057: Mike Michalowicz – The Easiest Way To Ensure That Your Business Becomes Wildly And Permanently Profitable
Posted by January 22, 2015on
23 million out of 28 million companies that do less than $25 million in revenue are operating check to check, and it’s possible you’re one of the 82% that is struggling.
Fortunately, there is a simple system you can implement to turn your business from a cash eating monster into a profit-generating machine and ensures that you’ll be permanently profitable.
Mike Michalowicz (mi-CAL-oh-wits) founded and sold two multi-million dollar companies by the time he turned 35. Confident that he had the formula to success, he became an angel investor…
…and proceeded to lose his entire fortune.
Then he started all over again.
Driven to find better ways to grow healthy, strong companies, Mike created the “Profit First Formula”, a way for businesses to ensure they’re permanently profitable from their very next deposit forward.
Mike is now running his third million dollar venture; is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics, and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic”.
He is also a guest speaker at Harvard, Princeton, eBay, SBA, and other organizations throughout the world and also hosts the Profit First Podcast.
In today’s episode, Mike breaks down the Profit First Formula, the cash management system that will ensure any business will become permanently profitable regardless of size, industry, or how much debt it carries or how many years it has been operating.
Key Takeaways from the Show
- Reverse engineering your way to profitability
- Why entrepreneurs never name themselves as top employees and why that’s a problem.
- Why having a large bank account can be bad for business
- How and why standard accounting principles are flawed
Links / Resources
Subscribe & Review
To get more awesome Ecommerce Influence content sent directly to your device and into your ears as they become available, you can easily subscribe by clicking on either one of the subscribe buttons below:
Also, ratings and reviews on iTunes (hopefully 5-stars!) help us tremendously, we’re very grateful for them.
We do read all of the reviews and we’ll answer your questions or comments on future episodes.
Austin & Chad!
33 Tools & Apps The Fastest-Growing Brands Are Using Right Now
Enter your email to access this list of killer tools for scaling up your ecommerce business