In the Profit First webinar, your host Suzi Dafnis and author Mike Michalowicz discussed the best strategies for generating profit in your business. Mike, a former The Wall Street Journal columnist, MSNBC business makeover expert, keynote speaker and author, shared his strategies on how to turn your business permanently profitable. He revealed how prioritising profit can lead to greater innovation and allow you to feel more comfortable and in control of your business. According to a poll conducted in this webinar, 39% of business owners find the struggle to pay themselves a decent salary their biggest frustration. It is precisely this hurdle that Mike empowers you to overcome in his best-selling book Profit First. He argued that the only way to get better answers is to ask better questions, and the best place to start is by asking yourself, “How healthy is my business?” By shifting the conversation from top-line thinking to bottomline thinking, business owners can allow themselves to prioritise profit. According to Mike, any business, no matter what the size or industry, can turn permanently profitable and here’s how:
- Put your profit first. Every time a deposit is made to your business, allocate a percentage of it for the profit.
- Build up your targets slowly and consistently.
- Allocate a percentage for both the profit and the owner’s pay and then look at what is left over.
- Ask yourself, “How do I double my revenues and cut my costs?”
- Clone your best clients, focus on them and over cater to them.
- Ask your best clients, “What am I doing right?”
Our conversation with Mike allowed many of our listeners to veer away from only focusing on sales to finding new ways to make a profit in their business.
“Lots of great info. Made me look at profit in a whole new way. Made so much sense.” “Enjoyed the whole webinar, being inspired an learning simple ways to make my business more profitable.”
Our listeners were also able to share exactly which areas they struggled with through the addition of polls.
“Loved the interview format and the interaction through quick polls. Loved new concepts being introduced.” “Simple ideas to help any size business – thanks!”
Through the tips shared by Mike in this webinar, many of our listeners found the confidence to handle their business in a new way.
— awesome lending (@AwesomeLending) November 26, 2015
A recording of the Profit First interview is now available inside the Premium Member Online Learning Centre. Go here to get access to the recording, today. This post was co-authored by Angira Bharadwaj. Angira is currently completing a journalism internship at HerBusiness. She studies journalism at the University of Technology, Sydney.