Learn About The "Profit First Formula" in Phoenix

As the second keynote on May 2 in Phoenix at the International Restoration Convention + Expo, Mike Michalowicz founded and sold two multimillion-dollar companies by 35, and now is finding better ways to grow healthy and strong companies using is “Profit First Formula.” Get a preview of Mike’s session “Profit First: How to Make Any Business Highly Profitable by the Very Next Deposit” and how it could help your restoration business thrive.

C&R: Can you give us a brief overview of what your presentation will be about?

Mike Michalowicz: There is an established belief that sales minus expenses equals profit. Yet the vast majority of businesses are not profitable, they are surviving check by check. In my presentation, I challenge the notion that putting profit last works and teach a new method of taking profit first.

C&R: Who should attend your presentation? Is it applicable to folks at all levels of the restoration industry or more focused for owners?

MM: This presentation is designed for any businesses from start-up to under $25M in revenue. If you, as the owner of a restoration business, check your bank account with any frequency — once a month, once a week, daily or are even checking your accounts as you listen to this — this presentation is meant for you. The method I teach actually encourages you to keep doing what you do and use a simple system that will channel your habit to drive profit permanently in your business.

C&R: What do you hope attendees will get out of your presentation?

MM: My hope is that people will walk out armed with a simple process to immediately drive profit. If they implement what I teach, these businesses will be experiencing profit by their very next profit. The system is simple, but it is all about doing it. I hope I can inspire people to do it.

C&R: What pushback or challenges have you encountered when sharing the “Profit First Formula” with business owners?

MM: Some people think it is too easy to work and therefore never try it. Others think that they need to first change other things about their business to “ready themselves” for profit first. And others hear from their accountants that it won’t work. The thing is, we are blessed to have over 100,000 companies that have implemented Profit First. The key understanding here is that Profit First is not an accounting system. It is a cash management system, and it works with any accounting system that you currently use. Nothing needs to change with how you do your accounting, we simply need to set up some new bank accounts and follow the process.

C&R: What do you see for the future of the “Profit First Formula?” Do you think it will continue to be applicable as human behavior inevitably changes?

MM: I think Profit First has a long-term future. It surely will be replaced at some point as people change or as artificial intelligence becomes more prevalent. The nice thing is Profit First can be implemented and utilized within hours, and it can be disabled just as quickly. So when the time comes to stop using it, it can be turned off. And when people are committed to permanent profit, Profit First can be turned on immediately.