Profit First.

A unique, pay yourself first cash flow management system which allows you to work with your existing habits of running your practice. There are no complicated  accounting methods to learn, just a simple, common sense approach to managing your money.

At the heart of The Profitable Doctor is Profit First. This unique pay yourself first cash flow management system developed by business author Mike Michalowicz allows you to work with your existing habits of running your practice. There are no complicated  accounting methods to learn, just a simple, common sense approach to managing your money.

What is Profit First? 

The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s profit is Sales – Expenses = Profit. It is simple, logical and clear. Unfortunately, it’s not true. The formula, while logically accurate, does not account for human behavior. In the GAAP formula profit is a left over, a final consideration, something that is hopefully a nice surprise at the end of the year. Unfortunately, the profit is rarely there and the business continues on its insurance check to insurance check survival.

 Sales – Profit = Expenses

With Profit First, you to flip the formula to Sales – Profit = Expenses. Logically the math is the same, but from the standpoint of the entrepreneur’s behavior it is radically different. With Profit First, you take a predetermined percentage of profit from every sale first, and only the remainder is available for expenses.

Parkinson's Law

Author and historian C. Northcote Parkinson theorized that our demand for a resource increases to meet the supply of it. That is why when we are given two weeks to do a project it takes two weeks, and when we are given eight weeks to do the same project it takes eight weeks. That is why when given $1,000 to complete our work we get it done with $1,000 and when given $10,000 to complete the same work, it takes $10,000. Profit First makes Parkinson’s Law an asset. By taking profit first, the money available for expenses lessens, and we are forced to find ways to get the same things done for less money. 

Bank Balance Accounting

Most doctors don’t have the time or gumption to read the different accounting statements necessary to manage the financial aspects of their business. Theoretically you should review and correlate your Income Statement, Balance Sheet and Cash Flow Statement monthly (or more frequently), but few doctors do. Most resort to “bank balance accounting,” where we check our bank balance every day and make financial decisions based upon what we see. Per Parkinson’s Law, we consume what we see in our bank account. Profit First encourages us to continue “bank balance accounting” by first allocating money to profit (and other accounts) so that we see the actual portion of deposits that are available for expenses and automatically adjust our spending accordingly.  
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Don't Change Habits, Leverage Them

Many business owners try to force themselves to become better at accounting and more disciplined in their fiscal management by pure willpower. But just like a muscle, willpower can be drained. And in a moment of financial stress or bigger than expected expenses the owner will break their own fiscal rules and spend the money they have. The Profit First principle does not try to change your habits (that is nearly impossible to do), Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions. 

What is a Profit First Professional?

Mick is experienced and trained to guide businesses in their corporate growth. But quite frankly, you should expect that from any business coach you work with. What makes Mick unique is that he is trained, certified and has hands on experience in guiding businesses to grow profitably. 

Mick is certified in the Profit First method and has direct access to accountants, bookkeepers and other experts globally who are all trained on this method. Combined we have over 3,000 companies using Profit First in their business. What this means for you is that we can immediately get the answer to any challenge you may face in growing profitability

One Of A Select Few
Impact Leadership is the only eye care consulting company certified in the Profit First method. What this means is that we have unique experience guiding optometrists, ophthalmologists and optician business owners toward higher profits. Because we have access to accountants, bookkeepers and other Profit First experts, just about any profit question can be answered for you. 

What Makes Us Different?
What makes us so unique is that we have “baked in” to our system the ability to consistently increase your profits, utilizing the Profit First Method. Everything we do will help drive your profitability. 

We Take Our Own Medicine
Mick utilizes the​ Profit First​ method of cash management in his own practice to constantly improve my own financial health in the practice. It goes without saying, you should always expect your business coach to use the exact method that they employ with you, their client. And that’s exactly what we do. 

Quick Start
Our process of maximizing your profits takes effect literally by your next deposit. There is no stretched out, long consultative process or recommendations report that will sit on your shelf. We simply implement a few changes in your cash management system and you are increasing your profitability from day one. 

Accountability
The Profit First method is 100% successful for all of our clients that stay 100% consistent in staying with the method. Sticking with the system, by yourself, is hard. We integrate scheduled coaching calls with you to ensure you are constantly driving profits. And we’ll help you navigate the challenges. 

Profit First Online Course

Take advantage of the low introductory price of
​just $149 for the online course.