The goal of every business has to be growing revenue and generating a profit or else the greatest ideas can’t be sustainable.
But how to you achieve that?
It’s not an easy answer or else everyone would become a business owner, but there is a proven system out there that Tracy’s embraced within her own company. It’s called Profit First Professionals and one of the co-founders is Ron Saharyan. What started as an idea in the basement of Mike Michalowicz has turned into the largest brand on profitability in just seven years. They work with companies across the globe to implement this profit-first approach to running a business and it’s own that we truly believe in.
Today we want to introduce you to Ron and get to know more about his background and how this business came about. If you aren’t familiar with this company, Profit First is a book and a cash flow methodology. It’s not accounting or bookkeeping. Instead, it’s a pay yourself first approach to make sure you’re being taken care of. It sounds simple but execution is key and that’s what we’ll dive into some on this episode.
So as you get started on the show, keep an ear out for these topics:
- How he was influenced early on to become a business owner
- Why he left a large company to take on this new role
- The hesitations he had before moving into this Profit First business
- What makes this approach unique and how to fully take advantage of its customization
- Starting the business in Mike’s basement and scaling it
- Why hiring an assistant was a game-changer
- How to determine whether you can afford a new employee
- Why you have to give employees more than a paycheck to build a successful culture
The full interview can be heard using the audio player above and utilize the timestamps below to jump to a specific topic. Thanks for listening!
[0:55] – Background on Ron
[5:45] – Mike’s past experience and failures
[6:51] – Learning more about this system
[9:11] – What is Profit First?
[12:06] – Starting in a basement
[15:28] – Outsourcing
[18:40] – Moving to a bigger space with bigger team
[22:43] – Being deliberate with spending
[26:30] – Giving employees a purpose
[31:03] – Ron’s advice for business owners
[33:36] – How to learn more about Ron
“Along my journey working for large million-dollar companies, smaller sized companies, I always felt that there was something more, something that was missing.”