The Profit First Podcast

Today, Kathryn Kerby talks about profitability from the aspect of a farmer. If there’s one business that is difficult to make a profit, it’s farming. Kathryn’s farm was struggling to survive and hit rock bottom; when Kathryn found Profit First she implemented it immediately, and now her farm has quadrupled in revenue and slashed costs in the process. Discover how this 20-acre farm turned a financial calamity into a prospering business. Welcome to Episode 81 of the Profit First Podcast!

Jenny Blake explains that pivoting is about doubling down on what’s already working. At the end of the day regret only comes from not taking action… so have the courage to do it!

In our most powerful interview of all time, author of The Go-Giver, Bob Burg, joins Mike Michalowicz, Chris Curran and Kristina Bolduc on Episode 79 of the Profit First Podcast! The tremendous trio asks Bob the question “how can you be profitable by giving?” Bob shares a remarkable story of different ways that givers come out ahead. Bob provides techniques on the importance of humility and sharing. Kristina share’s a personal story of how her Grandmother defined a significant element of her life by giving an apple when it was the only thing she had to share.

Nikki Begg ran a profit first analysis of Petals, her business in Bermuda,and finds that she is bleeding money – and now is at the precipice of a decision… does she sell the business, tank the business, or do something else? In this episode we discover there is yet ANOTHER option that Nikki didn’t think about. Mike Michalowicz walks her through an implementation of Profit First and facing the hard decisions you need to make when you run multiple businesses. 

Today, Keith shares his story of how he was trying to develop a business in hot air ballooning for years while working a full time job. While the business revenue grew, their profitability was never enough where they didn’t have to take on debt and were surviving check by check. The most challenging part for Keith was not making enough of an income to replace his full time job. Keith found and implemented Profit First – and the results are nothing short of magnificent. The most interesting part of Keith’s story is that as the business implemented Profit First it actually spawned faster growth than ever before [we’re noticing a consistent trend here]. When businesses take profit first they are forced to become more innovative and find better ways to do things more efficiently… and in many cases the revenue increases. Among the strategies that Keith used he discovered that he had great employees, but they weren’t doing the great things they should be doing, so he shifted them around. Keith also cut expenses tha

In this episode we discuss the accounting basics that every entrepreneur needs to know. When you’re working with an Accountant, what questions should you be asking them? How often should you be meeting with them? Do you understand the different key financial statements and is your Accountant explaining them to you? How can you more towards forecasting and predicting how your business financials will be? Jody Padar and Mike Michalowicz give us the entire formula to making sure you get that right with your Accountant. Tune in!

Michelle Villalobos shares her story of launching a membership organization – and how it wasn’t all sunshine and roses. Michelle left a corporate position to start her company; it was only after she burned through all of her savings that she was able to start making the turn towards a successful business… but her story wasn’t done yet! It took years to finally get her business to a level of consistent profitability. Then with the implementation of Profit First, Michelle’s business is achieving success and profits to a degree it never has been before. In this episode you will also discover amazing insights to the concept of future self and the ability that we all have to make our own stage. You don’t want to miss this one!

Julia Pimsleur shares the 8 steps necessary to raise funds – you do not need to do them all, however, you have to be aware of all the steps and take action on at least 5 of them.  Julia also explains all the different sources of funding as well as angel investing and venture capital. She also shares a gaggle of resources that you can visit to find funds in your local community.

Chuck Parmely owns a $3.2 million dollar overhead door business – which sounds like a wildly successful business until you find out that his company has been in existence for 37 years, barely scratching 1% to 3% profitability; in other words, his business wasn’t making any money and surviving check by check. Chuck has implemented Profit First under the direction of Dr. Sabrina Starling and subsequently, a business that had a $20K loss in 2014 turned around and achieved a $220K profit in 2015, and 2016 is looking even better… all while in a rural area that was experiencing an economic decline. Chuck’s success story has been so impressive that his accountant went out of their way to call him and figure out his formula to success… and that’s what you’re about to find out!

Matt Shoup shares his story of how he went into his business with $170K of debt and turned it into a multi million dollar practice – and in the process became affluent on his own accord. In this episode Matt shares the secrets to becoming successful… the irony is, when it comes to making that first sale (or any subsequent sale), shiny brochures and great references are of no importance; It’s all about finding a common bond with your client. Additionally, Matt explores the game of numbers and how calculating it in a couple dog bites guarantees you a sale. Matt also talks about the power of getting out of your own business and letting the true pros/colleagues run the show.

Carole Rains is an amazon seller facing the challenge of growing a profitable business where there is a high volume of inventory she needs to purchase. One major roadblock for Carole arose when Amazon lost her order and she had to quickly replace her inventory. In this episode we also discuss some novel approaches to addressing inventory that cost literally nothing and will make those amazon lost shipment problems dissappear. In addition we talk about profit margins and how Carole can dictate at least a 4x markup (or more!) by using simple things like a name change or packaging her products with educational components too.

This week Mike Michalowicz, Chris Curran and Kristina Bolduc interview the Operator of Carnival Day and explore what it’s like to be a manager of a business, but not the owner – and what your relationship to money and profitability is as a result. In this episode we dispel the value of making bold decisions and loss aversion. In Nick’s case, selling his truck may be the best decision of his life. We also discuss feeling the pain in purchasing and the 5% rule when you make a purchase on behalf of the company.

Melinda McCaw, founder of Melinda McCaw Media navigates how to manage a scenario where your company is dependent on one major client (and what to do about it). We explore a simple strategy of knowing when to make that next hire, give some simple tips around profitability, and  share perspective on revenue per employee. Obi Ron Kenobi (Ron Saharyan) makes a special guest appearance and provides Melinda with great advice on how to reduce the pains of  significant cash ebbs and flows.

This week we had the privilege of interviewing Jonathan Royce, founder of Hustling Hoagies – a brand new business that delivers hoagies to Univ. of Michigan football games and other local events. Join Mike Michalowicz and Chris Curran for a journey with Jonathan as we discuss where he’s making money and where he’s not, as well as the concept of imminent need. We explore where Jonathan has spent money which was of no value, and the technique of using Profit First to pre-allocate money toward profitability AND his own pay to determine how much money is truly available to infuse money back into his business. Welcome to Episode 68 of the Profit First Podcast!

This week Mike Michalowicz, Chris Curran and Kristina Bolduc welcome guest Robin Robins who took her business from $0 in 2003 to $10 million in revenue in 2015. This episode is chock-full of insights including why niche specialization helps grow your business (even if your niche industry collapses), the “enough is enough” stage, how to have a personal cash reserve and a business reserve, and how to diagnose the different products offerings you have and determine individual profitability for each one. Welcome to Episode 67 of the Profit First Podcast!

Erica Wernick, founder of LA Bound: a business that helps aspiring TV and Movie Actors/Actresses/Experts achieve their goals in Los Angeles. In this episode we learn what a new membership organization is like. We discover the essence of Parkinson’s Law: that every penny made is also spent. We guide Erica through her first step toward Profit First in setting up different allocation accounts, including running a basic profit assessment. In this episode we also explain cost vs. investment.

Bryn Davis joins Mike Michalowicz and Chris Curran to share his inspiring story of how his passion for healthy eating exploded into a booming business.

Matt Perosi and Jamie Doughty join Mike Michalowicz, Chris Curran, and Krista Michalowicz to dive deeper into the lives of being an entrepreneur, as well as what it’s like to be married to one.

Entrepreneur Rev. Dr. K. Bill Dost joins Mike Michalowicz, Chris Curran, and Kristina Bolduc. Bill deep dives into the common misconception about business financing and gives us some great tips on how to go about getting funding for your company.

Kevin Davis joins Mike Michalowicz, Chris Curran, and Kristina Bolduc for Episode 62 of the Profit First Podcast! Kevin shares his story about his business and what he has been struggling with; Mike gives some great tips on setting up the Profit First system.