Hey, it's been a long time, but I'm so excited to bring you a
book report this week on a book called Profit First.
It's about making more money. You're going to love it.
Hey, everybody. Ryan Gromfin here – author, speaker, chef, restaurateur,
and founder of the Restaurantboss.com, as well as Clickbacon.com.
And I'm so excited to bring you this week's video,
which is a book report of a book called Profit First.
I'm going to tell you more about that in a second,
but the first thing I want to do is I want to tell you about these guys.
They have come in all different shapes and sizes,
but you know people send me products and reach out
to me all the time and want me to promote stuff for their restaurant on my channel,
and this is the first product I've ever promoted because it's awesome.
It's a super simple solution to a pretty common problem.
It's called Guardian Drain Lock.
There's going to be a link below the video for you to check them out and
get them on Amazon.com and learn more about the product,
but basically, this will replace that flimsy
stupid thing that you have on your floor sink
where people just lift it up and then shove stuff down the drain,
and then you get hit with big plumbing bills and problems from
clogged drains and smelly and fruit flies and all that stuff.
You just install one of these on there.
It comes with a special screw, so it expands and locks in.
Your employees can't pull it out. The manager has the key,
and then none of that junk is going to go down your drains anymore.
I wish I had these when I operated restaurants.
It’s called Guardian Drain Lock. You're going to love it.
Alright, so let's talk about this book Profit First by Mike
Michalowicz, whatever. His name is Motorbike Mike,
that's what he calls himself in the book.
There should be an image up right now of the book and his spelling of his name
and there's going to be a link below this video where you could
get a copy of the book either on audible (which I like to do,
I like to listen to books) or you can get a hard copy of it.
However, you want to listen or read the book, but it's called Profit First.
And it's about making more money.
So let me quickly tell you kind of my thoughts on the book
and then a couple of points that you can take away from it.
So, first, the first like 80% of the book is awesome,
it's engaging and it's fast and it's great and he's really cool
and l love it. The second, like the last like 20% gets a little slow,
I kind of zoned out at the end. I don't even know if I finished it just
because it gets a little deep, but whatever.
If you don’t finish it, no big deal because the first like
70-80% of the book is so good.
It's about making you more money
and kind of flipping the script on how we look at accounting.
So the thing that I love the most about this book is,
he has the same philosophies I do about creating multiple bank accounts.
I think that if you aren't awesome with money,
if you struggle with profits and making money,
you should have different bank accounts.
Now the bank accounts that I generally recommend
are your main operating bank account,
then you should have a profit bank account, a tax bank account,
and a repairs and maintenance bank account.
He's going to recommend some different bank accounts, it's totally up to you,
but just this idea of having separate bank accounts
will help you out in the long run, I think.
So, you'll have to read more about that. Also,
he shares the same ideas I do that standard accounting sucks.
Standard accounting is known as GAAP.
-A-A-P (General Accepted Accounting Principles).
It's a philosophy that we use all over the world to kind of standardize
really complex accounting and make it easy to evaluate businesses
and know where money's going etc.
It's great for accounting and for like financial documents and dorks,
but it's terrible for running your business,
which is why I created a tool called bacon.
If you want to learn more about bacon, it's Clickbacon.com.
They'll also be a link somewhere for you,
but the reality is, I create a bacon because I think standard
accounting sucks and while it's important,
let your bookkeeper handle that, but you need tools and methods
to better understand what's going on in your
business and we share the same philosophy.
He's got his own stuff that he uses, but again,
just this idea that the accounting that you're using
isn't helping you operate your business and he's
going to go into a lot more detail there,
but most importantly is this mindset of paying yourself first.
Again, I totally agree with Mike on this where
we as human beings have this scarcity mindset. We value what is scarce to us.
So if we have like, if we're running out of let's say oil on our
shelf and we don't get a delivery till tomorrow,
we're going to be really careful about how much we use today
to make sure that we don't run out before the delivery.
Well, money is the same way and so
if you start getting toward the end of the month and don't have enough money,
you get really careful, but at the beginning of the month, you're a little looser.
Well, this idea of paying yourself first means
that on a weekly basis or a monthly or a regular basis,
you're going to pull a little bit of money out for profit,
you're going to pull a little bit on for certain expenses
so then you're looking at this bank account that looks a lot smaller,
you're going to start making hard decisions,
you're going to operate your business more efficiently and more effectively.
I can't tell you enough how much I enjoyed this book.
I suggest you go read it. It's called Profit First by Motorbike Mike,
that's what he calls himself in the book.
You're going to love it and don't forget to check out those Guardian Drain Locks.
They're awesome. I think you're going to really like that product.
Hey, I'm trying to reach a 100,000 subscribers on YouTube this year also.
So, if you haven't subscribed, please go ahead and hit that subscribe button.
We're going to do some really fun stuff here at the end of the year and you're
going to have to be a subscriber
to take part in that and to win some prizes and things, but for now,
click on that subscribe button. Have a great day.
I look forward to bringing you another great video next week. Bye-bye.
I want to thank you for watching that video.
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Thank you so much.