Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

August 7, 2019 - Comment

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,

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.

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Comments

Anonymous says:

The most important business book I own I feel like a convert to a new religion after reading this book. I have told everyone I know who owns their own business about it, and here’s why:A friend/colleague recommended it to me, and I ordered it on that gateway drug, Amazon Prime. It came that night (!), and I devoured it like a T Rex that hadn’t eaten in a year.It was an easy thing for me to commit to because I already had a separate tax account and knew how that benefitted me. It only made sense that others…

Anonymous says:

Could not finish I did not like this book. It was super repetitive saying the same things over and over and over. I could not even finish it. I wish I could return it! Also this book is strictly written for business who do not profit at all. I thought it would be helpful for any business to help have more profit but it’s only for business who don’t ever make a profit and even then it’s a hard read. I then tried listening to the pumpkin plan mentioned in his book and it’s completely written for a male audience…

Anonymous says:

One semi-bright idea lost in a sea of bad writing and worse advice. Don’t waste your time. TLDR: x – y = z and therefore z – y = xincome minus expenses equals profit and therefore profit minus expenses equals income.viola, you’ve read the book.The only truly actionable advice fond inside is as follows: if the profit you take is unsatisfactory, take a tiny bit more now and a little bit more later and it will add up.Wow. Speechless.That amazing gem is backstopped by enough thought to fully flush out a bi-fold brochure, but somehow spread across…

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