If you’ve been in business long, you no doubt know the old profits adage: Sales – Expenses = Profits.
Today’s guest on The School of Greatness turns this formula on its head in his new book, Profit First, by proposing a different formula (hint: the profits come before the expenses.)
Before you call him crazy, let me introduce Mike Michalowicz as the former small business columnist for The Wall Street Journal, as well as a frequent guest lecturer at major universities. He hosted the reality television program Bailout!, where he would turn around failing businesses in 24 hours, and he is the “Business Rescue” segment host for MSNBC’s Your Business.
He is also known for his entrepreneurial strategy (and title of his previous book) The Toilet Paper Entrepreneur. Let’s dive in to learn how to pay yourself profits first in Episode 93 with Mike Michalowicz. Subscribe on iTunes, Stitcher Radio or TuneIn
“Instead of asking ‘How big is your business?’ ask ‘How healthy is your business?'” Click to Tweet
“Our behavior is dictated upon what we perceive in the moment.” Click to Tweet
“If we don’t pay ourselves first, we start resenting our business. It starts owning us.” Click to Tweet
“The less money we spend, it forces us to become efficient.” Click to Tweet
“If you own a business, you have to pay yourself as the best employee.” Click to Tweet
Have you struggled with paying yourself first or what you are worth? Most entrepreneurs have. Let us know in the comments what shifted your mindset (or if you are still paying yourself last) and how it affected your business. Also, if you are looking for ways to grow your business online, make sure to dive in and apply to the School of Greatness Academy. Sessions start soon and we are almost full for enrollments!
“Money is an efficiency.” Click to Tweet