Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
Jan 2017 · Sold by Penguin
4.5star
66 reviews
Ebook
224
Pages
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About this ebook
Author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability.
Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, readers will learn that:
· Following 4 simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances.
· A small, profitable business can be worth much more than a large business surviving on its top line.
· Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.
With dozens of case studies, practical, step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of.
Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, readers will learn that:
· Following 4 simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances.
· A small, profitable business can be worth much more than a large business surviving on its top line.
· Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.
With dozens of case studies, practical, step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of.
Ratings and reviews
4.5
66 reviews
Irene Pons
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October 27, 2017
You NEED this Book! It's the answer to your financial woes. As a lawyer, I was not sure if this book would have universal application to the inner workings of a law firm. GUESS WHAT! It absolutely DID. It will change the way you think about Money and it will help you organize and re-structure your accounting to maximize your profit. You will have a profit and you will see the results immediately. Easy to read, easy plan to follow. Make the small investment you won't regret it.
27 people found this review helpful
Peter Wilson
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November 29, 2019
Every business owner should read this! Heck, even people learning how to budget in general should read this. It will help re-acclamate your mind to not fighting our human conditions, but using them to inform our financial decisions in a way that benefits everyone! I highly recommend this book!
28 people found this review helpful
Christopher Ruthenbeck
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August 26, 2017
It's simple. It makes sense. It's YOUR business, so YOU should take your Profit First! As someone who is about to start my own business, the logic of starting Profit First is sound and is the best foundation.
10 people found this review helpful
About the author
MIKE MICHALOWICZ launched and sold two multi-million dollar companies and is co-founder of Profit First Professionals, a membership organization of accountants, bookkeepers and business coaches who teach the Profit First method. He is a former columnist for The Wall Street Journal, is a popular speaker and has shared his insights on business and entrepreneurship at TEDx, creativeLIVE, INCmty and others. He is the author of The Pumpkin Plan and The Toilet Paper Entrepreneur. His columns have appeared in Entrepreneur Magazine, Open Forum, and Harvard Business Review.
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