ISBN: 3847405357
EAN13: 9783847405351
Language: English
Pages: 206
Dimensions: 0.63" H x 8.19" L x 5.83" W
Weight: 0.66 lbs.

Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine

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Book Overview

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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.

Frequently Asked Questions About Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine

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Book Reviews (14)

  |   14  reviews
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   Must read
This easy to understand guide has been a real light bulb moment for me. I would recommend this book to everyone because it has changed the way I conduct my finances.
   This book is brilliant!
I had to cover my expenses when I took on another bad client. I decided to take control of my business properly. The finances were the first place to start. I knew I would only work with people who appreciated what I did for them and who improved my life once they were healthy. For the first time, I get it, thanks to Mike's profit first system. I have a system in place where my business is healthy and I am happy in work and play. I'm enjoying the process of saving money by reducing the size of my plate. If you want to get out of the mess, this is the book to read. As an added bonus, it's a great read. Excellent!
   reads like a motivational speech
It's not surprising that this book reads like a motivational speech since it seems likely Mike does a lot more speaking than writing. I was tired of the metaphors and the system names but I know they help people remember what's said in a speech. The principles of pay yourself first, baby steps, set up working systems, and don't rely on willpower are outlined in a clear, direct, relatively easy to follow pattern. I recommend the principles in this book if you are an entrepreneur or handle finances. How healthy is your business?
   Excellent Book!
The book is a must read for anyone in business struggling with debt and how to start a business.
   Great book! Using it in our small business!
A great book. It's nice to see a practical solution for helping to save money. A lot of people love spending money as soon as they get it, because we are good at saving to begin with.
   Best bit of business advice you will ever receive.
Anyone starting a business should read this book. It will be the best business advice they will ever get. It might save you a lot of grief for those already in business. Something we all have when operating our own business. Keeping the financial records and the actions needed to stay in business are a huge drag. Mike backs his argument up with examples and stories for support.
   Stop what you are doing and buy this book!
I can't believe I waited so long to make this purchase. I had heard people mention it, but it wasn't until I heard Mike talk about it that I pulled the Trigger. It is changing the way that I run my finances and I can see it making huge differences in my personal and business finances in the very near future. My advice 1 is here. The audio book is the first thing you should get. The ad-libs are terrific as well as entertaining because Mike did his own recording. 2. You can buy the paper copy as a reference.
   ... what you need at the time it is as good as finding gold
One of those books that has a simple core idea is as good as finding gold. I am a small business owner and have been wondering why I am a slave to my business. Using Mike's perspective change to look at the profit first has helped me move towards my business working for me and not the other way around. Mike narrates his books for the audio version and it's great to hear the ideas spoken with enthusiasm.
   Excellent book. I am going to recommend it to ...
I've prepared many books about managing my finances but never one that made sense. One of the biggest challenges for a new business owner is balancing high and low income. A money managing system that always pays back is something Profit First can help with. The book is very good. I will recommend it to everyone I know.
   FINALLY...a light at the end of the entrepreneurial tunnel
I'm always looking to improve my business. I was hoping that this would be no different from Mike's previous books, they were fun and easy to read. I wasn't let down. Mike's sense of humor grabs you right off the bat and then he weaves that into some remarkable how-to's that I can apply to the next chunk of money that I receive. I was so excited when I read this book that I yelled "Hell, yes!" in front of me. No one. The book is on my desk until I know what's in it.