Profit First Nation

Ep. 151 - Relish Your Ownership

Danielle Mulvey & Mike Michałowicz — Tue, 19 Dec 2023 21:17:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

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

Ep. 150 - Q&A Quiz Edition

Danielle Mulvey & Mike Michalowicz — Tue, 12 Dec 2023 20:46:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

Episodes ending in 0 are Q & A sessions designed to help entrepreneurs operating their businesses in the zone of permanent profitability continue to thrive.

Danielle is excited to host a quiz edition to test your Profit First IQ.

There are no scores today, but the correct answers to these questions determine your prowess to do Profit First right to make your business permanently profitable. Don’t miss it!

IN THIS EPISODE:

[00:57] Danielle has ten quiz questions today. Question one is: What is real revenue
[3:07] Do owners who take a salary need a business compensation account
[4:25] How do you pay as little as possible in taxes
[7:57] Which account should you pay your taxes from
[10:45] What do you do with money in your existing bank account when you open a business
[12:15] Do we address debt by paying off the loans with the highest interest rate or use the snowball effect
[14:31] Can the owner’s compensation and tax account be combined into one account
[16:53] How do you calculate target allocation percentages
[21:45] Do business owners need separate profit and owner’s compensation accounts
[23:29] At what point in time should I start Profit First for my business

KEY TAKEAWAYS:

Real revenue in Profit First is determined by subtracting materials and subcontractor costs from total revenue. Allocations and financial decisions are based on this real revenue number.
Even if business owners take compensation as draws or distributions, Profit First recommends maintaining separate accounts for owner's compensation (acts like regular payroll) and profit (acts like a bonus). This separation ensures clarity and prevents the business from becoming a personal piggy bank.
Profit First can be implemented in businesses at any stage, even if they are not yet profitable. Starting early helps establish good financial habits, and the system can be adjusted as the business grows and becomes more profitable over time.

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:

RESOURCES:

Ep. 149 - ALL IN: Power Skills with Kelly Ruta

Danielle Mulvey, Mike Michalowicz & Kelly Ruta — Tue, 05 Dec 2023 07:00:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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.

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://profitfirs...

Ep. 148- Q&A: Instant Assessments with Mike Michalowicz

Danielle Mulvey & Mike Michalowicz — Tue, 28 Nov 2023 07:00:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

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.

RESOURCES:

Ep. 147- Switzerland Structure

Danielle Mulvey & Mike Michalowicz — Tue, 21 Nov 2023 07:00:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

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/

Ep. 146- Danielle’s Modus Operandi

Danielle Mulvey & Mike Michalowicz — Tue, 14 Nov 2023 07:00:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

In this episode of Profit First Nation, host Danielle Mulvey reveals her seven key principles that she consistently applies to her business operations. She shares personal anecdotes and practical examples to illustrate her modus operandi.

Danielle underscores the value of these principles in her own journey as an entrepreneur and how they have contributed to her success, providing valuable insights for entrepreneurs seeking sustained profitability.

IN THIS EPISODE:

[00:53] Introduction to Danielle's six modus operandi.
[01:31] Modus Operandi 1: All of us are smarter than one of us.
[03:19] Modus Operandi 2: Why don't airplanes fall out of the sky?
[09:13] Modus Operandi 3: One teaspoon at a time.
[11:10] Modus Operandi 4: 50 times - Who says it the most wins?
[16:41] Modus Operandi 5: Care and feed your employees like they are your children.
[19:24] Modus Operandi 6: Freedom and flexibility for all.
[23:37] Modus Operandi 7: "Seize the day and your daily huddle.

KEY TAKEAWAYS:

"All of us are smarter than one of us." Danielle emphasizes the importance of collaboration and surrounding yourself with smart people both within your team and in your network. Working together and seeking diverse perspectives can lead to better outcomes in business.
Danielle highlights the significance of using checklists in your business operations. Drawing inspiration from the aviation industry, where pilots follow checklists to ensure safety and consistency, she encourages business owners to adopt checklists to enhance efficiency, consistency, and reduce errors.
Treat your employees with the same level of care and support as you would your own children. By providing a sense of safety and appreciation, your employees can thrive, which in turn leads to a better work environment and greater success.

ABOUT THE HOSTS:

RESOURCES:

Billie Anne Grigg - Linkedin

Ep. 145- Total Revenue Minus Materials, Subs & More

Danielle Mulvey & Mike Michalowicz — Tue, 07 Nov 2023 07:00:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

We welcome back the ever-popular Billie Anne Grigg, Profit First Professional’s Chief Profit Guide. Together, Danielle and Billie Anne dive into the intriguing world of "above the line" expenses within the Profit First framework.

The episode covers above-the-line expenses, such as materials, subcontractor costs, pass-through expenses, franchise fees, and more.

They also emphasize the importance of understanding your financial numbers and owning allocation day to achieve permanent profitability.

IN THIS EPISODE:

[00:55] - Explanation of "above the line" expenses and real revenue.
[01:47] - Common mistakes made with above-the-line expenses.
[03:27] - Handling W-2 employees and commissions.
[06:16] - The importance of pass-through expenses.
[06:56] - Managing franchise fees.
[07:50] - The role of a deposit account in organizing expenses.
[09:00] - Simplifying allocation day using a spreadsheet.
[12:19] - The freedom and clarity Profit First brings to managing finances.
[14:02] - Success stories of large businesses implementing Profit First.

KEY TAKEAWAYS:

Above-the-line expenses should be items directly tied to revenue, such as materials, subcontractor costs, pass-through expenses, and franchise fees. These should be deducted from total revenue before determining real revenue.
Profit First simplifies financial management by reducing the need for complex budgets and allowing you to focus on one key number – the total amount available for allocation.
Profit First is not just for small businesses; it's essential for large businesses, especially due to the complexities involved in managing cash flow and expenses. The principles of Profit First can benefit businesses of all sizes.

GUEST BIOGRAPHY: Billie Anne Grigg

Billie Anne has been a bookkeeper since before the turn of the century. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Partner and a Mastery Level Certified Profit First Professional. She is also a guide for the Profit First Professionals organization. In 2012, she started Pocket Protector Bookkeeping, a virtual bookkeeping and managerial accounting service for small businesses.

Pocket Protector Bookkeeping - Website

ABOUT THE HOSTS:

RESOURCES:

Ep. 144- Fixing the Errors of Mishires

Danielle Mulvey & Mike Michalowicz — Tue, 31 Oct 2023 06:00:00 -0100

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Ep. 143- Your Price Controls Your Profit

Danielle Mulvey & Mike Michalowicz — Tue, 24 Oct 2023 07:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Ep. 142- Don’t Be the Hub

Danielle Mulvey & Mike Michalowicz — Tue, 17 Oct 2023 18:18:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Ep. 141 - Seas the Day and Take Your Vitamin See

Danielle Mulvey & Mike Michalowicz — Tue, 10 Oct 2023 20:08:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Ep. 140- Doing Profit First Right vs Ish: Question & Answers

Danielle Mulvey & Mike Michalowicz — Tue, 03 Oct 2023 23:58:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Ep. 139- Resume Red Flags Too Costly to Ignore

Danielle Mulvey & Mike Michalowicz — Tue, 26 Sep 2023 14:40:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Ep. 138- Profitable Insights with Mike Michalowicz

Danielle Mulvey and Mike Michalowicz — Tue, 19 Sep 2023 07:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

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.

RESOURCES:

Ep. 137- The 8 Steps to Productize Your Service to Create a New Revenue Stream

Danielle Mulvey & Mike Michalowicz — Tue, 12 Sep 2023 07:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Billie Anne Grigg - Linkedin

Ep. 136- Renee’s Profit First Journey

Danielle Mulvey & Renee Moore — Tue, 05 Sep 2023 07:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

Ep. 135- Unlocking Cash Flow Secrets: AI's Impact on Bookkeeping and the Power of Sharing the Pie

Danielle Mulvey, Billie Anne Grigg, & Mike Michalowicz — Tue, 29 Aug 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

Billie Anne Grigg, the Chief Strategic Guide for Profit First Professionals and Danielle delve into cash flow and explore the role of AI in the context of bookkeeping.. Lastly, they shift their focus to the concept of a "piece of the pie." This seemingly unrelated notion is profoundly relevant to businesses. The discussion underscores how companies often diversify beyond their core focus when they should engage complementary business professionals to serve the client. Metaphorically, the pie can and should be shared by all.

IN THIS EPISODE:

[01:06] Why do we focus on cashflow projections with Profit First, and what is baseline selling
[09:04] Working off the “process” of the Profit First plan
[11:54] Ai can be beneficial but will not replace bookkeepers and accountants
[20:17] Doing what you do best and collaborating with business owners who can provide complementary services to yours
[24:28] How to access resources on the Profit First Nation website

KEY TAKEAWAYS:

You need to know your cash flow projection, but you also need Profit First. It’s not an either-or; it’s both.
There is truth in the saying, “garbage in, garbage out.” So if you are using Ai, it must be set up correctly. However, Ai does not eliminate the need for an accountant or bookkeeper who can assess the financial situation.
Trying to do every service for a client is a mistake. Stay with what you do well and find complementary businesses you can co-op with so everyone gets a piece of the pie.

GUEST BIOGRAPHY: Billie Anne Grigg

Pocket Protector Bookkeeping - Website

ABOUT THE HOSTS:

RESOURCES:

Ep. 134 - How and Why to Let Employees Go

Danielle Mulvey & Mike Michalowicz — Tue, 22 Aug 2023 00:23:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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.

RESOURCES:

Ep. 133 Bonus - Motherhood, Apple Pie and All That Happy Horseshit

Danielle Mulvey, Cyndi Thomason, & Mike Michalowicz — Thu, 10 Aug 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

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

Ep. 133 - Mastering Inventory for E-Commerce Success: Expert Tips from Certified Profit First Professional Cyndi Thomason,

Danielle Mulvey, Cyndi Thomason, & Mike Michalowicz — Tue, 08 Aug 2023 18:31:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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.

Bookskeep -Website

Cyndi Thomason - Website

ABOUT THE HOSTS:

RESOURCES:

Ep. 132 - Boost Your Business's Value and Maximize Profit: 4 Strategies to Amplify Profitability

Danielle Mulvey & Mike Michalaowicz — Tue, 01 Aug 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

Danielle presents a significant subject today, which holds importance regardless of the duration of your business. How can you increase the value of your business, ensuring a premium price/offer upon its sale? Business owners typically exit their business for one of three reasons. Begin strategizing for your exit today so your motivations align with your intended plans. In this episode, Danielle will outline four strategies that will amplify your business's profitability.

IN THIS EPISODE:

[00:00] Danielle will talk about exiting your business, and the first question to answer regarding leaving your business
[06:23] How do you value your business
[09:35] The three motivators to selling a business; personal motivation; personal crisis, or the owner believes the business has peaked
[14:32] Make a plan now for personal motivation and determine what you want to sell your business for
[19:20] Determine what you will do with your time; if you will stay involved in the business; how you will reward your employees, and the impact of shareholders on the value of the business
[26:10] A review of the four areas that can lead to a 30% in the value of the business

KEY TAKEAWAYS:

It’s never too soon to begin an exit plan for your business to maximize the sale price.
The reason for selling the business does have an impact on the value of your business.
Personal crisis is the least favorable motivator to selling a business leaving you with the least profit.

ABOUT THE HOSTS:

RESOURCES:

Ep. 131 - Unlocking Intentional Growth: 6 Steps for Increased Profitability and Deliberate Expansion

Danielle Mulvey & Mike Michalaowicz — Tue, 25 Jul 2023 15:27:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Ep. 130 - Mastering Profit First: A Comprehensive Guide to Allocating Funds for Financial Success

Danielle Mulvey & Mike Michalowicz — Tue, 18 Jul 2023 14:54:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

ABOUT THE HOSTS:

Ep. 129 - How to Leverage Indeed Job posts to Attract THE BEST Applicants

Danielle Mulvey & Mike Michalowicz — Tue, 11 Jul 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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.

RESOURCES:

Ep. 128 - Profit First Secrets Revealed: Mastering Initial Expenses and Achieving Profitability from Day One with Mike Michalowicz

Danielle Mulvey & Mike Michalowicz — Tue, 04 Jul 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

Mike Michalowicz, the author of Profit First, addresses inquiries from the audience. He will delve into the initial expenses for budding enterprises and emphasize the importance of achieving profitability right from the beginning. He cautions against squandering funds on trivial items during the early stages of business establishment. Danielle invites you to a workshop on July 12th on Reverse Engineering, enabling you to ascertain your financial figures. This episode holds valuable information for individuals involved in any aspect of a business.

IN THIS EPISODE:

[01:10] Mike gives his views on startup costs for a new business when sufficient cash is not available
[05:53] Mike tells why you should institute Profit First immediately when starting a business
[08:19] Danielle invites you to a reverse engineering workshop to be held on July 12th to learn what your actual numbers are and stresses the need for going after new business
[11:31] Mike warns about focusing on the wrong things in the early stage of your business
[13:38] Do I combine my businesses on Profit First or split them up? Mike is emphatic about his answer

KEY TAKEAWAYS:

As a new startup, learning on a smaller scale is better. The risk is less substantial, and you learn as you operate your new venture.
A new business should start to become profitable from day one.
If you have more than one business, you should ALWAYS have separate Profit First accounts for all your businesses.

ABOUT THE HOSTS:

RESOURCES:

Bonus Episode - Transform Your Restaurant into a Profitable Venture: Insights from Kasey Anton, Author of Profit First for Restaurants

Kasey Anton & Mike Michalowicz — Thu, 29 Jun 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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.

Spark Business Consulting - Website

Kasey Anton - 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:

Ep. 127 - Profitability Unleashed: Unveiling Kasey Anton's Insights on Analyzing Your Business and Igniting Marketing Ingenuity

Danielle Mulvey, Mike Michalowicz, Kasey Anton — Tue, 27 Jun 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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.

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.

Ep. 126 - Boost Your Profits: The Power of Done For You Services Unveiled by Danielle

Danielle Mulvey & Mike Michalowicz — Tue, 20 Jun 2023 04:01:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Billie Anne Grigg - Linkedin

Ep. 125: Mastering Profit First: Expert Advice on Expense Categorization, Price Increases, and Inflation Preparedness

Billie Anne Grigg, Danielle Mulvey, & Mike Michalowicz — Mon, 19 Jun 2023 04:02:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

In today's episode, Billie Anne Grigg, a distinguished Chief Profit First Profession Guide, joins Danielle as they address listeners' questions about Profit First. Together, they delve into properly categorizing expenses and ensuring they are allocated to the appropriate accounts. Additionally, they tackle the often daunting prospect of raising prices. While this may seem intimidating for small business owners, they emphasize that it presents a unique opportunity to emulate the strategies employed by larger vendors. Furthermore, Billie Anne and Danielle discuss inflation and provide insights on how entrepreneurs should proactively prepare for its impact. Tune in to gain valuable knowledge and guidance on these essential aspects of Profit First.

IN THIS EPISODE:

[02:32] Billie Anne answers the question of how you disperse a real estate agents commission
[04:15] How do you classify the cost of goods on the instant assessment when you don’t have control over the cogs
[07:57] What should expenses be for an online boutique, i.e., salaries, rent, shipping and advertising
[11:54] Billie Anne recommends Profit First for E-Commerce Seller’s book.
[13:52] Should you raise prices during this inflationary period
[18:51] Make a plan and prepare for inflation or a recession so you’ll be a step ahead of those who don’t prepare

KEY TAKEAWAYS:

Prices are being raised all over the board. Therefore, a prudent business person should also raise their prices.
Now is a great time to negotiate rental space because there are many vacant spaces.
Marketing expenses must produce a six to ten times return on that expense. Otherwise, you need to try another marketing strategy

GUEST BIOGRAPHY: Billie Anne Grigg

Pocket Protector Bookkeeping - Website

RESOURCES:

Ep 124 : Recruiting Five-Star Employees: A Guide to Error-Free Payroll Management and Effective Hiring Strategies

Danielle Mulvey & Mike Michalowicz — Sat, 17 Jun 2023 04:00:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

Danielle will be presenting an episode on the effective recruitment of five-star employees. Managing payroll is a significant expenditure, making it crucial to avoid errors in this vital aspect of your business. Hiring the right employee doesn't have to be a guessing game. There are established structures and principles that can assist you in selecting the ideal candidate for any position. Additionally, Danielle offers a complimentary download for a brief four-minute exercise that serves as a litmus test for assessing the eleven qualities of a five-star employee.

IN THIS EPISODE:

[00:17] How do you hire five-star employees? Danielle gives an example of a learning experience in hiring a one-star employee
[05:14] Hire based on a structured foundation of identifying and understanding all the factors and requirements of the position
[07:11] What is the five-star rating system
[10:57] What are the 11 universal qualities that give you another hiring criteria
[14:08] What is a return on payroll
[16:30] Danielle gives an overview of how to hire a five-star employee and provides a free download of an Employers Guide of Hiring

KEY TAKEAWAYS:

Payroll is one of the most significant expenses any business can have.
Five-star employees represent 15% of the available talent in the marketplace.
There is a no-fail framework for hiring five-star employees. There is no reason not to use these tips; never settle for anything less.

Text Neversettle to 411-321 for a free download of Employers Guide to Hiring

ABOUT THE HOSTS:

RESOURCES:

Jeff Wickersham - Linkedin

Ep. 123: Unleashing the Power of Profit First: Jeff Wickersham's Journey to Financial Transformation and Mindset Mastery

Jeff Wickersham, Danielle Mulvey & Mike Michalowicz — Fri, 16 Jun 2023 04:02:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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.

The Morning Fire - Website

How To Ignite Your Morning Fire - Audible

RESOURCES:

Ep. 122: The Impact Level Unveiled: Exploring the Essential Pillars of Business Success

Danielle Mulvey, Mike Michalowicz — Thu, 15 Jun 2023 04:02:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES:

Jake A. Carlson - Linkedin

Fix This Next - Website

Ep. 121: Supercharge Your Business with Profit First: Insights from Jake A. Carlson's Modern Leadership Journey!

Jake A. Carlson, Danielle Mulvey, Mike Michalowicz — Wed, 14 Jun 2023 04:02:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

In today's episode, Danielle is joined by Jake A. Carlson, who shares his journey with Profit First and provides information about his Modern Leadership podcast. Jake delves into the practical implementation of the Profit First account system in his businesses, even going beyond the standard required accounts. He presents fascinating examples of the system for profitability and cautions against common pitfalls. Additionally, Jake reveals his five leadership superpowers and offers a complimentary download on his website. Through Jake's valuable insights, discover more about the reliable and proven Profit First methodology.

IN THIS EPISODE:

[01:43] Jake explains how he learned about Profit First and how he implemented the process into his business plans
[05:31] To get started with Profit First, Jake implemented the plan page by page
[07:44] Jake shares how they have added two accounts to the original five and how those operate within his business
[11:07] Jakes explains how he keeps a three-month reserve in each of his accounts, which enabled him to keep operating during the first two months of Covid when there was no income
[16:44] Jakes insists the clients he coaches listen to Mike on audible, and if they aren’t willing to listen, he doesn’t coach them
[21:19] Jake outlines why he started the Modern Leadership Podcast, and he discusses what the Leadership Power Assessment is

KEY TAKEAWAYS:

First Profit can help your business succeed if you follow it wholeheartedly.
Accounts should maintain at least a three-month reserve to provide peace of mind.
A true leader is a person who not only supports the employees but listens to them.

GUEST BIOGRAPHY: Jake A. Carlson

An attorney, recognized business leader, inspiring presenter, and popular podcast host. A natural storyteller who loves listening to your story and exploring what matters most to you. I earned my law degree (JD) from California Western School of Law concurrently with a business degree (MBA) from San Diego State University, attending on a Creative Problem-Solving Scholarship and receiving the 2005 Outstanding Case Award for best MBA consulting project—a licensed member of the State Bar of Arizona. I began my career in the nonprofit sector as Associate Regional Director and then as National Major Gifts Counsel, an in-house tax counsel position with the Boy Scouts of America National Foundation. In these positions, I was first introduced to the idea of leaving not just your valuables but your values to the people you love most. Working with hundreds of families on tax estate strategies, I developed the Values-Based Estate Planning strategy used by LifePlan Legal today. I have personally presented to over 200 groups in 27 states on estate planning and protecting your legacy and authored over 100 leadership articles on influence, legacy, family vision, and the Values-Based Estate Planning process. As host of the Modern Leadership Podcast and Family Before Fortune Podcast since 2014, I have had the privilege of interviewing hundreds of recognized executives.

Family Before Fortune - Website

Jake A. Carlson - Website

LifePlan Legal AZ - Website

Jake A Carlson - Twitter

Jack Carlson 408 - Twitter

RESOURCES:

Ep. 120: Profit First Q&A Extravaganza: Essential Accounts, Revenue Breakdowns, and Business Evaluations Unveiled

Profit First Nation, Danielle Mulvey & Mike Michalowicz — Tue, 13 Jun 2023 04:02:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

Today is a dedicated episode for questions and answers, where Danielle addresses the most commonly asked questions in depth. Profit First's guiding principle is "When in doubt, add an account." Therefore, we will discuss essential accounts that every business should have and additional accounts for specific scenarios. We will also tackle inquiries related to actual revenue, compensation for owners, distributions, and how to allocate these funds. Moreover, you will gain insights into evaluating a business you might be interested in acquiring. This episode is filled with valuable information for entrepreneurs, so don’t miss it.

IN THIS EPISODE:

[01:18] What does real revenue mean
[06:32] How many accounts should I have if I operate with goods or subcontractors, et cetera
[08:38] What if I receive a paycheck? Does it still go through the owner’s pay account
[09:34] Do I only do allocations on the 10th and the 25th
[12:06] Do you need a profit account and a separate owner’s pay account if you take your pay in distributions
[13:28] Can I use Profit First to identify which business to buy? Danielle gives an example of what not to do
[17:30] Is it ever a good idea to run a profit assessment on a large business representing many services, or how should it be done
[21:38] Submit any questions you have to profitfirstnation.com

KEY TAKEAWAYS:

Never purchase a business without first looking at the owner’s taxes.
There are five accounts a business needs; an income, a profit, the owner's pay, a tax account and the operating expense account.
Self-employed people who receive their income irregularly should make allocations based on when they receive income.

ABOUT THE HOSTS:

RESOURCES:

Ep. 119: Unlocking Employee Loyalty: The Five-Star Retention Strategy Revealed!

Profit First Nation, Danielle Mulvey & Mike Michalowicz — Mon, 12 Jun 2023 04:02:00 +0000

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

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:

RESOURCES: