Erika Jones, CFO, CCTAProfit First Professionals · Certified Fractional CFO and Profit First Professional

Profit First Myths | Profit First Does NOT Require An Authorized Expert

24 May 2021 · 1 min

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1:18

In this brief segment, Mike Michalowicz, author of Profit First, debunks the common myth that simply reading his book enables a business owner to implement the system successfully on their own. While the book contains all the core knowledge, Michalowicz emphasizes the added value of a Profit First professional who serves as an accountability partner, offers strategic direction, and brings experience from working with hundreds of clients. He likens the professional to a personal trainer who ensures correct exercises, prevents injury, and boosts commitment. The professional’s exposure to diverse accounting data and startup scenarios can reveal new processes and strategic moves, making the implementation more effective and sustainable. He strongly encourages businesses to consider hiring such a professional to achieve the right results.

Chapters

I'm Mike Michalowicz, the author of Profit first, and I'm here to bust a profit first myth. You know, we have over 500,000 companies and growing daily who are doing profit first and more profitable than ever before. I want to do the same for you. The myth that's out there is now that I read the book, I can simply just do this myself. And there's no question I put all of my knowledge in that book. You were able to set it up. But it is powerful to have an accountability partner. So someone who has lots of experience with profit first and can direct you through it. That's why I strongly suggest a profit first professional. It's kind of like working out of the gym. You can definitely go and work out in the gym on your own. Are you doing the right exercises and will you hold yourself accountable? Will you show up come hell or high water? But if you hire a trainer, will you behave differently? Will you do the right exercises ensuring that you don't get injured? Will they have a higher level of accountability for you? Will they be able to show you new ways and new processes because they're working with hundreds of other clients? Quite possibly true. And that's our experience with Profit first professionals too. Their exposure to working with a large set of data, a lot of startup clients and accounting data can give you some strategic direction and moves to make. Also, it's the ultimate level of accountability. So if you want to do profit first right, I do encourage you to consider a profit first professional.