Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
The author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counterintuitive cash management solution in Profit First. It 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. In truth the problem is, humans, run businesses, and humans aren’t always rational. Accordingly serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales – Profit = Expenses. Michalowicz shows that entrepreneurs will transform their businesses from cash-eating monsters to instant profitability by taking profit first and apportioning the remains for expenses.
Using Michalowicz’s Profit First system, listeners will learn that:
- Following four simple principles can simplify accounting and the management of a profitable business by looking at bank account balances.
- A small, profitable business can be worth much more than a large company 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 road map for any entrepreneur to earn the money they always dreamed of making.
Fabled author Simon Sinek deemed Mike Michalowicz “…the top contender for the patron saint of entrepreneurs.“
About The Author
By his 35th birthday, MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) had founded and sold two multi-million dollar companies.
Confident that he had the success formula, he became a small business angel investor and proceeded to lose his entire fortune. Then he started all over again, driven to find better ways to grow healthy, strong companies. Mike has devoted his life to the research and delivery of innovative, impactful entrepreneurial strategies to you.
Also Mike is the creator of Profit First, which is used by hundreds of thousands of companies worldwide to drive profit. He is the creator of Clockwork, a powerful method to make any business run on automatic. And his latest, arguably most impactful discovery, is Fix This Next. This book details the strategy businesses can use to determine when and what to do to ensure healthy, fast, permanent growth (and avoid debilitating distractions).
Blog Category = Business and Economics