Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Episodes ending in 0 are Q & A sessions designed to help entrepreneurs operating their businesses in the zone of permanent profitability continue to thrive.  

Danielle is excited to host a quiz edition to test your Profit First IQ.

There are no scores today, but the correct answers to these questions determine your prowess to do Profit First right to make your business permanently profitable. Don’t miss it!

IN THIS EPISODE:

• [00:57] Danielle has ten quiz questions today. Question one is: What is real revenue

• [3:07] Do owners who take a salary need a business compensation account

• [4:25] How do you pay as little as possible in taxes

• [7:57] Which account should you pay your taxes from

• [10:45] What do you do with money in your existing bank account when you open a business

• [12:15] Do we address debt by paying off the loans with the highest interest rate or use the snowball effect

• [14:31] Can the owner’s compensation and tax account be combined into one account 

• [16:53] How do you calculate target allocation percentages

• [21:45] Do business owners need separate profit and owner’s compensation accounts

• [23:29] At what point in time should I start Profit First for my business 

KEY TAKEAWAYS: 

• Real revenue in Profit First is determined by subtracting materials and subcontractor costs from total revenue. Allocations and financial decisions are based on this real revenue number.

• Even if business owners take compensation as draws or distributions, Profit First recommends maintaining separate accounts for owner's compensation (acts like regular payroll) and profit (acts like a bonus). This separation ensures clarity and prevents the business from becoming a personal piggy bank. 

• Profit First can be implemented in businesses at any stage, even if they are not yet profitable. Starting early helps establish good financial habits, and the system can be adjusted as the business grows and becomes more profitable over time.

Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In this ALL IN edition of Profit First Nation, Danielle welcomes Kelly Sullivan Ruta, a clinical psychotherapist turned coach, focused on building an unstoppable team by cultivating emotional agility. 

Kelly shares insights into the concept of the Ultimate Inner Operating System, emphasizing the importance of skills like emotional agility and emotional intelligence in scaling a business via power skills.

If you want to learn how to enhance your own emotional intelligence and empower your teams for success, this episode is for you.

TIMESTAMPS:

• [00:19] Introduction to the episode and guest, Kelly Sullivan Ruda.
• [03:31] Discussion on the importance of emotional agility when scaling a business and building a strong team.
• [04:50] Highlighting the impact of emotional agility on talent retention, stress reduction, and avoiding burnout.
• [06:47] Example of a company overcoming challenges through the development of emotional agility.
• [09:19] The significance of incorporating learning and development into an organization for employee satisfaction and business success.
• [14:13] Reframing soft skills as power skills and their measurable impact on business outcomes.
• [16:50] Distinguishing between emotional agility and emotional intelligence.
• [19:06] Connecting emotional intelligence to effective communication, problem-solving, and creating a positive workplace culture.
• [22:27] Emphasizing the importance of aligning team values and the positive outcomes it produces.

 Key Takeaways:

• Developing emotional agility is a powerful tool for leaders and teams to navigate challenges, maintain resilience, and create a positive work environment.
• Reframe the terminology from "soft skills" to "power skills" to acknowledge the measurable impact these skills have on business outcomes, team performance, and overall success.
• Emotional intelligence is essential for leaders to connect on a deeper level with their teams, fostering a positive workplace culture, reducing turnover, and increasing employee satisfaction.

Kelly Sullivan Ruta is a clinical psychotherapist of two decades who made a leap into the coaching world to help entrepreneurs create an ultimate inner operating system for scaling without breakdown.

Kelly believes entrepreneurs are perfectly positioned to create a massive positive impact on the planet. But she also knows that no strategy, plan, or tactic will ever outperform one’s mindset, limiting beliefs, conditioned programs, or habits. She is obsessed with helping entrepreneurs do deep inner work while they scale and grow.

Resources:

https://www.linkedin.com/in/kellyruta/ 

https://www.facebook.com/KellyRutaMentor 

https://www.instagram.com/kellysruta/

https://kellyruta.com/

https://kellyruta.com/op/psw-audio-series/ 

Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1

ABOUT THE HOST:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $50 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website https://www.daniellemulvey.com/

Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315

The All In Company - Website http://theallincompany.com

Profit First Nation - Website http://profitfirstnation.com

Mike Michalowicz - Website http://mikemichalowicz.com

Mike Michalowicz - Linkedin http://linkedin.com/in/mikemichalowicz

Mike Michalowicz - Twitter http://mikemichalowicz

Profit First Professionals - Website http://profitfirs...

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In this episode, Danielle is joined by Mike Michalowicz, the author of Profit First, as they tackle questions from Mike's email inbox regarding doing your Instant Assessment.

In addition to highlighting the importance of adhering to established profit percentages as a business grows, they provide additional guidance to another business owner to use the Profit First Target Allocation Percentages Chart for financial clarity, and help yet another entrepreneur on how to simplify income and expense categorization. 

BONUS: Danielle provides additional valuable insights, emphasizing the significance of sales and providing practical pricing strategies for service-based businesses.

IN THIS EPISODE:

• [00:36] Introduction to Episode - Q&A about instant assessments
• [00:47] Question 1 - Real revenue calculation for a fitness equipment distributor
• [04:10] Question 2 - Owner's comp and adjusting allocation percentages as the business grows
• [07:40]Question 3 - Challenges in understanding real revenue for a telehealth business
• [15:36] Question 4 - Calculating materials and subs for a plumbing business
• [21:27] Question 5 - Allocating expenses for an Airbnb management business

KEY TAKEAWAYS:

• For businesses with significant material costs, especially those exceeding 10% of gross revenue, it's crucial to make a real revenue adjustment. Subtracting these costs gives a more accurate picture of the service-based real  revenue generated.
• As a business grows or experiences changes, adhere to the Target Allocation Percentages Chart, but be open to dynamic adjustments. Working with a Profit First professional helps in recalibrating allocations based on the current business status.
• Keep expense categorization simple. Break down costs transparently for customers when necessary, allowing for better communication and potentially higher acceptance of fees. If managing multiple entities, maintain clarity by treating each business separately.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Hiring System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

 Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In this episode of Profit First Nation, Danielle discusses the importance of the "Switzerland Structure" in your business. 

The Switzerland Structure is about avoiding over-dependence on a single customer, employee, or vendor to ensure the long-term success and profitability of your business. 

Danielle emphasizes the need for diversification, customer value analysis, employee cross-training, and vendor audits.

IN THIS EPISODE:

• [00:27] Introduction to the podcast and the topic of the "Switzerland Structure."
• [02:38] Explanation of why it's crucial not to be overly dependent on one customer, employee, or vendor.
• [08:14] The Pareto Principle applied to customer diversification.
• [12:04] Avoiding over-dependence on a single employee by cross-training and ensuring no one is a linchpin.
• [17:57] Conducting a vendor audit to prevent over-reliance on one supplier and keeping incentives in check.
• [21:54] Encouragement to submit questions and information on how to connect with certified Profit First professionals.

KEY TAKEAWAYS: 

• Don't rely too heavily on one customer. Diversify your customer base to ensure steady income and reduce risk.
• Prevent over-dependence on a single employee by cross-training your team, ensuring others can cover their responsibilities.
• Regularly review your vendor relationships and consider incentives carefully to maintain a healthy balance between quality and cost.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website https://www.daniellemulvey.com/

Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315

The All In Company - Website http://theallincompany.com

Profit First Nation - Website http://profitfirstnation.com

Mike Michalowicz - Website http://mikemichalowicz.com

Mike Michalowicz - Linkedin http://linkedin.com/in/mikemichalowicz

Mike Michalowicz - Twitter http://mikemichalowicz

Profit First Professionals - Website http://profitfirstprofessionals.com

Mike Michalowicz - Books http://mikemichalowicz.com/books/

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In this episode of Profit First Nation, host Danielle Mulvey reveals her seven key principles that she consistently applies to her business operations. She shares personal anecdotes and practical examples to illustrate her modus operandi. 

Danielle underscores the value of these principles in her own journey as an entrepreneur and how they have contributed to her success, providing valuable insights for entrepreneurs seeking sustained profitability.

IN THIS EPISODE:

• [00:53] Introduction to Danielle's six modus operandi.

• [01:31] Modus Operandi 1: All of us are smarter than one of us.

• [03:19] Modus Operandi 2: Why don't airplanes fall out of the sky?

• [09:13] Modus Operandi 3: One teaspoon at a time.

• [11:10] Modus Operandi 4: 50 times - Who says it the most wins?

• [16:41] Modus Operandi 5: Care and feed your employees like they are your children.

• [19:24] Modus Operandi 6: Freedom and flexibility for all.

• [23:37] Modus Operandi 7: "Seize the day and your daily huddle.

KEY TAKEAWAYS:

• "All of us are smarter than one of us." Danielle emphasizes the importance of collaboration and surrounding yourself with smart people both within your team and in your network. Working together and seeking diverse perspectives can lead to better outcomes in business.

•  Danielle highlights the significance of using checklists in your business operations. Drawing inspiration from the aviation industry, where pilots follow checklists to ensure safety and consistency, she encourages business owners to adopt checklists to enhance efficiency, consistency, and reduce errors.

• Treat your employees with the same level of care and support as you would your own children. By providing a sense of safety and appreciation, your employees can thrive, which in turn leads to a better work environment and greater success.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website 

Danielle Mulvey - Linkedin 

The All In Company - Website 

Profit First Nation - Website 

Mike Michalowicz - Website 

Mike Michalowicz - Linkedin 

Mike Michalowicz - Twitter 

Profit First Professionals - Website 

Mike Michalowicz - Books 

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

We welcome back the ever-popular Billie Anne Grigg, Profit First Professional’s Chief Profit Guide. Together, Danielle and Billie Anne dive into the intriguing world of "above the line" expenses within the Profit First framework.

The episode covers above-the-line expenses, such as materials, subcontractor costs, pass-through expenses, franchise fees, and more. 

They also emphasize the importance of understanding your financial numbers and owning allocation day to achieve permanent profitability.

IN THIS EPISODE:

• [00:55] - Explanation of "above the line" expenses and real revenue.
• [01:47] - Common mistakes made with above-the-line expenses.
• [03:27] - Handling W-2 employees and commissions.
• [06:16] - The importance of pass-through expenses.
• [06:56] - Managing franchise fees.
• [07:50] - The role of a deposit account in organizing expenses.
• [09:00] - Simplifying allocation day using a spreadsheet.
• [12:19] - The freedom and clarity Profit First brings to managing finances.
• [14:02] - Success stories of large businesses implementing Profit First.

KEY TAKEAWAYS:

• Above-the-line expenses should be items directly tied to revenue, such as materials, subcontractor costs, pass-through expenses, and franchise fees. These should be deducted from total revenue before determining real revenue.
• Profit First simplifies financial management by reducing the need for complex budgets and allowing you to focus on one key number – the total amount available for allocation.
• Profit First is not just for small businesses; it's essential for large businesses, especially due to the complexities involved in managing cash flow and expenses. The principles of Profit First can benefit businesses of all sizes.

GUEST BIOGRAPHY: Billie Anne Grigg

Billie Anne has been a bookkeeper since before the turn of the century. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Partner and a Mastery Level Certified Profit First Professional. She is also a guide for the Profit First Professionals organization. In 2012, she started Pocket Protector Bookkeeping, a virtual bookkeeping and managerial accounting service for small businesses.

Billie Anne Grigg - Linkedin 

Pocket Protector Bookkeeping - Website 

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

How often have you hired someone only to discover they were a “Mis-Hire.” 

Today’s episode of Profit First Nation is about hiring mistakes that could have been avoided. Danielle gives examples of failed hirings and the points the interviewer overlooked on the candidate’s resume or in the interview. 

Don’t miss these red flags when you conduct your next job interview. They will save you time and money.

IN THIS EPISODE:

• [00:20] Danielle explains how to go “all-in” on building a stable of five-star employees
• [03:30] Danielle offers a resource form on their website profitfirstnation.com/144 to be completed to analyze mis-hires from the past
• [07:02] Example of an individual who had multiple jobs and had to drive 40 miles to work
• [14:27] Example of an employee who only wanted to work remotely
• [18:23] Example of an employee let go because of poor work and the potential that a supervisor may be chasing away employees
• [23:27] An Example of an employee who leaves a prominent company for a company that is not well-known and making sure the employee is qualified to do the job
• [28:32] In some industries, the skills need to be current with current apps and programs

KEY TAKEAWAYS: 

• Payroll is most likely your business' biggest expenses if you have seven or more employees.
• Most businesses have a 75% mis-hire rate versus only a 10% rate if you use the ALL IN Hiring System.
• A study of your mis-hires will prevent you from making the same mistakes.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Join Danielle in this episode as she unlocks the secrets of pricing for business success! 

From pricing's impact to the pitfalls of arbitrary pricing, this episode is your golden ticket to wealth-building, with the five principles for pricing triumph.

Ensure you seize the opportunity to connect with Profit First Nation for continuous support, as your business success is the ultimate gem on this journey!

TIMESTAMPS:

• [05:26] Discussion on the impact of pricing on business success and profitability.
• [12:10] The role of pricing in customer acquisition, experience, and retention.
• [15:00] Importance of building wealth through profitability and business resilience.
• [20:02] Warning against arbitrary pricing, starting at the bottom, and real-life examples of failures.
• [25:20] Five principles for effective pricing, ROI justification, and recap of optimization steps.
• [28:16] Closing thoughts on getting pricing right for long-term business success.
• [29:00] Invitation to connect with Profit First Nation for support and questions.

KEY TAKEAWAYS:

• Pricing controls everything in the marketplace, affecting profit, power, customer acquisition, customer experience, customer retention, and overall business wealth.
• Businesses should avoid the pitfalls of low pricing strategies, which can lead to extinction in the market.
• Pricing strategy should align with business goals and customer value rather than aiming to be the lowest price leader.
• The five principles for effective pricing include understanding true costs, eliminating unprofitable offerings, pricing at a premium, packaging minimally viable products, and demonstrating ROI.
• Demonstrating ROI is a crucial step to justifying premium pricing, showcasing the value customers receive in exchange for their investment.
• Real-life examples illustrate the impact of pricing on business success and failure.
• Connecting with Profit First Nation provides a resource for entrepreneurs to optimize their pricing strategies and achieve permanent profitability.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

 Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website 

Danielle Mulvey - Linkedin 

The All In Company - Website 

Profit First Nation - Website 

Mike Michalowicz - Website 

Mike Michalowicz - Linkedin 

Mike Michalowicz - Twitter 

Profit First Professionals - Website 

Mike Michalowicz - Books 

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

How can you significantly increase your business’ value? In the latest Profit First Nation episode, Danielle shines a spotlight on the pivotal strategy of steering clear of the central hub role. 

Exploring the adverse effects on business valuation when entrepreneurs find themselves at the epicenter for their employees, customers, and suppliers.

Danielle encourages entrepreneurs to proactively declare a future four-week vacation, setting the wheels in motion to diminish dependency on their presence. 

It's a journey toward permanent profitability and max valuation by breaking free from the hub and spoke model.

IN THIS EPISODE:

• [01:00] : Discussion on business valuation and the average multiples.
• [02:48]: Exploring the concept of "hub and spoke" and the negative impact of being the central hub.
• [10:00]: Strategies for removing oneself from being the hub, focusing on employees.
• [13:16]: Tips on documenting standard operating procedures (SOPs) and delegation.
• [14:09]: Impact of owner involvement in customer relationships on business valuation.
• [15:30]: Valuation statistics based on knowing customers by their first name.
• [17:57]: Prioritizing steps to disconnect from being the hub for employees, suppliers, and customers.
• [22:01]: The importance of finding the right people and a Mike Michalowicz upcoming book "All In: How Great Leaders Build Unstoppable Teams"

KEY TAKEAWAYS: 

•  Entrepreneurs are encouraged to declare a future four-week vacation and use it as a catalyst to make their businesses less dependent on them. This involves strategic planning to disconnect from being the central hub.
• The importance of prioritizing disconnection from being the hub for employees. Delegating tasks and responsibilities while ensuring employees take ownership can contribute to business value.
•  Knowing customers by their first name may negatively impact business valuation. Encouraging strong employee-customer relationships and minimizing personal involvement can lead to a higher valuation.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

A well-structured schedule is essential to achieve permanent profitability in your business. 

In this episode, Danielle gives a picture-perfect, ideal schedule of successfully managing her time across her multiple companies, and her team members. 

Once you have mastered the ideal schedule, she unveils eight sure-fire tips to enhance the Vitamin SEE within your organization. If you are still trying to figure out what Vitamin SEE entails, this podcast will help you seas the day and keeping your business on course to permanent profitability. 

SHOW NOTES:

• [00:21] Being a proactive, profitable entrepreneur and avoiding operating in reactive, it’s too late, mode 
• [03:52] Creating the ideal schedule for your week, Danielle shows a sample schedule that works for her
• [13:53] Danielle describes Vitamin SEE and how it has helped the business of All In and how this is for 5-star employees
• [18:14] Rapid fire: Eight tips for solidifying the Vitamin SEE in your organization – a non-negotiable
• [23:43] Danielle encourages listeners to follow the eight tips outlined in this episode

KEY TAKEAWAYS: 

• A business owner will be more successful if they work intentionally from a schedule so one doesn’t waste time.
• You should always tell employees you appreciate their accomplishments when they accomplish their goals.
• Don’t allow anything or anyone to hijack your schedule. Your schedule is that critical.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books