109: Implementing 'Profit First' by Mike Michalowicz (Making Good Book Club #4)

Join me and my book club co-host, Charelle Griffith, for the 4th edition of Making Good Book Club!

Today we’re diving into a conversation about Profit First by Mike Michalowicz. This book flips the traditional model of approaching profit in a really good way. If you really apply this book to your business, it WILL transform your finances and what's possible in your business and life.

Some notes from the episode:

• Four core principles

  • Use small plates

  • Serve sequentially

  • Remove temptation

  • Enforce a rhythm

• Basic accounts:

  • Income

  • Profit

  • Owner’s Compensation

  • Tax

  • Operating Expenses

  • Profit HOLD

  • Tax HOLD

• A bigger business isn’t necessarily a better business — your business doesn’t need to make more money for YOU to make more money

• “Revenue is vanity, profit is sanity, cash is king”

• We aren’t rational with money — Profit First is a system that recognizes that

From the episode:

• THIS BOOK: Profit First by Mike Michalowicz

• NEXT MONTH: Hype Yourself by Lucy Werner

• Connect with us on Instagram

  • Charelle - @charellegriffith

  • Lauren - @laurentilden

More Making Good Book Club:

• Making Good Book Club #1: Mindset by Carol Dweck

• Making Good Book Club #2: Atomic Habits by James Clear

• Making Good Book Club #3: Superfans by Pat Flynn

• Get to know Charelle in episode 87

🎙More Making Good🎙

• Love Making Good? I would be SO SO grateful if you'd leave a rating and review on your favorite podcast app.

• Let's hang on Instagram. Connect with me @laurentilden.

• Want 100 Marketing Prompts (for free?) Download the PDF here.

Note: We’ve shared affiliate links for the books — using these links helps support Making Good!