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From Flight Attendant to 50 Million in Revenue with Danielle Mulvey from Profit First Nation
Danielle Mulvey from Profit First Nation went from working as a flight attendant to running multiple businesses doing over $50 million in revenue. Today we will learn just how she scaled her businesses.
Danielle discusses the importance of managing your finances and how to set up a cash management system when scaling your business. Danielle talks about how paying yourself can increase the valuation of your business, and how to utilize full-service businesses to scale your business.
She has so many incredible insights from setting up business accounts, keeping your finances safe, and how to recruit the best employees. Tune in to learn some amazing tips you can implement into your business today!
IN THIS EPISODE:
- [4:07] How did Danielle go from being a flight attendant to running multiple businesses doing over $50 million in revenue?
- [7:17] What was Danielle’s first business?
- [13:49] How should you manage your finances in a business?
- [18:26] What is Profit First and how integral is a cash management system for entrepreneurs who are scaling their business?
- [27:26] How can Profit First set your business up for success?
- [28:28] How does paying yourself correlate to the valuation of your business?
- [33:11] Why are full-service businesses so important?
- [35:22] Danielle gives some tips around recruiting and retaining employees.
KEY TAKEAWAYS:
- [13:49] You must have a pulse on the finances of your business. If you just hire a bookkeeper and expect that they’ve got it all handled, there is the huge potential to miss something. If you are going to own a business, you need to learn to love your numbers and own the financials of your business. Also, always have a separate CPA that reviews the books to ensure nothing is going missing.
- [17:07] There are only two ways to increase profitability in your business. The first is to increase margin, meaning increasing prices, and the second is to decrease expenses.
- [20:03] Your business should have 5 financial accounts – an income account, a profit account, an owner’s pay account, a tax account, and an operating expense account. The book, Profit First by Mike Michalowicz can help you to understand what goes in each account and how to allocate money.
BIO:
Former flight attendant turned entrepreneur, Danielle Mulvey currently runs multiple businesses with over $50-million in annual revenues and is such a geek about Profit First: The DIY Cash Management System for Businesses – that she is Mike Michalowicz’ #1 recommended go-to Workshop Facilitator and Keynote Presenter when his schedule is booked.
Maybe even more exciting….Mike and Danielle are currently collaborating on his next book, ALL IN: How to Get Your Employees to Act Like Owners. This collaboration tackles the biggest challenge to the profitability of businesses with employees – their payroll expenses being weighed down by average, ho-hum or worse employees who “collect a paycheck” and provide no measurable results or return on their salaries.
Based on her 25 years-plus of being an entrepreneur, Danielle has cracked the code on how to recruit, hire and retain 5-Star Employees and is the originator of The 5-Star Star Employee Rating System™ – a personalized and customizable DIY process to objectively hire the top 15% of available talent for the given role while filtering out the average, ho-hum or worse candidates.
LINKS MENTIONED:
Text PROFITFIRST to 909-741-1321 – Summary Format of Today’s Episode
