provide more runway for your business and make you rich.

In this episode, Danielle is joined by Mike Michalowicz, the author of Profit First, as they tackle questions from Mike's email inbox regarding doing your Instant Assessment.

In addition to highlighting the importance of adhering to established profit percentages as a business grows, they provide additional guidance to another business owner to use the Profit First Target Allocation Percentages Chart for financial clarity, and help yet another entrepreneur on how to simplify income and expense categorization. 

BONUS: Danielle provides additional valuable insights, emphasizing the significance of sales and providing practical pricing strategies for service-based businesses.

IN THIS EPISODE:

• [00:36] Introduction to Episode - Q&A about instant assessments
• [00:47] Question 1 - Real revenue calculation for a fitness equipment distributor
• [04:10] Question 2 - Owner's comp and adjusting allocation percentages as the business grows
• [07:40]Question 3 - Challenges in understanding real revenue for a telehealth business
• [15:36] Question 4 - Calculating materials and subs for a plumbing business
• [21:27] Question 5 - Allocating expenses for an Airbnb management business

KEY TAKEAWAYS:

• For businesses with significant material costs, especially those exceeding 10% of gross revenue, it's crucial to make a real revenue adjustment. Subtracting these costs gives a more accurate picture of the service-based real  revenue generated.
• As a business grows or experiences changes, adhere to the Target Allocation Percentages Chart, but be open to dynamic adjustments. Working with a Profit First professional helps in recalibrating allocations based on the current business status.
• Keep expense categorization simple. Break down costs transparently for customers when necessary, allowing for better communication and potentially higher acceptance of fees. If managing multiple entities, maintain clarity by treating each business separately.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Hiring System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

In this episode, we explore the concept of top 17% versus 83% entrepreneurs and help you determine which category you fall into. We also answer seven of the most frequently asked questions related to getting started with Profit First, including how to set up your accounts, how to determine your profit percentage, and more.

Whether you're just getting started with Profit First or looking for ways to improve your financial management, this episode is packed with valuable insights and practical advice. Join us for a fascinating conversation about the mindset and strategies of top-performing entrepreneurs.

In this episode, we are excited to announce a special opportunity for business owners to join our upcoming bootcamp on September 20th. Led by experts Mike Michalowicz and Danielle Mulvey, the bootcamp will walk participants through how to objectively rate employees and candidates on a five-star system, a critical skill for managing the biggest expense in any business: payroll.

Our guests emphasize the importance of not settling for average or ho-hum employees and provide valuable insights into how to find and retain great talent.

Don't miss out on this opportunity to learn from industry experts and take your business to the next level. Opt-in today at www.theallincompany.com/sept.

Welcome to this episode of Profit First Nation Podcast, where we dive deep into maximizing your business's profitability through effective payroll management. Discover the secret to tripling the function of your roles without getting hung up on titles. 

Learn how to make strategic hiring decisions, use job titles effectively, and set clear success metrics that ensure every dollar you invest in your team works three times harder for your bottom line. 

Tune in for invaluable insights on building an unstoppable team that drives your business forward!

In this episode, we welcome back renowned business author and speaker Mike Michalowicz as we discuss crucial financial strategies for businesses. We explore how to make a transformation like moving from one business bank account to five, we also delve into the power of the Pareto Principle when it comes to managing your customer roster and maximizing profitability.

Plus, we offer expert advice on how much to keep in your financial vault account for OpEx, and where and how to open your five core accounts. Tune in for valuable insights and practical tips to revolutionize your business finances! Don’t forget that we have your back on where and how to open your five core accounts at https://www.profitfirstnation.com/step-1/

Want to achieve financial freedom and confidently hit your revenue goals? In this episode, we share the "Revenue Pipeline Generating Formula" to help you work ON your business each week with intentional, proactive action.

Learn how to produce profitable results by managing your most precious gift: TIME. Don't waste it, don't get hijacked by it, and limit consuming new content at work to just three hours per week.

Join us for practical tips and strategies to achieve ultimate entrepreneurial success with a great return on your time investment.

Host Danielle Mulvey shares critical information on your bottom line! How do we increase profitability? 

In one or both of two ways because the only two ways are to increase margin and / or decrease expenses. 

Payroll often represents the largest expense in many businesses. Your average, ho-hum or worse employees who are collecting a paycheck and doing little to nothing to earn that paycheck are killing your profitability!!!  

In this episode, Danielle outlines four reasons why some employees simply need to be shown the door. Furthermore, she streamlines your task by offering guidance on how to engaging with such staff when it is time to let them go.. 

Ensure you catch this content-rich episode for invaluable knowledge.

IN THIS EPISODE:

• [01:20] Danielle reminds listeners payroll might be their largest line item
• [01:48] Danielle outlines the four reasons to let someone go
• [07:31] What is a “working at-will state,” and do you need to document reasons for firing
• [11:47] How do you let someone go
• [14:30] Do you pay severance and you must know the requirements of your state
• [15:56] Performing the post-mortem
• [24:33] Statistics regarding hiring decisions and news about pre-ordering Mike's new book from Amazon 

KEY TAKEAWAYS: 

• If several failed hires come from the same background, that is a red flag toward that school or set of circumstances.
• Always stand and have the employee stand when you let them go to expedite the departure.
• Practice makes perfect when it comes to interviewing and making a final selection

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $50 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

If you ever have the slightest intention to sell your business, understanding its value is crucial. Strategic pre-planning for the sale can enhance your value builder score so you sell at a premium multiple of earnings.

In today's discussion, Danielle delves into one of the eight key drivers to improve profitability: monopoly control. Following that, she will explain ten distinct strategies to attain monopoly control. 

Whether you are contemplating an exit from your business now or eons from now, this episode is a must for every entrepreneur

IN THIS EPISODE:

• [01:21] What is the value of my business, how do I raise profitability, and what is monopoly control
• [06:24] Danielle shares ten ideas and strategies that will raise your profitability; however, be advised that you won’t serve everyone when you are a monopoly of one
• [10:25] Rule One: Does your technology set you apart
• [14:27] Rule Two: Customization and personalization
• [16:07] Rule Three: Providing exceptional customer service
• [17:16] Rule Four: Package what you offer so that it cannot be price-shopped
• [20:18] Rule Five: Develop brand identity
• [21:46] Rule Six: Create a user experience
• [23:02] Rule Seven: Connecting with other partnerships and collaborations
• [25:02] Rule Eight: Position your business as the industry authority
• [27:56] Rule Nine: Use innovative marketing and selling strategies
• [29:03] Rule Ten: Trial periods and guarantees
  
  
  

KEY TAKEAWAYS: 

• Always be conscious of driving the value of your business, especially when considering exiting the business. “Monopoly Control Strategies” such as education and knowledge sharing, innovative marketing and selling, and "done for you" services can significantly impact the valuation of a business.
• Achieving “Monopoly Control” is crucial for maximizing the price and margin in your business. Strategies such as branding, storytelling, and offering trial periods and guarantees can help businesses stand out in the market and dictate pricing.
• Connecting with customers through storytelling, sharing educational content, and offering personalized services. Building a strong brand identity and aligning with customer values can differentiate a business in the market.

Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

In this episode, our experts break down the critical difference between mark-up and margin, two commonly confused metrics that can impact business profitability. Discover the true values in each and gain insights into how to leverage them effectively.

With a cliff note summary that highlights the importance of increasing margin as one of only two ways to improve profitability, this episode is a must-listen for anyone looking to boost their bottom line. Tune in now to gain a better understanding of these key metrics and learn how to use them to your advantage.

Mike Michalowicz shares the microphone with Danielle and responds to questions from listeners just like yourself. Listen in to understand his innovative, time-tested approaches to successfully managing a business in the zone of permanent profitability. 

Furthermore, Mike delves into the importance of enlisting a Profit First-Certified Accountant, Bookkeeper or Coach.. Stay tuned until the end of this episode for an exciting announcement Mike will share.

IN THIS EPISODE:

• [00:39] Question One. Should I add a retirement account to my hidden account, and how to set up a retirement account
• [05:40] Question Two. Can I make an exemption to Profit First
• [07:35] Question Three. What is the owner's pay? Is it the CEO's salary, and why is the allocation 50%
• [10:07] Question Four.  Do shareholders of a business all get compensated the same
• [12:05] Question Five. Can you skip the profit and tax accounts at your primary bank and transfer from income to profit hold and tax hold at my inconvenient bank
• [15:06] Wild card questions for Mike regarding working with a Profit First Bookkeeper
• [20:49] Mike celebrates that Profit First is in 28 languages now

KEY TAKEAWAYS: 

• Over 50% of businesses don’t last five years.
• Profit First Accountants and Coaches are in different towns than the client because they are industry-based, not location-based. 
• To effectively implement the Profit First System, adhering to each step is crucial. If you find yourself making exceptions, you are not following the Profit First principles.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into twenty-eight languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

In this episode, our experts reveal the importance of understanding profit margin and how undervaluing your business can leave money on the table. Learn how to set prices that align with the value of your offerings using Mike's "Double-Double-Half" formula or by adopting a "Ferrari in Ford versus Ferrari" approach.

Take cues from Starbucks and discover how to regularly increase your prices to maximize profit margins, even when gross margins are up and COGS are down. Tune in now to gain valuable insights into pricing strategies that can take your business to the next level.

In this episode, we dive into week three of the Expense Challenge, which reveals more profit opportunities in your business expenses. Specifically, we look at how to benchmark your marketing spend to ensure you're getting a minimum ROI.

We also recognize our first Profit First Nation ROCK STAR Award recipient, Aaron Hendon, a realtor who shares a valuable tip for entrepreneurs. If you're looking for ways to optimize your marketing spend and increase your profits, this episode is a must-listen. Join us for an informative and inspiring conversation about how to make the most of your business expenses.

In this episode, we explore the powerful concept of abundance mindset and how it can help you unlock infinite opportunities for profitability. Our expert guest breaks down a checklist to help you get the right framework in place to achieve your financial goals.

Plus, don't miss our special bonus resource - the Reverse Engineer Calculator Based on Owner’s Pay, available exclusively at www.ReverseEngineerCalculator.com. Tune in now and learn how to cultivate a mindset of abundance to maximize your business's profitability.

A well-structured schedule is essential to achieve permanent profitability in your business. 

In this episode, Danielle gives a picture-perfect, ideal schedule of successfully managing her time across her multiple companies, and her team members. 

Once you have mastered the ideal schedule, she unveils eight sure-fire tips to enhance the Vitamin SEE within your organization. If you are still trying to figure out what Vitamin SEE entails, this podcast will help you seas the day and keeping your business on course to permanent profitability. 

SHOW NOTES:

• [00:21] Being a proactive, profitable entrepreneur and avoiding operating in reactive, it’s too late, mode 
• [03:52] Creating the ideal schedule for your week, Danielle shows a sample schedule that works for her
• [13:53] Danielle describes Vitamin SEE and how it has helped the business of All In and how this is for 5-star employees
• [18:14] Rapid fire: Eight tips for solidifying the Vitamin SEE in your organization – a non-negotiable
• [23:43] Danielle encourages listeners to follow the eight tips outlined in this episode

KEY TAKEAWAYS: 

• A business owner will be more successful if they work intentionally from a schedule so one doesn’t waste time.
• You should always tell employees you appreciate their accomplishments when they accomplish their goals.
• Don’t allow anything or anyone to hijack your schedule. Your schedule is that critical.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

In this episode, we dive into some burning questions related to banking and payroll for Profit First businesses.

We cover a range of topics, including the best types of bank accounts to use, how to choose the right bank for your business, and how to handle allocation day when paying employees with variable compensation such as commissions or percentage-based pay. 

Whether you're just starting out or you're a seasoned business owner, this episode is full of valuable insights to help you manage your finances more effectively.

In this episode, we explore the importance of probability in achieving long-term profitability in business. Our guest emphasizes the need to let a proven system work while spending brainpower on differentiation from competitors.

We also discuss the significance of starting over and adjusting rules to fix past mistakes and focus on actions that will lead to future profitability. Tune in for valuable insights on maximizing profits and running a successful business.

Danielle delves into a comprehensive process comprising eight steps for transforming your service or product into a marketable offering. 

These steps are universally applicable to a wide array of services or products. By implementing these steps in your business, you'll gain clarity and direction and, most importantly, establish a fresh source of revenue. 

Through illustrative examples and explanations, she presents the information in an easily understandable way. Get ready to take notes, as this episode is a must-watch to ensure your business grows as it could.

IN THIS EPISODE:

• [00:20] Danielle explains Productization and the eight steps to create a new revenue stream
• [03:49] Step One: Niche down by focusing on a specific audience in 5 different ways
• [09:20] Step Two: Find your TVR
• [11:31] Step Three: Defining your quarter-inch hole
• [12:20] Step Four: Branding is important
• [13:35] Step Five: List your ingredients
• [14:51] Step Six: Pre-empt objections
• [17:14] Step Seven: Pricing Danielle gives examples of pricing
• [23:15 Step Eight: Manufacture scarcity
  
  

KEY TAKEAWAYS: 

• Don’t just pick a price out of the air for your service or product. Do research to explore what it is worth. 
• Speed can be a factor in increasing your pricing. Pricing can also be done on a sliding scale.
• Don’t be afraid to raise your prices. Creating excitement and scarcity creates profits.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

“When in doubt, add an account.” Profit First Professional’s Chief Profit Guide, Billy Ann Grigg, discusses the concept of adding additional bank accounts to the Profit First system when necessary. 

They highlight the importance of setting up accounts for specific purposes, such as a drip account for managing seasonal income, a payroll account to ensure you never miss paying your employees, and an account for large annual expenses like insurance or subscriptions. 

They stress the need to track the return on marketing expenses and allocate funds for education and travel. The episode emphasizes the importance of allocating funds to different accounts to ensure financial stability and clarity in business operations.

TIMESTAMPS:

• [00:45] Importance of additional accounts in the Profit First system 

• [01:47] The role of a drip account in stabilizing cash flow, managing retainers and allocation from the drip account 

• [08:09] Setting up a payroll account to ensure timely employee payments. Identifying payroll bloat and making staffing adjustments 

• [11:16] Tracking ROI on marketing expenses and setting up a marketing account 

• [16:38] Avoiding credit card expenses by having the money ready for large expenses 

• [21:24] Allocating for education and memberships 

• [22:53] Travel accounts for business trips and in-person events 

KEY TAKEAWAYS:

• Establishing dedicated bank accounts for specific purposes within the Profit First system helps maintain financial stability and clarity in business operations.

• Accounts like the drip account, payroll account, and marketing account are essential for managing seasonal income, ensuring timely employee payments, and tracking the return on marketing expenses.

• Allocating funds for large annual expenses, education, and travel helps businesses plan and budget effectively, reducing financial stress and improving overall profitability.

In this episode, we discuss the importance of not getting too comfortable after implementing Profit First in your business.

We provide a refresher on the four core principles of Profit First, and how Parkinson's Law affects both time and money in your business. We emphasize the critical role of accumulating cash for achieving financial freedom, and share the five rules for a "Locked In Lifestyle" that can help you do more with less. 

Tune in for practical tips on staying on track with your Profit First strategy and achieving long-term financial success.

Join us as Danielle shares a behind-the-scenes look at a pilot she's filming for a show called "Business Overhaul." Follow the transformation journey of the owner of Charisma Boutique on Coronado Island, San Diego, as she goes from burying her head in the sand when it comes to numbers to becoming a financial rockstar with a newfound love for numbers.

 Discover the starting challenges, the financial overhaul process, and the 30-day results of this exciting television pilot. Get inspired to take charge of your own financials and learn how to transform your business with the right mindset and strategies.

Don't miss this episode for valuable insights and an inside look at the power of financial transformation.

Join us as we speak with Steve, a Profit First ROCK STAR, about his journey back from the abyss of debt, no profit, and no owner's compensation.

Discover how Steve used the Profit First system to transform his business and achieve permanent profitability. We'll explore practical strategies and insights for implementing Profit First, overcoming common challenges, and building a more successful business.

Whether you're struggling with debt or just looking to improve your financial management, this episode is a must-listen for any entrepreneur. Don't miss out on this inspiring story of financial transformation and success.

In the latest episode of Profit First Nation, Danielle unveils the Five-Star Retention Strategy and emphasizes the importance of wholeheartedly adopting this approach for any thriving entrepreneur. Throughout the episode, she will provide a comprehensive breakdown of each strategy, revealing the top three desires of employees. As a business owner who has effectively established your company, it is crucial to shift your attention towards nurturing your workforce. Get ready with a pen and be prepared to jot down valuable insights, as this installment of Profit First Nation promises to become a personal favorite.

IN THIS EPISODE:

• [00:22] Danielle talks about going all in on your business and having a five-star retention rating strategy
• [04:18] Danielle goes through the five-star retention strategies  beginning with star number one of psychological ownership
• [07:57] Star number two is supporting employee wants and needs
• [14:43] Star number three is to stay connected with your five-star employees
• [21:04] Star number four is maximizing employee qualities, aptitudes and skills
• [23:07] The final star, number five, is to lift up your employees
• [26:48] Danielle states that you succeed or fail because of your people. Put them first, and she directs you to the “Resources” for more information about Profit First Nation

KEY TAKEAWAYS: 

• Entrepreneurs should offer their top performers the same paid time off (PTO) they enjoy to retain exceptional employees.
• Employees want three things—stability, comfort and purpose.
• Once entrepreneurs have the business rolling and successful, they should focus on their five-star employees who keep it running.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Danielle and Cyndi Thomason, an expert certified in Profit First at the mastery level and the author of Profit First for E-commerce Sellers, explore the critical role of inventory in determining the success of your business. Cyndi shares valuable techniques for managing inventory levels and emphasizes the importance of maintaining distinct accounts. They will also investigate the advertising budget, highlighting the recommended percentage allocation for this aspect. This episode offers valuable insights and practical advice for ensuring the profitability of your business.

IN THIS EPISODE:

• [01:27] Cyndi talks about why inventory can be a serious pitfall for a business, why you need an inventory account
• [08:51] Looking at  each product you sell to determine how to price 
• [11:39] Cyndi shares the importance of inventory days and getting creative to move stale inventory 
• [15:39] She explains why  inventory cash flow is different from your operating expenses and the part advertising can play if not managed well
• [19:27] Pay attention to the return on their advertising spend and how to figure the percentage you should spend
• [26:45] Cyndi shares the downfall of integrating your accounting system with your inventory 
  
  

KEY TAKEAWAYS: 

• The key to operating a business where inventory is involved is to allocate funds so you don’t have to borrow money to buy stock.
• Sales are lost when you run out of inventory. Good record-keeping through accounts prevents that from happening.
• Be very careful of how much you spend on advertising.  It is an expense that can quickly get out of hand.

Cyndi Thomason, author of Profit First for Ecommerce Sellers, is a Certified Master Profit First Professional, and the founder and president of bookskeep, a virtual company that provides bookkeeping and Profit First consulting services to ecommerce clients all over the world. Cyndi devotes much of her time speaking at various events such as ASD Market Week, ProfitCon, Marketplace Brand Accelerator Training, the Ecommerce Business School and other webinars, teaching ecommerce businesses how to implement the Profit First method. She has contributed to publications such as Skip McGrath s Online Seller s Resource and is a regular contributor to The Private Label Insider and the Inventory Lab newsletter. Honors and awards include Profit First Member of the Year 2016, Profit First Go-Giver 2017, and one of the Top 50 Women in Accounting Award 2018, presented by Practice Ignition. Cyndi is a master gardener and enjoys being surrounded by nature, spending time with family, friends and a menagerie of fur babies.

Bookskeep -Website

Cyndi Thomason - Website

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

In this episode, our experts share their excitement for Allocation Days, a key component of the Profit First system that can help you maximize your profits and gain cash clarity. Discover the ease and fun of plugging your income account balance into the Allocation Calculator and watching as money is allocated to profit first.

With insights into how Allocation Days can give you a better understanding of your company's fiscal health, this episode is a must-listen for anyone looking to boost their bottom line. Tune in now to discover the power of Profit First Allocation Days and learn how to allocate your profits for maximum impact.

Kasey Anton, the author of Profit First for Restaurants and founder of Spark Business Consulting, shares her thoughts with Mike shedding light on why some restaurants fail. Kasey has valuable advice on transforming your restaurant into a lucrative venture. Kasey will discuss the cost of a menu item, labor costs and the vital role culture plays in business success. Her book is available now, and the workbook is coming out shortly. Get a copy and see how profitable your restaurant can be. 

IN THIS EPISODE:

• [00:35] Kasey explains why she wrote the book Profit First for Restaurants
• [02:19] Can restaurant partnerships be profitable 
• [03:38] What accounts did Kasey create to make the system more suited to restaurants
• [06:00] Controlling food costs
• [08:47] How does a restaurant typically implement the Profit First strategy
• [09:49] Kasey tells her “Five Guys” story and why providing extra fries still makes the business profitable
• [12:28] Kasey shares what type of restaurant might profit the most from her book, and she explains what the workbook to go along with the book will be like
  

KEY TAKEAWAYS: 

• Many restaurant owners need to account for the cost of plated food properly. You will lose money if you don’t calculate the add on’s.
• Many restaurants lost money during Covid simply because they needed to add the container costs, boxes, stickers, etc.
• Culture is just as crucial to a restaurant as its menu selection.

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Kasey Anton - Website

Spark Business Consulting - Website

Profit First for Restaurants - The Book

GUEST BIOGRAPHY: 

Kasey Anton is a former Restaurateur turned Bookkeeper.

After living the high-end (and low-end) restaurateur lifestyle and experiencing the BEST and WORST that the world has to offer, Kasey decided to take her knowledge and true-life experiences and turn it into a business that can help others navigate some of the pitfalls of entrepreneurship.

One of the biggest lessons learned on her journey? NUMBERS DON’T LIE. But we sometimes lie to ourselves – especially about business. So, knowing your numbers, the true, accurate, real, down and dirty, no-holds-barred NUMBERS of your business is KEY to the success of your business. And Kasey knows her numbers, and she’ll make sure you know yours too.

Along her journey, she came across a real game-changer known as “Profit First” – a simple yet ridiculously effective cash management tool that EVERY business should be using (and I mean EVERY). Once discovered, Kasey became a Profit First Professional Mastery Member, one of less than 50 in the world, and now works with businesses all across the US to help “eradicate entrepreneurial poverty.”

Kasey’s sole mission, and she and her Team have chosen to accept it, is to help business owners take control of their businesses, control their numbers, drive the business toward its truest vision, and be rewarded for that valiant effort.

Fun Fact? Kasey is a ridiculously obsessed NFL fan (GO PATRIOTS!) and has flown on the Team Jet to a game in Buffalo and watched the game from the sideline, standing near all the players.

ABOUT HOST:

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

Join us as Aimee LaLiberte, a certified life and money coach and Profit First Professional, shares a powerful model to help you profitably grow a healthier money mindset.

Discover how to flip the script on negative thoughts, feelings, and actions that may be holding you back from owning the financials of your business. Whether you're an entrepreneur, freelancer, or small business owner, this episode will provide valuable insights and practical tips for cultivating a positive and empowering relationship with money.

Don't miss this opportunity to transform your mindset and take your financials to the next level. #moneymindset #entrepreneur #freelancer

Join us as we welcome back Billie Anne Grigg, Chief Profit Guide at Profit First Professionals HQ, to discuss how Profit First is even more critical for larger businesses. As expenses grow and become larger chunks that could adversely affect your profitability, it's important to have a solid system in place for managing your finances.

We'll explore practical strategies and insights for implementing Profit First effectively in larger businesses and achieving permanent profitability. Don't miss this essential episode for any entrepreneur looking to take their business to the next level!

Join us as we answer three great listener questions about Profit Distributions, Tax Distributions, and Reverse Engineering.

Get tips on how to align your Total Revenue Target with your Real Revenue to deliver ideal Quarterly Profit Distributions and Owner’s Pay.

Download our bonus resource, the “Reverse Engineer Calculator,” to help you reverse engineer your business goals.

In this episode, we welcome back Bille Anne Grigg, Chief Guide of Profit First Professionals, to dive deeper into advanced Profit First strategies. Join us as we explore how to manage the Owner's Pay Allocation/Account when using a Payroll Service, as well as handling Profit Distributions and leveraging a Vault Account.

With Bille Anne's expert guidance, you'll learn how to take your Profit First system to the next level and achieve even greater profitability and financial success. Whether you're just starting out with Profit First or looking to optimize your existing system, this episode offers invaluable insights and strategies for managing your finances like a pro.

Tune in for actionable tips and practical advice that can help you take your business to the next level with Profit First.

In today's episode, Danielle Mulvey guides us through the fundamental process of allocating funds in the Profit First system. Additionally, she highlights the contrast between Profit First and Advanced Profit First. Danielle provides an extensive overview of the three phases and the twelve steps that lead to financial success. It's important to note that Profit First is not a "set-it-and-forget-it" approach. The podcast also includes answers to viewers' questions. Make sure to have a pen and paper handy, as valuable tips are shared in today's episode.

IN THIS EPISODE:

• [02:42] Danielle explains why you should do your allocations twice a month 
• [04:48] There are five common Profit First accounts, and it’s essential these accounts are opened. 
• [07:48] Danielle answers a viewer's question about the necessity of having a financial accounting system to go along with the banking accounts.
• [09:31] What is the difference between Profit First and Advanced Profit First, and what other accounts are required
• [14:25] Danielle answers the viewer’s questions about how to add a reserves account to purchase inventory, and she explains the difference between the cost of goods and operating expenses
• [20:09] Danielle explains how to implement Profit First step by step

KEY TAKEAWAYS: 

• If you don’t open the five bank accounts suggested by Profit First, you don’t have a business. You have a hobby.
• Advanced Profit First is strongly advised when you pay sales tax or when you have the cost of goods.
• Don’t overspend on marketing. Only spend what is allocated in the marketing account.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

Are you looking to make 2021 your most profitable year yet? In this episode, we dive into the core principles of Profit First and how they can help you achieve permanent profitability in your business. From identifying and eliminating operating expenses that are eating away at your profits to leveraging Profit First as a DIY cash management system, we provide practical tips and insights for driving profitability and growth.

Whether you're a seasoned entrepreneur or just starting out, this episode offers actionable strategies for leveraging Profit First to make 2021 your best year yet. Tune in to learn how to optimize your cash flow, reduce expenses, and drive profitability in your business. Share this episode with your entrepreneurial friends who are looking to take their businesses to the next level!

Rejoice! NorthOne, the bank that embraces Profit First, is here to automate your Profit First allocations. Join co-founder and CEO, Eytan Bensoussan, as he walks us through how to use NorthOne's sub-account envelopes to streamline your Profit First system. With NorthOne, you can open your account from the comfort of your own home in no time at all.

And as a bonus, Profit First Nation listeners can get a $50 bonus when they open their NorthOne account using the link provided. Don't miss this episode on revolutionizing your banking experience with Profit First and NorthOne.

Danielle reveals her brilliant insight that has the potential to enhance your bottom line. Many clients desire a comprehensive project solution. Have you considered expanding your services to simplify the process for your client? Try integrating "Done For You Services" into your offerings. Clients are willing to pay more for a job fully complete. Danielle gives you an example of just how easy this can be. 

IN THIS EPISODE:

• [00:25] Danielle talks about designing the programming around the next book Mike Malowitz is writing
• [03:51] Done for you services are incorporated into the revamped program, and the weeks-long program is now five days.
• [11:00] How do you assume the burden for your client
• [12:50] How can you incorporate convenience and speed to deliver results to your client
• [15:15] How can you provide direction and clarity and also tap into their feelings about your service and the final product
• [18:55] Upleveling your service and charging accordingly
• [21:00] This podcast is now on YouTube, and consider working with a certified Profit First Professional Accountant

KEY TAKEAWAYS: 

• By adding services to your existing package, you can attract customers who want entire projects completed, not just one of the services that may be a part of the whole project. 
• Don’t be afraid to charge for extra services.  Many clients are willing to pay for a quality service that completes the entire project. Build your profit by charging premium rates for premium services.
• You may need to collaborate with other businesses to offer a complete package for a client. If a service is outside your expertise, collaborate with an expert.  
  

ABOUT THE HOST:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

In this episode, our Profit First Guide, Danielle Mulvey, shares the importance of conducting quarterly expense reviews to maximize profitability. Spending just 90 minutes each quarter can yield significant returns, especially as you build cushion into your allocation accounts. Danielle shares a real-life example of uncovering over $16,000 in overbilling by a vendor during a Q1 Expense Review.

Be sure to download the episode's associated checklist at www.profitfirstnation.com/resources, or opt-in to receive resources for each new episode via text message by providing your cell number.

Tune in for practical tips on conducting effective expense reviews and boosting profitability in your business.

Discover the power of planning and how it can transform your life, family, business, week, and day. In this episode, learn how to layer your plans to set powerful intentions that become your reality. With the second half of 2022 approaching, now is the time to get planning and make it your strongest yet.

Join us as we explore the secrets to mastering the power of planning and achieving your goals. Don't miss this episode on taking control of your life and achieving success.

In this episode, our experts guide you through Step #3 of implementing Profit First - the inconvenient bank. Discover how to remove the temptation of plowing money back into your business by making it inconvenient and gain valuable insights into the importance of this critical step for transforming your business from a cash-eating monster to a money-making machine.

With expert tips and tricks for making the inconvenient bank a success, our experts provide actionable advice for building your profit habit and taking control of your finances. Tune in now to discover how to take the next step towards financial stability with Profit First.

How often have you hired someone only to discover they were a “Mis-Hire.” 

Today’s episode of Profit First Nation is about hiring mistakes that could have been avoided. Danielle gives examples of failed hirings and the points the interviewer overlooked on the candidate’s resume or in the interview. 

Don’t miss these red flags when you conduct your next job interview. They will save you time and money.

IN THIS EPISODE:

• [00:20] Danielle explains how to go “all-in” on building a stable of five-star employees
• [03:30] Danielle offers a resource form on their website profitfirstnation.com/144 to be completed to analyze mis-hires from the past
• [07:02] Example of an individual who had multiple jobs and had to drive 40 miles to work
• [14:27] Example of an employee who only wanted to work remotely
• [18:23] Example of an employee let go because of poor work and the potential that a supervisor may be chasing away employees
• [23:27] An Example of an employee who leaves a prominent company for a company that is not well-known and making sure the employee is qualified to do the job
• [28:32] In some industries, the skills need to be current with current apps and programs

KEY TAKEAWAYS: 

• Payroll is most likely your business' biggest expenses if you have seven or more employees.
• Most businesses have a 75% mis-hire rate versus only a 10% rate if you use the ALL IN Hiring System.
• A study of your mis-hires will prevent you from making the same mistakes.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Are you tired of struggling to achieve permanent profitability in your business? In this episode, we'll guide you down the straight and narrow path by sharing seven of the most common "ish" temptations that can derail your progress.

We'll also provide you with the seven keys to doing Profit First right, so you can achieve permanent profitability and enjoy financial freedom. Whether you're a seasoned entrepreneur or just starting out, this episode is packed with valuable insights and practical tips to help you stay on track and reach your financial goals.

Don't miss this opportunity to learn from the experts and take your business to the next level.

Join Felicia Reed as she shares her incredible journey from radiology tech to luxury portrait photographer charging over $6,000 per client in just five years. Learn how Felicia implemented Profit First and made money-making moves that led her to purchase her first commercial building.

Plus, listen closely and count how many times Felicia mentions her amazing Mastery-Certified Profit First Professional, Venus Michael! Don't miss this inspiring episode on achieving financial success in your business.

In this episode, we are joined by Greg Crabtree, the author of "Simple Numbers" and "Simple Numbers 2.0." As a CPA and financial expert, Greg shares insights on how entrepreneurs can slice and dice their accounting data into meaningful metrics and benchmark against proven benchmarks for maximum profitability.

With his expertise in explaining complex financial concepts in simple terms, Greg offers practical advice for entrepreneurs looking to increase their profits and grow their businesses. Tune in for an enlightening conversation on maximizing profits with simple numbers

Join us on this episode as we delve into the benefits of deviating from the traditional 10th/25th rhythm in Profit First, while also emphasizing the importance of consistency. Listen in as we chat with Dr. Leslie Cisar, a naturopathic doctor and Profit First enthusiast, about how she incorporates Profit First principles into her business and personal finances. Don't miss out on this inspiring episode of Profit First Nation!

Download Show Notes

In this episode, we delve into the crucial and iterative Step #10 in Profit First Implementation, which involves cutting expenses to increase profitability.

Our expert hosts share valuable insights on how to simplify and make this process enjoyable, making it an impactful and long-term strategy for your business. Don't miss out on our exclusive checklist resource, available at https://www.profitfirstnation.com/sign-up. Tune in to the Profit First Nation Podcast now!

In this episode, Jess and Margy share their Profit First journey with the help of mastery-certified Profit First Professional, John Briggs from Incite Tax. They discuss how they successfully implemented Profit First in their business and how it transformed their financial situation, from struggling to keep a solid cash cushion to experiencing the "magic" of Profit First. 

Tune in to learn from their experience and discover how you can apply the principles of Profit First to improve your own business finances.

Learn how to adjust your allocation percentages per plan every quarter to achieve your target allocation percentages and stay on the path to permanent profitability. In this episode, we cover the iterative refinement phase, which is the final step in implementing profit first in your business.

You'll discover how to review your financials and work with your bookkeeper to keep your cash flow healthy, manage expenses, and address slow-paying customers. Plus, find out how to add additional accounts to your profit allocations to monitor your money more effectively.

Contact us to learn more about implementing Profit First in your business or share your success story with our community.

In this episode, we wrap up the Expense Challenge with a set of exercises that help you turn your operating expenses into profit opportunities. We also recap some of the impressive results that entrepreneurs have achieved by participating in the Expense Challenge, including reducing expenses by up to 30%.

Whether you've been following along with the Expense Challenge or just looking for ways to improve your profitability, this episode is packed with valuable insights and practical advice. Join us for a fascinating conversation about how to turn your expenses into profits and achieve sustainable business growth.

In this episode, we explore the delicate balance between success and failure for small business owners. We discuss the reality that sometimes failure is outside of your control and why it's crucial not to take it personally.

This is a must-listen episode for all small business owners who want to come back stronger and wiser from setbacks. Join us for an insightful and inspiring discussion on the thin line between success and failure and how to navigate it as a small business owner.

Do you struggle with sales and feel like you're not a "natural" salesperson? In this episode, we dive deep into the power of sales state and how to leverage it to maximize your performance and drive sales. We'll explore how your mindset and emotions can impact your sales results and share strategies for inducing a powerful sales state.

Remember, you're not just selling a product – you're selling a state that solves your customer's pain. By mastering your sales state, you can connect with your customers on a deeper level and close more deals.

Tune in now to learn how to tap into your ultimate power to drive sales and achieve greater success in your business.

In this episode of Profit First Nation Podcast, we dive into the world of Profit First and uncover the top 8 mistakes that entrepreneurs often make when implementing this revolutionary financial system. From neglecting to set realistic profit targets to failing to prioritize profit allocations, these missteps can hinder your business's financial growth.

Join us as we discuss practical strategies to avoid these pitfalls and ensure that you're maximizing your profitability. Whether you're a seasoned business owner or just starting out, this episode is packed with valuable insights to help you take control of your finances and increase your bottom line. 

Tune in now and discover how to make Profit First work for you!

Billy Ann, the Chief Guide at Profit First Professionals, shares her journey of becoming involved with Profit First and how she grew into her role as Chief Guide. She explains that while bookkeepers and accountants can provide clients with spreadsheets and cash flow forecasts, they cannot make the moves and decisions a business owner has to make. Business owners must own the financials of their company and ensure their profitability, even if they are working with the best professional bookkeeper, accountant, or coach. She advises business owners to be more involved in their financials and use them as a guidepost and steering wheel for their business.

In this episode, we explore the topic of working with a consultant and provide valuable insights for business owners.

Our guest discusses when, why, and how to work with a consultant of any kind and variety, emphasizing the importance of aligning with a consultant who has experience in your industry and a proven track record of success. We also touch on the common misconceptions about working with consultants and how to overcome them.

Whether you're a startup or an established business, this episode offers practical advice on how to leverage the expertise of a consultant to achieve your business goals. Tune in to learn more!

In this episode, our experts guide you through the Start Phase of implementing Profit First, beginning with Step #1 - getting your butt to the bank! Discover the importance of physically going to the bank to establish a financial rhythm and start implementing Profit First.

With expert tips and advice for making the most of this crucial step, our experts help you take control of your business finances and start building a profitable future. Plus, learn about the right time to start implementing Profit First and how to make it work for your business. Tune in now to take the first step towards financial stability with Profit First.

Are budgets the bane of your existence? Mastery-certified Profit First Professional and CPA, Wendy Barlin, is here to share a radically brilliant notion: Never Budgeting Again. In this episode, we'll explore how this approach can have an amazing impact on your business and savings.

You'll learn practical strategies and insights for managing your finances without traditional budgeting, and discover a new way to approach your business finances that will help you achieve permanent profitability.

Don't miss this essential episode for any entrepreneur looking to take control of their finances and build a more successful business.

The COVID pandemic has thrown businesses of all sizes into crisis-mode, and many entrepreneurs are struggling to navigate this new reality.

In this episode, we explore the five stages of crisis management and help you identify where your business is in the process. From there, we share practical tips for taking deliberate action to surge past your competition and serve your customers better.

Whether you're in the early stages of crisis management or looking for ways to improve your response, this episode is packed with valuable insights and exercises to help you thrive in the face of adversity. 

Join us for a fascinating conversation about navigating the challenges of COVID and emerging stronger on the other side.

In this episode, we answer listener questions about how to handle forgiven PPP loan proceeds, owner's compensation for businesses with multiple equity owners, and what to do with existing cash when implementing Profit First.

Tune in to get expert advice on these important topics!

Join Danielle in this episode as she unlocks the secrets of pricing for business success! 

From pricing's impact to the pitfalls of arbitrary pricing, this episode is your golden ticket to wealth-building, with the five principles for pricing triumph.

Ensure you seize the opportunity to connect with Profit First Nation for continuous support, as your business success is the ultimate gem on this journey!

TIMESTAMPS:

• [05:26] Discussion on the impact of pricing on business success and profitability.
• [12:10] The role of pricing in customer acquisition, experience, and retention.
• [15:00] Importance of building wealth through profitability and business resilience.
• [20:02] Warning against arbitrary pricing, starting at the bottom, and real-life examples of failures.
• [25:20] Five principles for effective pricing, ROI justification, and recap of optimization steps.
• [28:16] Closing thoughts on getting pricing right for long-term business success.
• [29:00] Invitation to connect with Profit First Nation for support and questions.

KEY TAKEAWAYS:

• Pricing controls everything in the marketplace, affecting profit, power, customer acquisition, customer experience, customer retention, and overall business wealth.
• Businesses should avoid the pitfalls of low pricing strategies, which can lead to extinction in the market.
• Pricing strategy should align with business goals and customer value rather than aiming to be the lowest price leader.
• The five principles for effective pricing include understanding true costs, eliminating unprofitable offerings, pricing at a premium, packaging minimally viable products, and demonstrating ROI.
• Demonstrating ROI is a crucial step to justifying premium pricing, showcasing the value customers receive in exchange for their investment.
• Real-life examples illustrate the impact of pricing on business success and failure.
• Connecting with Profit First Nation provides a resource for entrepreneurs to optimize their pricing strategies and achieve permanent profitability.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website 

Danielle Mulvey - Linkedin 

The All In Company - Website 

Profit First Nation - Website 

Mike Michalowicz - Website 

Mike Michalowicz - Linkedin 

Mike Michalowicz - Twitter 

Profit First Professionals - Website 

Mike Michalowicz - Books 

In this episode, we answer questions our listeners ask about implementing the Profit First System for their business. We discuss the rule of thumb for dispersing profits and retaining earnings, as well as using a vault account for long-term savings. We also provide clarity on which debt to prioritize when using the snowball system for both personal and business debt. Tune in to learn more about optimizing your profit and debt management.

Learn how to consistently build your dream team using The 5-Star Employee Rating System(TM), a powerful talent evaluation system. With a 90% hiring success rate, this system is essential for attracting and retaining 5-Star Employees.

 In addition to The 5-Star Employee Rating System(TM), discover four other secrets that are simple to implement with the right intention. Unlock the secret to building a winning team today!

In this episode, we answer your burning questions on topics such as Cost of Goods Sold (COGS), debt-servicing, and how to apply Profit First to your personal finances.

Whether you're just starting with Profit First or need help with implementation, we've got you covered. Tune in for valuable insights and remember, YOU’VE GOT THIS!

Join us for a candid conversation with Adam McKee, owner of Contemporary Woods, as he shares his journey from struggling business owner to profitable entrepreneur.

Adam shares his personal insights and strategies for increasing profitability by facing problems head-on, just like a buffalo. He also reveals how he now spends a healthy amount of his week working ON his business, and offers tips for building a strong knowledge network.

Whether you're just starting out or looking to take your business to the next level, Adam's authentic and transparent advice will inspire you to run towards your challenges and achieve entrepreneurial success. Tune in for practical advice and real-world experience that can help you grow your business and increase profitability.

Today, Danielle explores a significant cost for your business: payroll. Making the right hiring decisions can benefit your financial results or lead to major errors. Where can you locate 5-Star employees? Danielle provides statistics on where you will find candidates. She also provides a comprehensive overview of the Indeed Job Posts website, offering valuable insights on effectively recruiting through this job posts platform. 

IN THIS EPISODE:

• [00:00] Payroll is one of your business's most significant expenses, and you need a 3 X return. Danielle shares her own experience of having 5-star employees
• [04:30] Using the Indeed Job Posts platform as a hiring tool
• [07:37] Danielle outlines the percentages of applicants coming from various sources and the benefits of casting a wide net
• [10:33] How do make Indeed more effective and the three tips to make the algorithm and scoring favorable to a job posting
• [16:53] Danielle gives some quick tips on selecting a job title when posting on Indeed
• [21:21] Tips on getting your posting past the trust and safety team and examples of how Danielle recruits on Indeed
• [26:42] Danielle discusses the All In Company and how they can assist you in your recruitment, hiring and retention of 5-star employees

KEY TAKEAWAYS: 

• Employees should produce a three X return on their salary.
• Carefully consider the job title you post on Indeed so you can attract the candidates you are seeking.
• Indeed gives the best experience to applicants of all job posts platforms.

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

In this episode, we discuss the foundational step of opening five accounts in Profit First implementation, and how adding more accounts can help maximize your business's profitability.

With the phrase "when in doubt, add an account" in mind, we explore over 10 additional accounts that can be useful for isolating specific saving or spending categories, giving you even more clarity with your cash flow.

Tune in to take your Profit First strategy to the next level.