Do You Own a Business or have a Job?

Profit Over Distress: A Look into the Profit First PhilosophyIs your business thriving, or are you merely surviving in a self-employed job disguise? Let's explore the fundamental differences between owning a business and having a job, as we delve into Mike Michalowic’s book "Profit First". This seminal work is a game-changer for small business owners,showing us  how to manage cash flow effectively, while emphasizing the importance of robust financial systems. Sit tight as we deep dive into what makes a business bankable, and why owning a business doesn’t have to mean constant worry about finances.What if the profitability of your business lay in the narrowness of your focus? We're going to talk about the underestimated power of a niche focus and how it can potentially maximize your profit margins. Instead of being a generalist, we will discuss the merits of tailoring your business to your local area. Additionally, we'll address some practical aspects of business operations, such as timely invoicing and billing, and their impact on cash flow. Let's revolutionize the way we do business, together.Highlights2:32 - Being honest with yourself on if your are truly running a business or a glorified employee. And the idea of being bankable. 6:08 - Profit First and the basic concepts of how it can transform your business. 9:13 - Understand where you are spending the most time and is it costing you $$$$12:17 Brad and Steve reflecting on Past Struggles and Growth in their own business journey.Mentioned-Article - How to tell if you have a business or a job Book - Profit First Connect with the hosts: Steve Doyle:WebsiteLinkedInEmailBrad Herda:WebsiteLinkedInEmailThis podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpOP3 - https://op3.dev/privacy