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.
Wish I would have had this 18 years ago when I started!55
Great book and greater system. Did this with a side hustle in 2021 and had tax $ set aside at the end of the year and was profitable as well. Really opens your friends and coworkers eyes when you mention it to them.55
I couldn’t put this book down! I am not a money / numbers person, but this book got me so pumped to immediately start putting these ideas in action. This is a must read for anyone who has a business or wants to start one.55
I am a chiropractor and actually just started my practice. I believe that this book has arrived at the perfect time!!! MUST READ!!!45
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