We get lots of email here. Oftentimes we get testimonials – no, transformonials, about how Profit First saved or improved a business. These emails are my favorites. Not so I can pat myself on the back, but so I can share them with you to help you and other business owners achieve great success.
Earlier this month, Dave Fedoroff, the owner of Smorgasburg, wrote to me. He was responding to an email I sent all of you about the current state of affairs. He told me that in this crisis, his business is doing better than ever.
Why? Say it with me – because Dave had implemented the Profit First system in his business. Check this out!
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I’m a Philly guy, and moved to NYC because my wife went to school here. I had a job bagging groceries at Trader Joe’s but secretly longed to turn my passion for making South Philly Italian sandwiches, like the cheesesteak and roast pork broccoli rabe, into a career.
I had never worked in a restaurant before, and had no idea where to get started. My wife talked me into selling my sandwiches at street fairs. We started the business on the side, and it grew our main source of income. We did well and after a year opened a store.
The main problem we were facing was lack of money. We were making lots of money every month – I just didn’t know where it was going.
When we started using Profit First, it just really helped us manage our money better. Some months, our P&L showed a profit of 7% but my account was overdrawn $300. So we didn’t really profit 7%. Now that we’re using Profit First we know the exact number that we’re profiting every month. It also gave very useful guidelines about how much we should be profiting, paying ourselves, and how much savings we should have. It was also really helpful with prioritizing things like the importance of paying off debt first. All things we had no idea about when we were starting off. After 3.5 years in business my wife and I were finally able to pay ourselves a salary we could live comfortably on and earn quarterly profit distributions thanks to the Profit First system
When the pandemic hit, restaurants were closing everywhere. But our numbers went up. WAY up.
Our take out and delivery model positioned us perfectly for this kind of crisis. In terms of business, 2020 has been the best year we’ve ever had by far.
Anyway, I thought you’d find it interesting to hear a story where a business actually came out of this crisis better than where they went in.
I cannot tell you how much your books and podcasts have helped our business. I wish I had read profit first years ago. Thank you Mike!
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Stories like these are uplifting and illustrate how Profit First really works. So how do we get it into the hands of more entrepreneurs t help them improve and save their businesses? You can help! I am calling on you to share the good in these 2 ways – with rewards for you of course:
If you read and loved the book, help your community of fellow business owners get a hold of it. Leave a review on Amazon by following this link: Amazon review. As a thank you, we will give you free access to my T4 training. Email jenna@mikemichalowicz letting her know you posted a review, and she will send you your free access to the T4 training.
Have a business transformation to share? Please email jenna@mikemichalowicz.com to share your good news. We will then feature your story on our blog and social media platforms.
Thank you for your help my friends. As always, I am rooting for you and wishing you tremendous success!
-Mike
