The Focus Factory
The Focus Factory
Jeff Pickett
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Why You Should Make Profit First With Megan Dahle
36 minutes Posted Apr 22, 2019 at 11:00 pm.
A bit of intro conversation about Avengers:Endgames (totally off-focus, my apologies)
Introduction of Profit First book by Mike Michalowicz
 What is Profit First?  Mike’s story
Profit First is a behavior switch
When businesses get profit wrong, shiny objects, running your business on expenses, etc.
How to make that switch from expense being your focus to profit
There is a difference between making a profit and your salary as a business owner - rewarding yourself
The five basic accounts to get your Profit First system set up and how (as a behavior based system)
Who this system is designed for (hint: both small and large businesses)
Megan’s personal story of implementing Profit First
The biggest barrier - setting up numerous bank accounts - is easier than you might think in order to implement Profit First
How Profit First can help you in times of great need or unplanned expense
The right way to set up your bank accounts for Profit First - and an additional two accounts at a separate bank to put certain accounts into hiding
The benefit of Profit First is rewarding yourself (mandatory step)
The trap of judging yourself by sales versus profitability
Don’t lose focus by putting your eyes on revenue too much; sales won’t fix it all
Profit First gets you paid twice plus your taxes are paid ahead of time with no subtraction at tax time
What would it look like if Profit First were in place when you saw your business go wrong
What a Profit First Professional is, like Megan
Don’t make this mistake that Jeff did…
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36:05
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Show notes
In this episode we talk with Megan Dahle, business owner, Virtual CFO and Profit First professional. Megan’s real world experience with helping businesses put their profits first puts her in a unique position to put the book “Profit First'“ into action to turn businesses around and away from the red. 
IMPORTANT POINTS
3:00 - Introduction of Profit First book by Mike Michalowicz
When you start having a plan for that money, then this dream that you’ve always had for what a business could do for you personally can become a reality.
87% of businesses are living paycheck to paycheck…
LINKS
Check out the book, Profit First by Mike Michalowicz
Megan’s website
Megan’s email address
Megan’s LinkedIn profile
Megan is on Facebook, too
Clockwork: Design Your Business to Run By Itself by Mike Michalowicz
Megan’s Free Offer: The first two free chapters of Profit First
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