Ep. 138: Profitable Insights with Mike Michalowicz
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.
