Profit First with Mike Michalowicz

Podcast: Available on iTunes Hear Us On Stitcher Watch Us On YouTube

Mikmikeme Michalowicz is a funny guy, and funny guys can usually get away with being a little less serious about their work because their natural charisma pulls them through. Mike, however, is not like that. It’s rare to meet a guy who can be as light-hearted as he is while also providing an in-depth analysis of how young entrepreneurs can succeed in business. But this week, Hardcore MBAlisteners are in luck, because I asked him to share some of his insights with us in our podcast.

Over the course of forty minutes, Mike and I discuss:

  • The use of affirmations to help yourself truly believe in the successes you want to bring forth.
  • The excellent task management system that Mike uses to prioritize his work and make sure the important stuff gets done first.
  • And Mike’s idea of ‘profit first’ accounting, which encourages small business owners to see profit as the top line, rather than the bottom line – an intriguing idea that you’ll have to listen to the podcast to hear more about.

Mike tells me, “entrepreneurs are terrible at saving money because of the law of supply and demand. When we have a greater supply of something, we demand to use it more. When we start a tube of toothpaste, we squeeze loads out each time; but when it gets to the end, we make do with getting just a tiny bit on the brush. The same with money – if we see it in the bank account, we spend it. When we don’t see it, we make do with what we have and we use it in more creative ways. That’s part of the idea behind profit first accounting, that we make sure the profit is accounted for first so that we don’t splash all the money out in operating expenses and things like that.”

Behind the façade of cheerfulness, Mike is an extremely clever guy with a lot of great ideas that are gonna benefit you and your business – I’m certainly going to be looking into implementing some of his suggestions in my own work, and I suggest you take a listen to the podcast and think about doing the same afterwards. When you’re done, check out Mike’s website for more resources.

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