[00:01 – 07:05] Opening Segment
• Mike introduces Profit First, a system that teaches leaders and entrepreneurs how to profit first
• How to overcome financial struggles and understand the profit-first methodology
• A listener saved $32,000 in an account after hearing Mike’s advice
• Mike had success from the outside, but his businesses were never profitable, and he lost all his wealth
[07:06 – 13:29] The Profit First Formula: Learn How to Take Profit Without Sacrificing Your Expenses
• It’s essential to share the struggles of entrepreneurship and not paint a rosy picture
The ego needs to be checked to succeed
• The Profit First Formula and how it flips the traditional formula of sales minus expenses equals profit
• If a business cannot pay its bills, it is telling them that something needs to be fixed
[13:30 – 19:47] Uncovering the Benefits of Profit First
• How taking your profits first can help your business succeed
• Take a portion of the profit first, use it to reward shareholders, and build cash equity
• Working harder is not the solution; working smarter is key
• The simplest solution is often the right one
[19:48 – 25:56] Achieving Financial Growth & Stability Through Niche Specialization
• Business owners can double their profits by increasing pricing by 20%
• Businesses that take their profit first grow faster than their competition and become more selective about what they spend
• Reverse engineer niche specialization to outpace competitors in growth
Pay for vacations with cash from vacation account to stay within budget
[25:57 – 31:11] Closing Segment
• For personal budgeting, set multiple accounts for intended use and divide money into different outcomes
• Mike on the rapid-fire questions
