Profit Is A Habit (Mike Michalowicz)

Just Between Coaches

Mike Michalowicz believes in rewriting the rules of business finance. He shares his journey from financial struggle to mastering a “profit first” approach, emphasizes profit as a habit, and encourages entrepreneurs to rethink their financial strategies for stability and long-term success.

Mike Michalowicz is best known for his bestselling book and program of the same name, Profit First. He’s the entrepreneur behind three multimillion-dollar businesses and author of several other books.

In this episode Melinda and Mike talk about:

• The importance of starting new activities with compassion and grace, regardless of timing
• Your future self’s perspective on current decisions and third-party accountability
• The misconception that not taking a profit hurts customers and the need for profitable selling
• Emphasizing profitability for meeting customer needs and business stability
• Tithing and prioritizing self-care before lifestyle adjustments
• Profit as a habit and Parkinson’s law for promoting frugality and efficiency in business
• The behavioral principle of setting multiple bank accounts to manage money effectively
• Creating a gradual shift in mindset for seasoned coaches towards profit-first practices
• Overcoming procrastination and embarrassment in implementing financial changes

“Profitability is not greed by any sense; it's contribution. It's the way that we give because we now have a business that's healthy.” — Mike Michalowicz

Guest Bio:

Mike Michalowicz (pronounced mi-KAL-o-wits) is the entrepreneur behind three multimillion-dollar companies and is the author of several business books, including Profit First, Clockwork, The Pumpkin Plan, and his newest book, All In. Mike is a former small business columnist for The Wall Street Journal and business makeover expert for MSNBC. He regularly travels the globe as an entrepreneurial advocate.

By his 35th birthday, Mike had founded and sold two multimillion-dollar companies. Confident that he had the formula to success, he became a small business angel investor… and proceeded to lose his entire fortune. Then he started all over again, driven to find better ways to grow healthy, strong companies. Mike has devoted his life to the research and delivery of innovative, impactful entrepreneurial strategies to you.

Mike is the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit. He is the creator of Clockwork, a powerful method to make any business run on automatic. In Fix This Next, Mike details the strategy businesses can use to determine what to do, in what order, to ensure healthy, fast, permanent growth (and avoid debilitating distractions). Get Different will give you the tools to stand out in any market. Mike’s All In shows you how to build unstoppable teams where everyone wins.

Resources or websites mentioned in this episode:

Mirasee
Coaches Console
Melinda’s book: The Confident Coach
Mike’s website: MikeMichalowicz.com
Mike’s podcast: MikeMichalowicz.com/podcast/
Mike’s YouTube channel: YouTube.com/user/MikeMichalowicz

Credits:

Host: Melinda Cohan
Producer and Editor: Michi Lantz
Executive Producer: Danny Iny
Music Soundscape: Chad Michael Snavely
Making our hosts sound great: Home Brew Audio

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Music credits:

Track Title: Clouds
Artist Name: Acreage
Writer Name: Marshall Usinger
Publisher Name: BOSS SOUNDSTRIPE PRODUCTIONS

Track Title: Coastline Dream
Artist Name: Wild Sky
Writer Name: Adam Simons
Publisher Name: BOSS SOUNDSTRIPE PRODUCTIONS

Track Title: Coo Coos
Artist Name: Dresden, The Flamingo
Writer Name: Matthew Wigton
Publisher Name: A SOUNDSTRIPE PRODUCTION

Track Title: Stars & Trees
Artist Name: Outside The Sky
Writer Name: Dustin Ransom
Publisher Name: A SOUNDSTRIPE PRODUCTION

Special effects credits:

24990513_birds-chirping_by_promission used with permission of the author and under license by AudioJungle/Envato Market.

Episode transcript: Profit Is A Habit (Mike Michalowicz).