023 – Profit First (You MUST Implement This Now!)

Hey there! It’s me, Jacques (a.k.a. The Online Course Guy). I’ve got another great show for you today – this time with two guests you’ll already be somewhat familiar with if you’ve been listening for a while.

Tim Geiss and Nate Dodson were with me talking about a book I just finished: Profit First by Mike Michalowicz. It sparked a great discussion about handling some very important aspects of having your own business. Let’s jump in!

"Sales don’t mean anything unless you put them into context."

-Tom Geiss

In This Episode, We Talked About:

• Why I think Profit First just might be the best business resource I’ve ever read
• How Tom overcame his initial concerns about the book and implemented its principles for his online course business
• Tom’s budget goals and how reorganizing his accounting process has improved his sales focus
• The Profit First mindset shift that happened for me that changed how I approach my business
• The daily process I am using to evaluate certain aspects of my business finances
• How the lessons I learned in the book reduced some of my expenses almost immediately - helping me save hundreds of dollars a month
• The potential tax advantage for business owners who apply the principles of the book
• How much money every business should aim to set aside in emergency funds
• The different ways that Tom and I are using the Profit First philosophy to benefit our families and plan for the future

That’s just a small sampling of our discussion about Profit First principles, so don’t forget to take a listen and leave a comment!

• Profit First by Mike Michalowicz
• Tom Geiss’s Engineering Course Site
• Nate Dodson’s Website