Profit First Nation

Ep. 44: How to Hire and Retain A-Players: The Four WOWs Strategy

Are you looking to hire and retain A-players for your organization? In this episode, we share the "Four WOWs" strategy for recruiting and retaining the best talent. By going the extra mile and showing potential hires that you are serious about recruiting, hiring, and retaining A-players, you can achieve a 4X return on your investment. From creating a positive onboarding experience to offering ongoing training and development, these strategies can help you build a team of A-players that will...

Ep. 43: Topgrading: How to Rate Candidates on RED Key Competencies

In this episode, we continue our discussion on Topgrading and delve into the RED key competencies - those competencies that are almost impossible to change in a candidate.   We share practical tips and strategies for rating candidates on these competencies and offer a downloadable resource - the editable RED Key Competency Questions - to help you hire more profitable A-players instead of profit-sucking B or C-players. Whether you're a business owner, manager, or HR professional, this e...

Ep. 43: Be Weary of the Red

We continue on the topic of Topgrading and how to rate a candidate on the RED key competencies — those competencies that are almost impossible to change. Check out the resource section on ProfitFirstNation.com to download the editable RED Key Competency Questions so that you are ready to hire your next more profitable A-player versus hiring a profit-sucking B, or worse, C-player.

Ep. 42: Topgrading: The Four Pillars to Recruiting and Hiring A-Players

As a business owner or manager, your biggest expense is likely payroll, especially once you have three or more employees. That's why it's crucial to recruit and hire A-players who can drive profitability and success in your organization.   In this episode, we discuss the four pillars of Topgrading - a proven method for recruiting and hiring top talent. From identifying core values to conducting in-depth interviews and reference checks, these pillars can help you build a team of A-playe...

Ep. 42: A-Players Drive Profitability

Once you have three or more employees, chances are your biggest expense is payroll and so you cannot  let B and C players suck your profits dry. We talk Topgrading and the four pillars to recruiting and hiring A-players who represent the top 10% of available talent.

Ep. 41: Leveraging Baseline Selling to Hit Your 2021 Sales Goals

Are you struggling to hit your sales goals for 2021? In this episode, we share a proven method for sales success - Baseline Selling. Developed by sales expert Dave Kurlan, Baseline Selling is a visual pipeline that can help you stack the deck in your favor and hit your sales goals. By reverse engineering your goals and keeping your bases loaded, you can increase your chances of success and drive profitability in your business.   Whether you're a sales professional or a business owner, ...

Ep. 41: Baseline Selling

Let’s stack the deck in your favor to hit your 2021 sales goals by leveraging Dave Kurlan’s Baseline Selling. It’s a great visual pipeline and what I have been using for about 15 years to hit our numbers. Of course, the real secret is REVERSE ENGINEERING so you are keeping your bases loaded (Pun intended, of course!).

Ep. 40: Dispersing Profit: Rules for Keeping vs. Retained Earnings

In this episode, we answer questions our listeners ask about implementing the Profit First System for their business. We discuss the rule of thumb for dispersing profits and retaining earnings, as well as using a vault account for long-term savings. We also provide clarity on which debt to prioritize when using the snowball system for both personal and business debt. Tune in to learn more about optimizing your profit and debt management.

Ep. 40: Another Round of Q&A

Ep. 39: Profit First Primer

A super episode meant to prime you to make 2021 your most profitable year ever! We talk about how Jabba the Hutt is eating your profitability in the form of operating expenses and we cover the core points of Profit First to make sure you are on the path to permanent profitability. This is a perfect episode to share with your entrepreneurial friends who have no clue about how to leverage Profit First as a do-it-yourself cash management system for their businesses.

Ep. 39: Making 2021 Your Most Profitable Year Ever with Profit First

Are you looking to make 2021 your most profitable year yet? In this episode, we dive into the core principles of Profit First and how they can help you achieve permanent profitability in your business. From identifying and eliminating operating expenses that are eating away at your profits to leveraging Profit First as a DIY cash management system, we provide practical tips and insights for driving profitability and growth.   Whether you're a seasoned entrepreneur or just starting out,...

Episode #39: Profit First Primer

A super episode meant to prime you to make 2021 your most profitable year ever! We talk about how Jabba the Hutt is eating your profitability in the form of operating expenses and we cover the core points of Profit First to make sure you are on the path to permanent profitability. This is a perfect episode to share with your entrepreneurial friends who have no clue about how to leverage Profit First as a do-it-yourself cash management system for their businesses.

Ep. 38: Start Your Day Right: Make 2021 Your Best Year Ever with Miracle Mornings

To get the biggest Return on YOU, make every morning of 2021 a Miracle Morning and then spend one hour sprinting ON your business to make 2021 your BEST YEAR EVER!!!! When you start your day right, you get your week right. When you get your weeks right, you get your year right -- so let's take control of our destiny in 2021 by starting each day off right so you get the biggest Return on YOU. You work too hard and risk too much being an entrepreneur to let others hijack your time and energy. ...

Ep. 38: Miracle Morning in 2021

To get the biggest Return on YOU, make every morning of 2021 a Miracle Morning and then spend one hour sprinting ON your business to make 2021 your BEST YEAR EVER!!!! When you start your day right, you get your week right. When you get your weeks right, you get your year right -- so let's take control of our destiny in 2021 by starting each day off right so you get the biggest Return on YOU. You work too hard and risk too much being an entrepreneur to let others hijack your time and energy. ...

Ep 37: Let’s “Fix This Sh!t NOW”

Let’s “Fix This Sh!t NOW,” my entrepreneurial friends. It’s commitment vs want and the secret is you have to commit to it if you expect to achieve it. Let’s heighten your level of commitment and accountability. Are you an entrepreneur who is, A) Frustrated? B) Stressed? C) Uncertain? D) Disappointed? E) Burned Out? F) Overwhelmed G) All of the Above? Well, then let’s “Fix This Sh!t Now!” BONUS: We dive into Mike’s emails from committed readers of Profit First to reveal what it takes to be su...

Ep 37: Fix This Sh!t NOW: Heighten Your Commitment and Accountability as an Entrepreneur

Are you feeling frustrated, stressed, uncertain, disappointed, burned out, or overwhelmed as an entrepreneur? Join us in this podcast episode as we discuss the importance of commitment vs want and how you can heighten your level of commitment and accountability to achieve your goals.   Plus, learn from committed readers of Profit First on what it takes to succeed in using it as your cash management system. Let's "Fix This Sh!t NOW" and take control of your entrepreneurial journey!

Ep. 36: Profit First Implementation Step 12: Adjust Your Allocation Percentages

Learn how to adjust your allocation percentages per plan every quarter to achieve your target allocation percentages and stay on the path to permanent profitability. In this episode, we cover the iterative refinement phase, which is the final step in implementing profit first in your business.   You'll discover how to review your financials and work with your bookkeeper to keep your cash flow healthy, manage expenses, and address slow-paying customers. Plus, find out how to add additio...

Ep. 36: Easy as Pie

Congratulations with this episode you should be done with your Profit First implementation. That was easy and now your are well down the path of permanent profitability!

Ep. 35: Interview with Billy Ann, Chief Guide at Profit First Professionals

Billy Ann, the Chief Guide at Profit First Professionals, shares her journey of becoming involved with Profit First and how she grew into her role as Chief Guide. She explains that while bookkeepers and accountants can provide clients with spreadsheets and cash flow forecasts, they cannot make the moves and decisions a business owner has to make. Business owners must own the financials of their company and ensure their profitability, even if they are working with the best professional bookk...

Ep. 35: The Buck Stops with You

Ep 34: Celebrate!

Ep 34: Maximizing Profit First: Celebrating with Profit Distribution at the End of Each Quarter

Danielle and Mike Michalowicz discuss the eleventh step of Profit First, which is celebrating profit distribution at the end of every quarter. They explain that at the end of every quarter, entrepreneurs should check the balance in their profit hold account and take out 50% of that profit account to distribute to shareholders. This money that stays in the business is called cash equity, and the profit distribution can be used for anything that rewards the shareholder. They warn against the ...

Ep. 33: Maximizing Profitability: Simplifying the Expense Cutting Process

In this episode, we delve into the crucial and iterative Step #10 in Profit First Implementation, which involves cutting expenses to increase profitability.   Our expert hosts share valuable insights on how to simplify and make this process enjoyable, making it an impactful and long-term strategy for your business. Don't miss out on our exclusive checklist resource, available at https://www.profitfirstnation.com/sign-up. Tune in to the Profit First Nation Podcast now!

Ep. 33: Cut to Increase

It’s Step #10 in your Profit First Implementation and a key iterative process that will forever and always impact your profitability. Learn how to make it easy and fun to cut your expenses to increase your profitability. Check out our episode resource with the checklist at https://www.profitfirstnation.com/sign-up

Ep. 32: Double-Double-Half

Margin is where the value comes to life. Most businesses undervalue themselves and leaving margin on the table. Set your prices to correlate to the value of what you offer by leveraging Mike’s “Double-Double-Half” formula. Or be the Ferrari in the Ford versus Ferrari scenario and really maximize your margin. And take a lesson from Starbuck’s playbook, too, by regularly increasing your prices even when gross margin is up and COGS are down.

Ep. 32: Maximizing Profit Margin: Strategies for Pricing Your Products or Services - Expert Insight

In this episode, our experts reveal the importance of understanding profit margin and how undervaluing your business can leave money on the table. Learn how to set prices that align with the value of your offerings using Mike's "Double-Double-Half" formula or by adopting a "Ferrari in Ford versus Ferrari" approach.   Take cues from Starbucks and discover how to regularly increase your prices to maximize profit margins, even when gross margins are up and COGS are down. Tune in now to ga...

Ep. 31: Understanding the Difference Between Mark-up and Margin: Key Metrics for Business Profitability

In this episode, our experts break down the critical difference between mark-up and margin, two commonly confused metrics that can impact business profitability. Discover the true values in each and gain insights into how to leverage them effectively.   With a cliff note summary that highlights the importance of increasing margin as one of only two ways to improve profitability, this episode is a must-listen for anyone looking to boost their bottom line. Tune in now to gain a better un...

Ep. 31: Mark Up vs. Margin

Tragically, most people use the terms mark-up and margin interchangeably – like they are one in the same?!?!? We will explain the difference and the values in these two critical metrics. Cliff’s Note Summary: Increasing margin is one of only two ways to improve your profitability. (FYI: Mark-up uses cost as it’s divisor and margin leverages price as it’s divisor.)

Ep. 30: Q&A

Since it is episode number 30 and an episode that ends in “ZERO,” we will stick to our tradition of answering questions on episodes that end in zero. Your Profit First Guide, Danielle Mulvey, also gets the tables turned on her when a husband and wife team came uber-prepared for a call and asked some really insightful questions that Danielle answers with her candor.

Ep. 30: Q&A Session: Profit First Guide Danielle Mulvey Answers Insightful Business Questions

In this special Q&A episode, Profit First Guide Danielle Mulvey takes on some challenging and thought-provoking questions from a husband and wife team who came uber-prepared for the call.   As tradition dictates for episodes that end in "ZERO," Danielle shares her candid insights and expertise to help listeners gain a better understanding of key business concepts and strategies.    Tune in now to hear Danielle's responses to these insightful questions and discover how you can appl...

Ep. 29: Allocate and Sweep

My favorite days are Allocation Days! Oh what fun and how easy it is to plug your income account balance into the Allocation Calculator and watch money go to Profit –first! Allocation days also give you cash clarity regarding your company’s fiscal health. So let’s get to allocating!

Ep. 29: Maximizing Profit Through Allocation: Discover the Power of Profit First Allocation Days - Expert Insights

In this episode, our experts share their excitement for Allocation Days, a key component of the Profit First system that can help you maximize your profits and gain cash clarity. Discover the ease and fun of plugging your income account balance into the Allocation Calculator and watching as money is allocated to profit first.   With insights into how Allocation Days can give you a better understanding of your company's fiscal health, this episode is a must-listen for anyone looking to ...

Ep. 28: Mapping Out Your Profit First Journey: Tips for Reaching Target Allocation Percentages - Expert Insights

In this episode, our experts take you on a journey to reach your target allocation percentages (TAPs) based on the Profit First Instant Assessment completed in Episode 27.   Discover how to make allocation adjustments for each subsequent quarter to reach your TAPs and gain valuable insights into the true secret of going slow with modest adjustments.    With tips for mapping out your Profit First journey and reaching your financial goals, this episode is a must-listen for anyone lo...

Ep. 28: Roll Back to Get Your Roll Out

If you ever wondered how you go from your current allocation percentages to your target allocation percentages – this is the episode you have been waiting for! Based on your Profit First Instant Assessment completed in Episode 27 we are going to figure out how many quarters it will take to reach your target allocation percentages and we will map-out you allocation adjustments for each of the subsequent quarters to reach your target allocation percentages (aka TAPs). THE TRUE SECRET: Go slow ...

Ep. 27: Reverse Engineering Your Business: 5 Easy Steps to Calculate Your Real Revenue Needs - Expert Guide

In this episode, our experts share their step-by-step guide to reverse engineering your business and calculating your real revenue needs using our free Reverse Engineering Calculator.   Discover how to determine what you need to make to take care of yourself and your family, and gain valuable insights into the gross sales you need to achieve and how much you need to sell to hit your target owner's pay salary.    With a bonus video available on our website that walks you through th...

Ep. 27: Reverse Engineer Your Business

Let’s make sure your business is reversed engineer to finally pay you, your company’s most valuable employee, what you need to make to take care of you and your family. We walk you through step-by-step (5 EASY STEPS) on how to use our free Reverse Engineering Calculator to easily calculate what your real revenue needs to be, what your gross sales need to be, and how much you need to sell in a year, in a month, in a week and per day to hit your target owner’s pay salary. BONUS: We have a vide...

Ep. 26: Completing Your Instant Assessment: Step-by-Step Guide to Implementing Profit First - Expert Tips

In this episode, our experts share their step-by-step guide to completing your Instant Assessment - step #5 of implementing Profit First. Discover how to use our Instant Assessment Calculator to make the process simple and easy, and gain valuable insights into the 5th-grade math required to complete it.   With a warning that this episode contains some "salty" language, our experts guide you through the Instant Assessment process and provide tips and tricks for making it a success. Tune...

Ep. 26: Instant Assessment Time

It’s time for step #5 of implementing Profit First – completing your “Instant Assessment.” The good news is we walk you through it step-by-step and make it super simple when you use the Instant Assessment Calculator at www.ProfitFirstNation.com/resources. You just need to understand 5th grade math to complete it – so let’s gett-er done in an instant! (WARNING: This episode contains some “salty” language.)

Ep. 25: Step #4 of Profit First Implementation: Determining Your Allocation Rhythm and Schedule - Expert Tips

In this episode, our experts guide you through Step #4 of implementing Profit First - determining your allocation rhythm and scheduling your first allocation day. Discover how to build your profit habit and gain valuable insights into the importance of setting a regular allocation schedule.   Plus, listen to our Profit First Nation Inspiration interview with Rob Hughes of Hughes Integrated and gain inspiration and insights from a successful entrepreneur who has implemented Profit First...

Ep. 25: Establish Your Rhythm

We finish the START PHASE of implementation with Step #4 of your Profit First Implementation – determining your allocation rhythm and schedule your first allocation day as you continue to build your profit habit. Additionally, we have a Profit First Nation Inspiration interview with Rob Hughes of Hughes Integrated.

Ep. 24: The Inconvenient Bank

The Inconvenient Bank is Step #3 in implementing Profit First “right!” Remove the temptation of plowing money back into your business by making it inconvenient. Do not skip this critical step to transform your business from a cash eating monster to a money making machine.

Ep. 24: Step #3 of Profit First Implementation: The Inconvenient Bank - Expert Tips

In this episode, our experts guide you through Step #3 of implementing Profit First - the inconvenient bank. Discover how to remove the temptation of plowing money back into your business by making it inconvenient and gain valuable insights into the importance of this critical step for transforming your business from a cash-eating monster to a money-making machine.   With expert tips and tricks for making the inconvenient bank a success, our experts provide actionable advice for buildi...

Ep. 23: 1% to Profit

Step #2 is to start allocating 1% to your profit account with every deposit. You can easily “afford” to run your business on the 99% you have been running it on – no sweat. Step #2 is where you start to build your Profit First habit and develop the muscle to make your business FISCALLY FIT!

Ep. 23: Step #2 of Profit First Implementation: Building Your Profit Habit - Expert Tips

In this episode, our experts guide you through Step #2 of implementing Profit First - building your profit habit. Discover how to start allocating 1% of every deposit to your profit account and develop the muscle to make your business fiscally fit.   With expert tips and tricks for making your profit habit a success, our experts provide actionable advice for building your financial stability and taking control of your business finances. Tune in now to discover how to take the next step...

Ep. 22: Start Phase of Implementing Profit First: Tips for Getting Your Butt to the Bank - Expert Advice

In this episode, our experts guide you through the Start Phase of implementing Profit First, beginning with Step #1 - getting your butt to the bank! Discover the importance of physically going to the bank to establish a financial rhythm and start implementing Profit First. With expert tips and advice for making the most of this crucial step, our experts help you take control of your business finances and start building a profitable future. Plus, learn about the right time to start implem...

Ep. 22: Starting the START PHASE

On today’s episode we begin to go down the START Phase to implementing Profit First -- including guiding you through Step #1 of implementing Profit First – Getting Your Butt to the Bank! Plus we talk about the “right time” for Profit First.

Ep. 21: Profit First 101: The Journey of Transformation and 12 Steps to Permanent Profitability

Join the kick off to our Profit First 101 series as we discuss the “The Journey of Transformation” model. Additionally, we review Profit First’s three phases of implementation and corresponding 12 steps. If you have yet to start implementing Profit First, or you are stuck at a certain step, or you have already implemented Profit First – no matter where you are on your “Profit First Journey of Transformation” we have best practices to keep you on the path to permanent profitability!

Ep. 21: Profit First 101

Join the kick off to our Profit First 101 series as we discuss the “The Journey of Transformation” model. Additionally, we review Profit First’s three phases of implementation and corresponding 12 steps. If you have yet to start implementing Profit First, or you are stuck at a certain step, or you have already implemented Profit First – no matter where you are on your “Profit First Journey of Transformation” we have best practices to keep you on the path to permanent profitability!

Ep. 20: Profit First FAQs: Answers to Your Burning Questions to Achieve Permanent Profitability

More of your Frequently Asked Questions (FAQs) addressed and answered covering a lot of ground to support you in doing Profit First “right” and keeping you on the path to permanent profitability.

Ep. 20: More FAQs

More of your Frequently Asked Questions (FAQs) addressed and answered covering a lot of ground to support you in doing Profit First “right” and keeping you on the path to permanent profitability.