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 of Profit First Nation, Danielle discusses the importance of relishing your ownership and maintaining a balance between personal and business finances. 

She emphasizes the need to take ownership of key areas in your business to ensure long-term success. 

These key areas include owning your day, owning your numbers, owning Profit First, owning leadership, and owning your role in the community.

IN THIS EPISODE:

• [00:20] Danielle introduces the topic of "Relish Your Ownership" and the importance of enjoying business ownership while maintaining financial responsibility.
• [00:46] Personal Piggy Bank: Danielle warns against treating your business like a personal piggy bank, emphasizing the need for financial responsibility.
• [01:12] Five Key Areas of Ownership: Danielle outlines the five key areas of ownership: owning your day, owning your numbers, owning Profit First, owning leadership, and owning your role in the community.
• [03:07] Own Your Day: Danielle discusses the importance of starting your day with intention, following the Miracle Morning routine, and prioritizing tasks.
• [05:48] Own Your Numbers: Danielle stresses the significance of owning your sales numbers, forecasting, pipeline, accounts receivable, and accounts payable.
• [10:53] Own Your Financials: Danielle emphasizes the importance of reviewing income statements, balance sheets, and financial reports regularly.
• [12:21] Taxes and Payroll: Danielle highlights the need to own your business taxes and payroll, and the responsibility of the business owner to ensure accuracy.
• [18:15] Pricing: Danielle discusses the importance of owning your pricing strategy, regularly increasing prices, and focusing on profitability.
• [19:42] Profit First: Danielle advises business owners to own their Profit First allocation percentages and to take an active role in the allocation process.
• [22:17] Be a Leader: Danielle explains the role of business owners in leading clients, vendors, and employees with positivity and encouragement.
• [24:31] Community Involvement: Danielle suggests being cautious about community involvement when it might interfere with running your business effectively.

KEY TAKEAWAYS: 

• Start each day with intention by following a morning routine that includes silence, affirmations, visualization, exercise, reading, and journaling. This sets the tone for a productive day and helps you prioritize important tasks.
• Own your sales numbers, forecasting, pipeline, accounts receivable, accounts payable, taxes, and payroll. Regularly review financial reports and ensure accuracy, as the business owner is ultimately responsible for these aspects.
• While it's essential to be a leader in your business, be cautious about overcommitting to community involvement, as it can consume valuable time and resources. Focus on activities that provide a significant return on investment for 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 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

How can you significantly increase your business’ value? In the latest Profit First Nation episode, Danielle shines a spotlight on the pivotal strategy of steering clear of the central hub role. 

Exploring the adverse effects on business valuation when entrepreneurs find themselves at the epicenter for their employees, customers, and suppliers.

Danielle encourages entrepreneurs to proactively declare a future four-week vacation, setting the wheels in motion to diminish dependency on their presence. 

It's a journey toward permanent profitability and max valuation by breaking free from the hub and spoke model.

IN THIS EPISODE:

• [01:00] : Discussion on business valuation and the average multiples.
• [02:48]: Exploring the concept of "hub and spoke" and the negative impact of being the central hub.
• [10:00]: Strategies for removing oneself from being the hub, focusing on employees.
• [13:16]: Tips on documenting standard operating procedures (SOPs) and delegation.
• [14:09]: Impact of owner involvement in customer relationships on business valuation.
• [15:30]: Valuation statistics based on knowing customers by their first name.
• [17:57]: Prioritizing steps to disconnect from being the hub for employees, suppliers, and customers.
• [22:01]: The importance of finding the right people and a Mike Michalowicz upcoming book "All In: How Great Leaders Build Unstoppable Teams"

KEY TAKEAWAYS: 

•  Entrepreneurs are encouraged to declare a future four-week vacation and use it as a catalyst to make their businesses less dependent on them. This involves strategic planning to disconnect from being the central hub.
• The importance of prioritizing disconnection from being the hub for employees. Delegating tasks and responsibilities while ensuring employees take ownership can contribute to business value.
•  Knowing customers by their first name may negatively impact business valuation. Encouraging strong employee-customer relationships and minimizing personal involvement can lead to a higher valuation.

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 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

In this episode, Profit First Professional's Chief Profit Guide, Billie Anne Grigg, joins us to guide entrepreneurs and small business owners through the differences between utilizing Profit First as a "Cash Management System" vs. traditional "Accounting Systems" like QuickBooks.

We explore how these systems work together, and why it's critical to understand the terminology and differences between them. This episode is a must-listen for those who want to be in the top 17% of their peers by owning their business's financials and having cash in the bank to correlate to profitability.

Bonus content includes a deep dive into Income Statements (P&Ls), Balance Sheets, Statements of Cash Flow, and more. Tune in for valuable insights and practical tips on mastering Profit First.

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.

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 speak with Danielle, a mastery certified Profit First Professional and certified Ramsey Financial coach, about how to build wealth and allocate money in your personal finances using the principles of Profit First and Dave Ramsey's Baby Steps.

Danielle shares insights and practical tips on how to integrate these two approaches to maximize your financial freedom and achieve your personal finance goals.

Tune in for expert advice on managing your money, building wealth, and creating a secure financial future for yourself and your family.

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.

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.

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.

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.

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.

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 delve into Dan Miller's 10 Rich Characteristics for success in life and business. From creativity to resilience, these characteristics are essential for achieving your goals and living a fulfilling life.

Join us as we brainstorm practical ways to develop and strengthen each characteristic, sharing insights and strategies for personal and professional growth. Whether you're an entrepreneur, a creative professional, or simply looking to live your best life, this episode offers valuable advice and inspiration for achieving success on your own terms.

Tune in for a countdown of the 10 Rich Characteristics and actionable tips for building them into your daily life.

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.

Are you looking to hire and retain A-players for your organization? In this episode, we share the "Four WOWs" strategy for recruiting and retaining the best talent. By going the extra mile and showing potential hires that you are serious about recruiting, hiring, and retaining A-players, you can achieve a 4X return on your investment. From creating a positive onboarding experience to offering ongoing training and development, these strategies can help you build a team of A-players that will run circles around your competitors.

Whether you're a business owner, manager, or HR professional, this episode offers practical insights and actionable tips for hiring and retaining top talent. Tune in for the Four WOWs strategy and start building a team of A-players that will take your business to the next level.

In this episode, we continue our discussion on Topgrading and delve into the RED key competencies - those competencies that are almost impossible to change in a candidate.

We share practical tips and strategies for rating candidates on these competencies and offer a downloadable resource - the editable RED Key Competency Questions - to help you hire more profitable A-players instead of profit-sucking B or C-players. Whether you're a business owner, manager, or HR professional, this episode offers valuable insights into the hiring process and how to identify top talent that will drive profitability and success in your organization.

Tune in for actionable tips and tools for Topgrading your hiring process and building a team of A-players.

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.

Are you struggling to hit your sales goals for 2021? In this episode, we share a proven method for sales success - Baseline Selling. Developed by sales expert Dave Kurlan, Baseline Selling is a visual pipeline that can help you stack the deck in your favor and hit your sales goals. By reverse engineering your goals and keeping your bases loaded, you can increase your chances of success and drive profitability in your business.

Whether you're a sales professional or a business owner, this episode offers practical tips and strategies for leveraging Baseline Selling to achieve your goals and drive growth. Tune in for insights into the sales process and how to use Baseline Selling to close more deals and drive revenue.

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.

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!

To get the biggest Return on YOU, make every morning of 2021 a Miracle Morning and then spend one hour sprinting ON your business to make 2021 your BEST YEAR EVER!!!! When you start your day right, you get your week right. When you get your weeks right, you get your year right -- so let's take control of our destiny in 2021 by starting each day off right so you get the biggest Return on YOU. You work too hard and risk too much being an entrepreneur to let others hijack your time and energy.

Get your copy of The Miracle Morning: https://www.amazon.com/Miracle-Morning-Not-So-Obvious-Guaranteed-Transform/dp/0979019710 and check out the recently released documentary: https://miraclemorning.com/movie/  (Danielle's twist on SAVERS is the last "S" is SPRINT ON YOUR BUSINESS vs. Scribe)

Are you feeling frustrated, stressed, uncertain, disappointed, burned out, or overwhelmed as an entrepreneur? Join us in this podcast episode as we discuss the importance of commitment vs want and how you can heighten your level of commitment and accountability to achieve your goals.

Plus, learn from committed readers of Profit First on what it takes to succeed in using it as your cash management system. Let's "Fix This Sh!t NOW" and take control of your entrepreneurial journey!

Danielle delves into dissecting 10 misconceptions or fallacies surrounding Profit First. 

This cash management strategy isn't intended to function autonomously; instead, it's meant to be applied meticulously, adhering to its principles. 

Fragmented utilization is not its intended approach. 

In this episode, Danielle outlines ten instances of business owners misapplying or misconstruing Profit First. Be sure to revisit this episode for a great “how-to” reference.

IN THIS EPISODE:

• [00:17] Danielle outlines the ten myths or misunderstandings about Profit First. #1 What is the purpose of Profit First
• [03:34] #2 Slashing expenses to the bone
• [08:16] #3 Adjusting your allocations over time
• [11:33] #4 Treating Profit First as a one-size-fits-all system
• [14:12] #5 Neglecting taxes
• [16:37] #6 Misinterpreting the no-budget concept
• [18:09] #7 Don’t rely totally on percentages
• [19:58] #8 Profit First is not a quick fix
• [22:44] #9 Confusing your accounts
• [25:13] #10 Ignoring behavioral change

KEY TAKEAWAYS:

• A business without profit will not last. Profit First is a cash management system that keeps your cashflow on track.
• Profit First is not a set it and forget it system. You need to adjust your allocations at the start of each quarter and adjust as your real revenue increases to the next level of target allocations
• If you don’t follow Profit First to the letter, you aren’t doing Profit First right.

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

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.

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.

Danielle and Mike Michalowicz discuss the eleventh step of Profit First, which is celebrating profit distribution at the end of every quarter. They explain that at the end of every quarter, entrepreneurs should check the balance in their profit hold account and take out 50% of that profit account to distribute to shareholders. This money that stays in the business is called cash equity, and the profit distribution can be used for anything that rewards the shareholder. They warn against the idea of plowing back or reinvesting the money into the business, as it is not a cash distribution to shareholders but rather an expense. The idea of profit, in the truest entrepreneurial sense, is a cash distribution to shareholders.

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, 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, 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.

In this special Q&A episode, Profit First Guide Danielle Mulvey takes on some challenging and thought-provoking questions from a husband and wife team who came uber-prepared for the call.

As tradition dictates for episodes that end in "ZERO," Danielle shares her candid insights and expertise to help listeners gain a better understanding of key business concepts and strategies. 

Tune in now to hear Danielle's responses to these insightful questions and discover how you can apply them to your own business.

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.

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.

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

Danielle may hit a nerve or two in this episode when she highlights the RED FLAGS you cannot ignore when it comes to making 5-Star Employee Hires. 

For most businesses, PAYROLL is your biggest expense and can be a significant drain on your profitability when you make a hiring mistake. 

When your payroll is full of average, ho-hum, or worse employees – you need more labor at more expense to do the work that just one 5-Star Employee can accomplish. 

Remember: If 5-Star Employees represent the top 15% of available talent – then statistically speaking, you will need to filter out 6 out of every 7 candidates to get that top 15% candidate. 

You have to raise your RED FLAG alert level to max as you take candidates through your hiring gauntlet. 

 In this episode, Danielle lists multiple warning signs that HR professionals and business owners engaged in the hiring process should embrace. 

Take notes to seeing and eliminating candidates based on critical candidate "RED FLAGS.”

IN THIS EPISODE:

• [00:21]  Danielle goes all in on hiring employees today
• [04:03] Red Flags- Working less than one year at multiple recent employers and exaggeration of duties and responsibilities
• [05:38] Red Flags- If their formal education is in an unrelated field from what you are looking for and their resume suggests a double employment history 
• [07:05] Red Flags- Grammar and punctuation errors and specific fields and industries Danielle would never hire from
• [10:05] Fields and industries we want to hire from
• [13:21] Danielle shares case histories
• [20:19] Danielle compares part-time employees to children and gives more examples of red flags
• [24:08] Danielle gives a fast overview of today's episode

KEY TAKEAWAYS:

• In today’s market, working long-term in a company can be defined as working two years or more in the same company.
• There are industries you should avoid when looking to fill a position because they represent fields where there isn’t urgency involved in their job.
• If a person can’t correct errors in their resume, they are not the type of person you want to hire.

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 step-by-step guide to completing your Instant Assessment - step #5 of implementing Profit First. Discover how to use our Instant Assessment Calculator to make the process simple and easy, and gain valuable insights into the 5th-grade math required to complete it.

With a warning that this episode contains some "salty" language, our experts guide you through the Instant Assessment process and provide tips and tricks for making it a success. Tune in now to discover how to complete your Instant Assessment and take the next step towards financial stability for your business.

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, 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.

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.

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.

Join the kick off to our Profit First 101 series as we discuss the “The Journey of Transformation” model. Additionally, we review Profit First’s three phases of implementation and corresponding 12 steps. If you have yet to start implementing Profit First, or you are stuck at a certain step, or you have already implemented Profit First – no matter where you are on your “Profit First Journey of Transformation” we have best practices to keep you on the path to permanent profitability!

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.

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!

No business is immune to the risk of embezzlement, and ignoring this possibility can be a costly mistake. In this episode, we discuss the uncomfortable yet crucial topic of safeguarding your company against fraud, and why you must take proactive steps to protect the integrity of your accounting practices.

Join us to learn more about how and why you should act now to prevent embezzlement and protect your business.

As a business owner, it's important to have a clear understanding of your company's financials, even if you have a bookkeeper or accountant managing your books.

 In this episode, we discuss the risks of completely abdicating your business financials, and share practical tips for working effectively with your financial professionals. Join us to learn why it's important to stay informed about your company's finances, and how to maintain a healthy and productive relationship with your bookkeeper or accountant.

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 special bonus episode, we are joined by Ean Price Murphy, founder of Moxie Bookkeeping Mentoring and Consulting, for a deeper dive into the world of bookkeeping. As Mastery-Certified Profit First Professionals, Ean and our host share a passion for helping business owners take control of their finances.

Join us as we explore important topics like red flags to watch out for, in-house vs. outsourcing bookkeeping, and more. Whether you're new to entrepreneurship or a seasoned pro, you won't want to miss this valuable conversation.

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.

Credit cards can be a powerful tool for managing cash flow in your business when used responsibly. But how can you use Profit First with credit cards without becoming insidious?

In this episode, we explore best practices for using credit cards as part of your Profit First system, while staying on the win-win side and avoiding costly mistakes. From setting clear boundaries to avoiding temptation, we cover everything you need to know to make credit cards work for you, rather than against you. 

Whether you're new to Profit First or a seasoned pro, this episode is a must-listen for any business owner looking to improve their cash management practices.