Profit First Nation

• PLAY!

  Join us on Profit First Nation podcast as we explore playful leadership with Profit First author Mike Michalowicz. Learn how incorporating play into your leadership style can strengthen team bonds, boost morale, and increase productivity. Discover daily huddle secrets and key strategies to create an unstoppable team.    Listen now for actionable insights and transform your business dynamics!  

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• 3X The Function, Not the Title

  Welcome to this episode of Profit First Nation Podcast, where we dive deep into maximizing your business's profitability through effective payroll management. Discover the secret to tripling the function of your roles without getting hung up on titles.    Learn how to make strategic hiring decisions, use job titles effectively, and set clear success metrics that ensure every dollar you invest in your team works three times harder for your bottom line.    Tune in for invaluable insights on building an unstoppable team that drives your business forward!  

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• When in Doubt Open an Account

  “When in doubt, add an account.” Profit First Professional’s Chief Profit Guide, Billy Ann Grigg, discusses the concept of adding additional bank accounts to the Profit First system when necessary.  They highlight the importance of setting up accounts for specific purposes, such as a drip account for managing seasonal income, a payroll account to ensure you never miss paying your employees, and an account for large annual expenses like insurance or subscriptions.  They stress the need to track the return on marketing expenses and allocate funds for education and travel. The episode emphasizes the importance of allocating funds to different accounts to ensure financial stability and clarity in business operations. TIMESTAMPS: [00:45] Importance of additional accounts in the Profit First system  [01:47] The role of a drip account in stabilizing cash flow, managing retainers and allocation from the drip account  [08:09] Setting up a payroll account to ensure timely employee payments. Identifying payroll bloat and making staffing adjustments  [11:16] Tracking ROI on marketing expenses and setting up a marketing account  [16:38] Avoiding credit card expenses by having the money ready for large expenses  [21:24] Allocating for education and memberships  [22:53] Travel accounts for business trips and in-person events    KEY TAKEAWAYS: Establishing dedicated bank accounts for specific purposes within the Profit First system helps maintain financial stability and clarity in business operations. Accounts like the drip account, payroll account, and marketing account are essential for managing seasonal income, ensuring timely employee payments, and tracking the return on marketing expenses. Allocating funds for large annual expenses, education, and travel helps businesses plan and budget effectively, reducing financial stress and improving overall profitability.  

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• 8 Profit First Mistakes

  In this episode of Profit First Nation Podcast, we dive into the world of Profit First and uncover the top 8 mistakes that entrepreneurs often make when implementing this revolutionary financial system. From neglecting to set realistic profit targets to failing to prioritize profit allocations, these missteps can hinder your business's financial growth.   Join us as we discuss practical strategies to avoid these pitfalls and ensure that you're maximizing your profitability. Whether you're a seasoned business owner or just starting out, this episode is packed with valuable insights to help you take control of your finances and increase your bottom line.    Tune in now and discover how to make Profit First work for you!  

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• Ep. 152- Play for Monopoly Control

  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  

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