For any business, making a profit is an important goal. Without a profit you can’t grow, and a stagnant business is in a dangerous position. But particularly for a new business, profit needs to be a high enough priority or you can run into trouble pretty quick.
In the podcast and article below, Mike Michalowicz talks about this in greater detail, sharing his own story and emphasizing the importance of prioritizing profits early. He then goes over the five foundational accounts to break your finances into to help you manage them correctly and ensure you’re in a position to keep your profits high.
When making the decision to launch a new business, you understand that you’re taking a big risk in doing so. Mistakes will inevitably be made along the way, but you hope your enterprise will be profitable before long. The reason why so many business owners fail to achieve this goal, however, is because they haven’t made profitability a priority, according to Mike Michalowicz.
Read full article: Mike Michalowicz and the Importance of Putting Profit First