Alex wants to challenge you to go through an exercise that has saved him nearly $5,000 in recurring monthly expenses. The book, Profit First, was a game changer for Alex's business and on this week's episode; he shows you why. Stop focusing on the top line, and place that focus on the bottom line!

Key Takeaways:

• The book, Profit First, has been revolutionary to how Alex runs his business.
• You should have five accounts in your business. Alex breaks down what each of these five accounts does.
• In the book, you go through an exercise where you print out your Profit & Loss statement (P&L), and determine if the expense contributes to profit, can be replaced with a cheaper alternative, or can be completely eliminated.
• Alex printed out his P&L from January 1st, 2019 till now and marked down all the unnecessary expenses or cheaper alternatives his business could use. It wasn't a fun exercise, but he's saved $4,700 in monthly recurring expenses.
• Eliminate the things that are not necessary for your business.
• Remember, bigger isn't always better… BETTER IS BETTER!
• Don't have a P&L? Print out your bank statements.
• Alex reads a couple of pages from the Profit First book.
• Alex's challenge to you: How do you get 2X the results with half the effort?

Mentioned in This Episode:

Interested in joining the Hybrid Coaching & Mastermind Group Alex & Steve launched? Apply to Join ASCEND

Let's Connect on Instagram: @alexpardo25

Email Alex: [email protected]

Mikemichalowicz.com

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine, by Mike Michalowicz

Episode 370: Jason Nickel Shows You How to Crush SMS Marketing with Lead Sherpa

Tweetables:

"We're focused on the wrong thing. We're focused on the top line, not the bottom line."

"I was able to shave about $4,700 in monthly expenses. Half of that was recurring."

"Over the last six months, we've become more profitable, we've become more streamlined, and we've accomplished more with less."

Ask Alex A Question:

Have a question you want featured on an upcoming Flip Empire Show?

Head over to the Ask Alex page, and record your question. We've made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!

Did you get your FREE Online Course?

Text the word EMPIRE to 67076, and we'll send you a link to get instant access to the "5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)" video module training course. Subscribe To The Flip Empire Show, and Leave a Rating & Review!