Author of cult classics The Pumpkin Planand The Toilet Paper Entrepreneuroffers 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.
I am a chiropractor and actually just started my practice. I believe that this book has arrived at the perfect time!!! MUST READ!!!55
Finally, I feel in control of my business and our financial situation. I’ve got to dig my way out of business debt but with this system in place I know we can do it. I only wish I would’ve read this book sooner. I now recommend this book to every person I know that is either currently in business or looking to start a business no matter the size. Finally, I’m helping pay my family’s bills and working on growing business too.55
This is by far my favorite business book thus far. I read at least a book a week, and purely nonfiction, business, or development. Profit first has made a huge impact on my business life so far & I am so so so thankful that I found this gem. I am more confident & excited about my businesses future & no longer dreading and worrying about things to come. Living day by day & stressing. Thank you SO much for this book! I can not recommend it enough.55
I have been strategizing my business to push #ProfitFirst through my intentional budgeting plan. I can’t believe 2019 will be my official success celebration in completing this goal!55
I came across mike michalowicz through Dave Ramsey solutions during our 17th year of business. If you take the time to read the book and apply the principles it will recharge you and your business! I always keep a spare copy of this book in my purse to gift to people I come across who are stressed or struggling with their business. I should also note that I didn’t think we were struggling in our business. I just had no idea how much better it could be!55
This is probably the first business related book I’ve thoroughly enjoyed. The themes make perfect sense to me and are delivered in a way that is easy to understand and execute. I have been employing the principles for a month now and already see a huge difference in the financial aspect of my business.55
In less than a week I have learned and implemented strategies to become profitable in my business for the first time! Can’t wait to see the results a year down the road!55
I have had this book on my to-read list for months. I finally started it and can’t get enough of it. I bought the audio version after hiring Mike on a podcast. Not only is it so much faster to get through, it’s easier to understand and Mike is very animated which makes it fun. I have implemented everything step by step that Mike instructs and feel as if I finally have someone on my side to help me with my business finances with the goal to grow it in the future. I am now able to understand how to be disciplined and manage the income I have, so that I can do bigger and better things with the income to come. Although the book talks a lot to the small companies makes $25 million and under, I have a VERY small business (under $50k) and the principles still apply. I wish more people knew about this way of doing things, because I am surrounded by entrepreneurs just like me who say “I’m hoping to increase my sales, because right now my business takes everything and I have pennies to live on.” This books transforms that way of thinking and helps you understand that it’s not the dollar amount coming in, it’s the what you do with those dollars. Thank you for this book Mike!55