Mike’s books to do the same. Now when people go into her
bank asking to open five or more company accounts, the
bankers don’t question it because they know what these
forward-thinking business owners are doing.
At the end of that next year, Compton was prepared to pay
almost double in taxes without batting an eye. She recalls
how empowering it was to already have that money set aside
in the company accounts, much to the amazement of her
accountant.
Her employees became curious about what was going on
behind the scenes. She realized they’d had no idea how
much money was already spent before it came in and while
it was still in the bank. Compton knew it was risky to teach
her employees how she was running the business, but she
realized how important it was that they understood
margins and how much expense needed to be factored in for
each dollar of revenue. A tangible shift in perspective and
culture took place after Compton shared this information
with her team. Her staff became more invested in
the business and operations ran more smoothly
as a result.
In the service industry, it’s difficult to explain to staff why
the hourly rate charged to clients is significantly higher than
what they are being paid. Compton was able to bridge this
gap by teaching the Profit First model to her team.
Compton admires Mike’s ability to simplify concepts in a
way that can be easily explained to others. She describes
him as very unfiltered and real, adept at communicating
authentically and taking something that’s very complicated
and breaking it down to the point where she even feels
comfortable explaining it to her children.
After Profit First, Compton went on to read and implement
Clockwork and Fix This Next. As she’s involved her
team more and more in handling company operations,
profit-sharing issues that used to be a prevalent topic of
conversation rarely come up anymore.
Compton says Profit First is the bloodline of the entire
company for her, but if she were to recommend a place
to start now, she would say Fix This Next. Mike’s latest
book is an excellent tool to identify the starting point for
problem solving that many business owners struggle to zero
in on. She’s worked with around a thousand mental health
businesses specifically and has managed to convert 90
percent to Mike’s methodologies with zero complaints
so far.