In 'Profit First', Mike Michalowicz challenges the traditional accounting formula of 'Sales - Expenses = Profit' and flips it on its head. He introduces a revolutionary approach where businesses prioritize profit by allocating funds first, ensuring that financial health comes before expenses. This simple yet powerful system empowers entrepreneurs to regain control over their finances, eliminate unnecessary spending, and cultivate a profitable mindset. Through practical strategies and real-life examples, Michalowicz illustrates how anyone can transform their business into a money-making machine. Are you ready to discover the secret to lasting profitability?
By Mike Michalowicz
Published: 2017
"The idea is simple: to ensure you always have profit, pay yourself first. This flips the traditional accounting formula on its head, revealing an empowering path to financial stability."
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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“The idea is simple: to ensure you always have profit, pay yourself first. This flips the traditional accounting formula on its head, revealing an empowering path to financial stability.”
Profit First
By Mike Michalowicz
Discover a world of knowledge through our extensive collection of book summaries.
Mike Michalowicz is an acclaimed author, entrepreneur, and speaker known for his innovative insights into business management and profitability. He is the author of several bestselling books, including 'The Pumpkin Plan', 'Profit First', and 'Clockwork: Design Your Business to Run Itself'. Michalowicz's writing style is characterized by its practical and actionable advice, infused with humor and real-world examples, making complex business concepts accessible to entrepreneurs and business owners. His mission is to help companies achieve sustainable growth and meaningful success.
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