In this episode, Brett shares his thoughts on how to implement a profit-first mentality in your small business, so that you feel less overwhelmed and burned out and can ultimately help more people.
Throughout these series of episodes, you are bound to hear me reference a book called Profit First. It was written by Mike Michalowicz in 2017 and is absolutely one of my all-time favorite books. I actually reread five books every year, and this is one of them.
Yet why I love this book is that it offers such a simple, counterintuitive cash management system that helps small business owners like you and I break out of any kind of cash-doom spiral and achieve profitability pretty quickly. In fact, I love it so much that I use it as a basis for my individual clients’ cash management too—not just for business. Because the book hammers into you the mindset of running your small business so that you’re taking a profit first, then planning for your expenses, your liabilities, and everything else you need to take care of.
So, it’s a much different mindset from how most small business owners operate, right? Where they pay everybody else, and if anything’s left, then they get to keep it and consider that profit.
That’s why I think Profit First is a really important concept for small business owners to be exposed to and help you think about things a little differently, so that you in turn feel less overwhelmed, less burned out in your small business, and can help more people. Which is really the ultimate goal of having your small business.
Therefore, today I’m going to give you my interpretation on how to implement a profit-first mentality within your small business.