Mike Michalowicz has founded and sold multi-million dollar companies. He is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur. He is also the former small business columnist for The Wall Street Journal, former MSNBC business make-over expert and is a popular keynote speaker. Also Mike has created the Profit First Professional community – a community of accountants focused on helping small businesses with Profit First.
Profit First flips the focus from revenue.
83% of business on verge of going out of business.
Put aside a set percentage of revenue.
Sales – Expense = Profit – whilst logical correct but not behavioural correct
Parkinsons law – human behaviour expand our demand based on supply.
Behaviours dictate around supply. Eg when money is in bank account then spend but if there is less there then it will encourage frugality and innovation.
We struggle to change behaviour but we can re-direct behaviour.
Profit First Professionals – helping accountants transform small business.
Accountants are facing commoditisation and also a changing landscape because of technology. They need to move to consultative approach.
Society addicted to axioms.
Profit First Professionals must specialise. Become specialised so that nearly avoid competition. Once identify specialisation then ask biggest problem to leverage expertise.
- Do profit first yourself
- Dominate niche
Website – Personal – mikemichalowicz.com
Profit First Professionals – profitfirstprofessionals.com
Twitter – @mikemichalowicz