Episode 252 | A Real Example of Implementing Profit First with Mike Michalowicz

The Group Practice Exchange

In this episode, I’m bringing back one of the most popular episodes of the podcast from all the way back in 2017—and it’s just as relevant today as it was then.

I sat down with Mike Michalowicz, the mastermind behind Profit First, to explore how group practices can use his proven system to finally gain control over their business finances.

Back when we recorded this, I had just discovered his book, Profit First, and was in the early stages of implementing the system into my own practice. To say it was a game-changer would be an understatement! I went from not taking a profit in my business to consistently paying myself what I deserved, and that shift happened in just a few months.

In this conversation, Mike and I cover:

• A real profit assessment from a group practice owner (with a downloadable PDF so you can follow along).

• How the Profit First method can transform your practice’s financial health.

• The power of niching in boosting profitability.

• How to implement Profit First not just in your business, but in your personal life as well.

• It’s not just about cutting costs—Mike talks about how to increase margins too!

• Mike’s own experience using Profit First in his personal life, and his biggest piece of advice for anyone just getting started.

If you’ve ever felt like you’re working hard but still don’t know where all the money is going, this episode is for you.

➡️ WANT TO BOOST YOUR PROFITS FAST?

If you’re struggling with stagnant profits, overpaying staff, or not understanding where your money is going, the upcoming Profit Booster Workshop is here to help. In just three days, you’ll dive deep into your practice’s financials and walk away with clear, actionable steps to cut unnecessary costs, optimize your team’s performance, and start seeing immediate improvements in your bottom line.

CLICK HERE to learn more and take control of your profits today!

LINKS:

Profit First Assessment PDF

Need extra support? Join The Exchange, a membership community just for group practice owners.

The Group Practice Exchange Programs + Courses

The Accountability Equation™ Quiz

The Accountability Equation Book

CONNECT WITH MAUREEN WERRBACH & THE GROUP PRACTICE EXCHANGE:

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CONNECT WITH MIKE MICHALOWICZ:

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SPONSORS:

TherapyNotes: An EHR software that helps behavioral health professionals manage their practice with confidence and efficiency. Go to therapynotes.com/r/thegrouppracticeexchange for two free months!

GreenOak Accounting: An accounting firm that specializes in working with group practices. Mention TGPE to get $100 off your first month!