Profit Is A Habit (Mike Michalowicz)

Mike Michalowicz believes in rewriting the rules of business finance. He shares his journey from financial struggle to mastering a “profit first” approach, emphasizes profit as a habit, and encourages entrepreneurs to rethink their financial strategies for stability and long-term success. Mike Michalowicz is best known for his bestselling book and program of the same name, Profit First. He’s the entrepreneur behind three multimillion-dollar businesses and author of several other books. In this episode Melinda and Mike talk about: The importance of starting new activities with compassion and grace, regardless of timingYour future self’s perspective on current decisions and third-party accountabilityThe misconception that not taking a profit hurts customers and the need for profitable sellingEmphasizing profitability for meeting customer needs and business stabilityTithing and prioritizing self-care before lifestyle adjustmentsProfit as a habit and Parkinson’s law for promoting frugality and efficiency in businessThe behavioral principle of setting multiple bank accounts to manage money effectivelyCreating a gradual shift in mindset for seasoned coaches towards profit-first practicesOvercoming procrastination and embarrassment in implementing financial changes“Profitability is not greed by any sense; it's contribution. It's the way that we give because we now have a business that's healthy.” — Mike Michalowicz Guest Bio: Mike Michalowicz (pronounced mi-KAL-o-wits) is the entrepreneur behind three multimillion-dollar companies and is the author of several business books, including Profit First, Clockwork, The Pumpkin Plan, and his newest book, All In. Mike is a former small business columnist for The Wall Street Journal and business makeover expert for MSNBC. He regularly travels the globe as an entrepreneurial advocate. By his 35th birthday, Mike had founded and sold two multimillion-dollar companies. Confident that he had the formula to success, he became a small business angel investor… and proceeded to lose his entire fortune. Then he started all over again, driven to find better ways to grow healthy, strong companies. Mike has devoted his life to the research and delivery of innovative, impactful entrepreneurial strategies to you. Mike is the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit. He is the creator of Clockwork, a powerful method to make any business run on automatic. In Fix This Next, Mike details the strategy businesses can use to determine what to do, in what order, to ensure healthy, fast, permanent growth (and avoid debilitating distractions). Get Different will give you the tools to stand out in any market. Mike’s All In shows you how to build unstoppable teams where everyone wins. Resources or websites mentioned in this episode: Mirasee Coaches Console Melinda’s book: The Confident Coach Mike’s website: MikeMichalowicz.com Mike’s podcast: MikeMichalowicz.com/podcast/ Mike’s YouTube channel: YouTube.com/user/MikeMichalowicz Credits: Host: Melinda Cohan Producer and Editor: Michi Lantz Executive Producer: Danny Iny Music Soundscape: Chad Michael Snavely Making our hosts sound great: Home Brew Audio To catch the great episodes that are coming up on Just Between Coaches, please follow us on Mirasee FM's YouTube channelor your favorite podcast player. And if you enjoyed the show, please leave us a comment or a starred review. It's the best way to help us get these ideas to more people. Music credits: Track Title: Clouds Artist Name: Acreage Writer Name: Marshall Usinger Publisher Name: BOSS SOUNDSTRIPE PRODUCTIONS Track Title: Coastline Dream Artist Name: Wild Sky Writer Name: Adam Simons Publisher Name: BOSS SOUNDSTRIPE PRODUCTIONS Track Title: Coo Coos Artist Name: Dresden, The Flamingo Writer Name: Matthew Wigton Publisher Name: A SOUNDSTRIPE PRODUCTION Track Title: Stars & Trees Artist Name: Outside The Sky Writer Name: Dustin Ransom Publisher Name: A SOUNDSTRIPE PRODUCTION Special effects credits: 24990513_birds-chirping_by_promission used with permission of the author and under license by AudioJungle/Envato Market. Episode transcript: Profit Is A Habit (Mike Michalowicz).