Profit First Nation

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

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! 🌟

Danielle delves into dissecting 10 misconceptions or fallacies surrounding Profit First. 

This cash management strategy isn't intended to function autonomously; instead, it's meant to be applied meticulously, adhering to its principles. 

Fragmented utilization is not its intended approach. 

In this episode, Danielle outlines ten instances of business owners misapplying or misconstruing Profit First. Be sure to revisit this episode for a great “how-to” reference.

IN THIS EPISODE:

• [00:17] Danielle outlines the ten myths or misunderstandings about Profit First. #1 What is the purpose of Profit First
• [03:34] #2 Slashing expenses to the bone
• [08:16] #3 Adjusting your allocations over time
• [11:33] #4 Treating Profit First as a one-size-fits-all system
• [14:12] #5 Neglecting taxes
• [16:37] #6 Misinterpreting the no-budget concept
• [18:09] #7 Don’t rely totally on percentages
• [19:58] #8 Profit First is not a quick fix
• [22:44] #9 Confusing your accounts
• [25:13] #10 Ignoring behavioral change

KEY TAKEAWAYS:

• A business without profit will not last. Profit First is a cash management system that keeps your cashflow on track.
• Profit First is not a set it and forget it system. You need to adjust your allocations at the start of each quarter and adjust as your real revenue increases to the next level of target allocations
• If you don’t follow Profit First to the letter, you aren’t doing Profit First right.

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! 🌟

Danielle may hit a nerve or two in this episode when she highlights the RED FLAGS you cannot ignore when it comes to making 5-Star Employee Hires. 

For most businesses, PAYROLL is your biggest expense and can be a significant drain on your profitability when you make a hiring mistake. 

When your payroll is full of average, ho-hum, or worse employees – you need more labor at more expense to do the work that just one 5-Star Employee can accomplish. 

Remember: If 5-Star Employees represent the top 15% of available talent – then statistically speaking, you will need to filter out 6 out of every 7 candidates to get that top 15% candidate. 

You have to raise your RED FLAG alert level to max as you take candidates through your hiring gauntlet. 

 In this episode, Danielle lists multiple warning signs that HR professionals and business owners engaged in the hiring process should embrace. 

Take notes to seeing and eliminating candidates based on critical candidate "RED FLAGS.”

IN THIS EPISODE:

• [00:21]  Danielle goes all in on hiring employees today
• [04:03] Red Flags- Working less than one year at multiple recent employers and exaggeration of duties and responsibilities
• [05:38] Red Flags- If their formal education is in an unrelated field from what you are looking for and their resume suggests a double employment history 
• [07:05] Red Flags- Grammar and punctuation errors and specific fields and industries Danielle would never hire from
• [10:05] Fields and industries we want to hire from
• [13:21] Danielle shares case histories
• [20:19] Danielle compares part-time employees to children and gives more examples of red flags
• [24:08] Danielle gives a fast overview of today's episode

KEY TAKEAWAYS:

• In today’s market, working long-term in a company can be defined as working two years or more in the same company.
• There are industries you should avoid when looking to fill a position because they represent fields where there isn’t urgency involved in their job.
• If a person can’t correct errors in their resume, they are not the type of person you want to hire.

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! 🌟

Mike Michalowicz shares the microphone with Danielle and responds to questions from listeners just like yourself. Listen in to understand his innovative, time-tested approaches to successfully managing a business in the zone of permanent profitability. 

Furthermore, Mike delves into the importance of enlisting a Profit First-Certified Accountant, Bookkeeper or Coach.. Stay tuned until the end of this episode for an exciting announcement Mike will share.

IN THIS EPISODE:

• [00:39] Question One. Should I add a retirement account to my hidden account, and how to set up a retirement account
• [05:40] Question Two. Can I make an exemption to Profit First
• [07:35] Question Three. What is the owner's pay? Is it the CEO's salary, and why is the allocation 50%
• [10:07] Question Four.  Do shareholders of a business all get compensated the same
• [12:05] Question Five. Can you skip the profit and tax accounts at your primary bank and transfer from income to profit hold and tax hold at my inconvenient bank
• [15:06] Wild card questions for Mike regarding working with a Profit First Bookkeeper
• [20:49] Mike celebrates that Profit First is in 28 languages now

KEY TAKEAWAYS: 

• Over 50% of businesses don’t last five years.
• Profit First Accountants and Coaches are in different towns than the client because they are industry-based, not location-based. 
• To effectively implement the Profit First System, adhering to each step is crucial. If you find yourself making exceptions, you are not following the Profit First principles.

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 twenty-eight 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! 🌟

Danielle delves into a comprehensive process comprising eight steps for transforming your service or product into a marketable offering. 

These steps are universally applicable to a wide array of services or products. By implementing these steps in your business, you'll gain clarity and direction and, most importantly, establish a fresh source of revenue. 

Through illustrative examples and explanations, she presents the information in an easily understandable way. Get ready to take notes, as this episode is a must-watch to ensure your business grows as it could.

IN THIS EPISODE:

• [00:20] Danielle explains Productization and the eight steps to create a new revenue stream
• [03:49] Step One: Niche down by focusing on a specific audience in 5 different ways
• [09:20] Step Two: Find your TVR
• [11:31] Step Three: Defining your quarter-inch hole
• [12:20] Step Four: Branding is important
• [13:35] Step Five: List your ingredients
• [14:51] Step Six: Pre-empt objections
• [17:14] Step Seven: Pricing Danielle gives examples of pricing
• [23:15 Step Eight: Manufacture scarcity

KEY TAKEAWAYS: 

• Don’t just pick a price out of the air for your service or product. Do research to explore what it is worth. 
• Speed can be a factor in increasing your pricing. Pricing can also be done on a sliding scale.
• Don’t be afraid to raise your prices. Creating excitement and scarcity creates profits.

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