In this video, MSNBC is interviewing Mike Michalowicz, the CEO of Profit First Professionals and author whose book, Profit First, is rejuvenating the way to think about business and income.
The basic idea is this: as Mike puts it, “Profit is not something that happens at year-end or at the end of your five-year plan or someday. … Profit must happen now and always” (Profit First, pp. 19-20). You need to make sure that, when money comes in, you pull out a percentage of profit first, before paying your bills.
There’s an old saying that goes: “How long does it take to finish a project? As much time as you give yourself.” It can be changed here to: “How much money does it take to run a business? As much money as you have coming in.” It doesn’t really matter how much money you have coming in. If you don’t decide up front to take a profit and save it, your bills will eat up all your income.
We have to take control of our businesses and not let them control us. Mike Michalowicz’s book explains how to do just that.
This book has been a game changer for us at The Printory. We aren’t getting paid to endorse this book or anything of the sort. We’re just really excited about it and when we’re excited, we can’t help sharing it with our friends.
You can buy Mike’s book on Amazon, Barnes and Noble, and Audible. Also, the first two chapters are available on his site to download for free. Make sure to check it out!