How To Make Any Business Highly Profitable, By the Very Next Deposit
The profit formula is simple: Sales – Expense = Profit. The only problem is, it’s a lie.
In his wildly popular presentation, Mike Michalowicz shows why the formula entrepreneurs use to calculate profit actually inhibits it. Mike then shares a new approach to profit – taking it first – that instantly changes everything. With this simple yet profound change, any business, will become instantly and permanently profitable.
With Profit First, you flip the formula to Sales – Profit = Expenses. Logically the math is the same, but from the standpoint of the entrepreneur’s behavior, it is radically different. With Profit First, you take a predetermined percentage of profit from every sale first, and only the remainder is available for expenses.
Take Aways:
Organic Growth to Stand Out in Your Field
Growing a successful small business is like growing a colossal pumpkin.
Plant the right seeds: Don’t waste time doing a bunch of different things just to please your customers. Instead, identify the thing you do better than anyone else and focus all of your attention, money, and time on figuring out how to grow your company doing it.
Weed out the losers: In a pumpkin patch small, rotten pumpkins stunt the growth of the robust, healthy ones. The same is true of customers. Figure out which customers add the most value and provide the best opportunities for sustained growth. Then ditch the worst of the worst.
Nurture the winners: Once you figure out who your best customers are, blow their minds with care. Discover their unfulfilled needs, innovate to make their wishes come true, and over deliver on every single promise. Each year Americans start one million new businesses, nearly 80 percent of which fail within the first five years. Under such pressure to stay alive—let alone grow—it’s easy for entrepreneurs to get caught up in a never-ending cycle of “sell it—do it, sell it—do it” that leaves them exhausted, frustrated, and unable to get ahead no matter how hard they try.
Based on his popular book, "The Pumpkin Plan," Michalowicz shares the process that colossal pumpkin farmers use to help grow businesses.
How Great Leaders Create Unstoppable Teams
Cross Generational leadership that will help business owners discover and create more A players. Learn the non-traditional secrets of successful recruiting, a modern twist on job descriptions, and tactics on creating a team that drives your business.
Four years later, Mike Michalowicz has decided he wants people to know his real name, so he's trying to kill the brand he created.
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