Make More Than You Spend

 

Mike Michalowicz, the author of Profit First and six other best-selling books, is on this week and wow, did we hit the ground running! At the top of the show we jump right into debt, inflation, shrink-flation, and why in the next year it's going to be crucial that business owners keep a close eye on their profitability and eliminate their debt. 

 

 

What is the difference between leveraging, bridging, and anchoring debt? Don’t know? I didn’t either! Listen in to hear Mike explain these terms he’s coined—it will change the way you look at borrowing money! As well, hear why Mike believes small businesses have an advantage over big corporations when it comes to retaining customers, that is if they make keeping their customers a priority. 

 

 

Mike and I also discuss the right time to bring on a new employee and what increase in revenue you can aim to achieve in a service-based business with this new team member on board. He calls it the “150 Rule.” We also get real about why you will likely need to restructure how you run your business and how involved you are as the business owner at the 1 million dollar mark. 

 

 

Stay tuned to the end to hear why Mike recommends you no longer refer to yourself as a business owner or entrepreneur, but rather as a shareholder and how this mind shift will completely alter the way you see your business and how you make decisions. 

 

 

What’s in This Episode

1. Why you need to destroy your debt

2. The difference between leveraging, bridging, and anchor debt

3. How saving may actually save your business

4. Why your customers matter now more than ever

5. What strategy to use to retain your customers

6. The 150 Rule  (when to invest in a new team member)

7. A critical mindshift that will make your business more profitable

8. How to set your business up for weathering a financial crisis

 

 

What To Do Next

Visit lisalarter.com/e32 for the transcript and all resources from this episode.