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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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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, 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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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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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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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:
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 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
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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:
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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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.
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 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/
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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 businessKEY 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:
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 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.
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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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:
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 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/
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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:
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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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.
Billie Anne Grigg - Linkedin
Pocket Protector Bookkeeping - Website
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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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:
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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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:
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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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:
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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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:
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
-
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:
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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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 episodeKEY 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:
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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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 nowKEY 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:
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 twenty-eight 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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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:
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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