[316] Your Business is a Cash-Eating Monster (Here’s How to Fix It)

The reason so many investors stay broke even though they’re working hard……is because they don’t have a SYSTEM for managing their cash flow.I was in a pretty rough spot 2 years ago.(You’ve probably heard this story before…)I didn’t have any cash.My wholesaling / flipping business was growing like crazy…But my credit cards were maxed out and we could barely buy groceries.I know a LOT of investors who are in this same spot right now.I know how much it sucks.The way I fixed it was by plugging into a system called “Profit First.”This system is pretty simple.But it’s also counter-intuitive……and most business owners would never think to arrange their finances this way.(I know I didn’t.)It really WORKS, though…I’m not paying my company’s expenses out of my own pocket anymore, which is a great feeling.I want to share this system with you…And I figured, what better way to do that than to bring in the guy who came up with it?Mike Michalowicz is the creator of the “Profit First” system.He wrote the book on it (literally).He’s a serial entrepreneur and a best-selling author……and I asked him to join me on the podcast today to break down this one simple accounting structure that has saved my sanity, my marriage, and probably my entire business over the past year or so.(Seriously… I’m only slightly exaggerating.)Mike is an incredible, down-to-earth guy……and his insights are changing the way real estate investors scale their companies.So with that said, let’s dig into one of my favorite podcast episodes ever…!Links & ResourcesIf you're ready to start keeping more of your income and getting out of the cash flow crunch, grab a copy of the book “Profit First” on Amazon.Mike’s newest book is called “Fix This Next,” and it’s all about figuring out the #1 problem you need to solve right now to take your business to the next level. You can pre-order it on Amazon.And if you want to learn more about the Profit First system and Mike’s other work, head over to MikeMichalowicz.com!Like what you hear? Subscribe!If you've found any value or helpful information in the 7 Figure Flipping Podcast, we’d love to hear about it! Head over to iTunes to subscribe, and while you're at it, leave us a rating and a review so other investors who want to ramp up their own house flipping / wholesaling businesses can find us and get in on the good stuff! Hosted on Acast. See acast.com/privacy for more information.