166: Why Profit is Essential for Business Success with Mike Michalowicz

Are you ready to take control of your finances and build a business that works for you? In today’s episode, I’m thrilled to have Mike Michalowicz, creator of Profit First, joining me on the podcast. We dive deep into the key misconceptions about Profit First, especially in the therapy space, and we explore how understanding profit differently can make a huge impact on your business and well-being. Mike and I discuss how the Profit First system isn’t just about making money—it’s about creating sustainability and reducing financial stress in your business. Mike shares why profit is essential for therapists and other helpers, and how a lack of profit can actually hinder your ability to serve clients. We also talk about the power of setting up your business in a way that supports you emotionally, not just financially, and the changes he’s seen in the small business landscape over the years. If you’ve ever felt overwhelmed by your finances or unsure about the right way to approach profitability, this episode is packed with practical advice and shifts in perspective that will help you move forward with clarity. Tune in to hear how you can apply the Profit First principles in your own practice and start creating the financial foundation that allows you to thrive. For a full transcript of the episode and much more, check out the blog post on our website! https://moneynutsandbolts.com/?p=17616 To watch a video version of this, check it out on YouTube: https://youtu.be/FjaiWDKcFl0  Connect with Mike Michalowicz On Facebook: https://www.facebook.com/MikeMichalowiczFanPage/ On Instagram: https://www.instagram.com/mikemichalowicz/ On LinkedIn: https://www.linkedin.com/in/mikemichalowicz/ On YouTube: https://www.youtube.com/c/mikemichalowiczofficial Tik Tok: Mike Michalowicz https://dontwritethatbookpodcast.com/ Mentioned in this episode: Learn More about My FREE Workshop, How to Run a Successful Group Practice Ready to stop stressing about your group practice finances, and instead become the empowered financial leader that your practice needs? Register for my FREE workshop, How to Run a Successful Group Practice Want to work with Linzy? Check out the FREE masterclass, The 4 Step Framework to Getting Your Business Finances Totally in Order, where you'll learn the framework that has helped hundreds of therapists go from money confusion and shame to calm and confidence, as well as the three biggest financial mistakes that therapists make. At the end, you'll be invited to join Money Skills for Therapists and get Linzy's support in getting your finances finally working for you. Click on the link to find a masterclass time that works for you! Register for Linzy's Free Masterclass Check Out Relay for Business Banking Skip banking fees, minimum balances, and tedious bank visits. Start with the unicorn of all banks, Relay, my go-to money management and online banking platform. Signing up is free and takes under 10 minutes. Plus, if you use my link, you’ll get a $50 sign up bonus when you fund your new account. Sign Up for Relay