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Is your business broke? Listen to Mike Michalowicz discuss going All In & Profit First now

5 Feb 2024 · 0 min

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0:24

Short excerpt from a YouTube interview (uploaded Feb 5, 2024) discussing small-business financial management. The speaker identifies common causes of being unable to pay bills—underpricing, inefficiency, and unnecessary costs—and advises against borrowing from profit accounts because doing so undermines the Profit First system.

If you don't have enough money in the account to pay your bills, that's your business. Speaking to you and saying you can't afford these bills. There is a flaw in the business. We're underpriced. We got to charge more for what we do. We're inefficient. We. We have exorbitant or unnecessary costs. But when you can't afford your bills, the, the trick is do not borrow from your profit account because now you're unwinding the whole system.