Why You Should Make Profit First With Megan Dahle

The Focus Factory

In this episode we talk with Megan Dahle, business owner, Virtual CFO and Profit First professional. Megan’s real world experience with helping businesses put their profits first puts her in a unique position to put the book “Profit First'“ into action to turn businesses around and away from the red.

IMPORTANT POINTS

1:05 - A bit of intro conversation about Avengers:Endgames (totally off-focus, my apologies)

3:00 - Introduction of Profit First book by Mike Michalowicz

4:00 - What is Profit First? Mike’s story

5:15 - Profit First is a behavior switch

5:55 - When businesses get profit wrong, shiny objects, running your business on expenses, etc.

7:00 - How to make that switch from expense being your focus to profit

8:00 - There is a difference between making a profit and your salary as a business owner - rewarding yourself

When you start having a plan for that money, then this dream that you’ve always had for what a business could do for you personally can become a reality.

10:00 - The five basic accounts to get your Profit First system set up and how (as a behavior based system)

12:30 - Who this system is designed for (hint: both small and large businesses)

13:30 - Megan’s personal story of implementing Profit First

15:30 - The biggest barrier - setting up numerous bank accounts - is easier than you might think in order to implement Profit First

18:00 - How Profit First can help you in times of great need or unplanned expense

19:38 - The right way to set up your bank accounts for Profit First - and an additional two accounts at a separate bank to put certain accounts into hiding

21:00 - The benefit of Profit First is rewarding yourself (mandatory step)

22:00 - The trap of judging yourself by sales versus profitability

87% of businesses are living paycheck to paycheck…

23:15 - Don’t lose focus by putting your eyes on revenue too much; sales won’t fix it all

24:00 - Profit First gets you paid twice plus your taxes are paid ahead of time with no subtraction at tax time

25:50 - What would it look like if Profit First were in place when you saw your business go wrong

27:00 - What a Profit First Professional is, like Megan

29:20 - Don’t make this mistake that Jeff did…

LINKS

Check out the book, Profit First by Mike Michalowicz

Megan’s website

Megan’s email address

Megan’s LinkedIn profile

Megan is on Facebook, too

Clockwork: Design Your Business to Run By Itself by Mike Michalowicz

Megan’s Free Offer: The first two free chapters of Profit First