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 achievinglong-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.
This book was recommended to me by two business colleagues. One had been using it for four years and shared his results with me. When I asked how long it took him to realize "ROI" -- he said "immediately."
So I bought the book.
I read it twice and then began making changes as Mr. Michalowicz outlines. I read it again and made more changes. After the first quarter, I did see real results (profit + reduced expenses).
This program, however, is much more than cutting expenses. It's a different mindset. Mr. Michalowicz gives all kinds of advice and debunks the whole, "Go big or go home" mentality, as well as the idea that you have to do whatever it takes to "grow" -- which often means, going without a paycheck and/or incurring debt.
Highly recommend this book to any small business owner that wants profitability -- as well as more money in their pocketbook.
If hate looking at spreadsheets this is the book for you.
Published by Jon D , 5 years ago
Very easy to implement instantly. My company is turning a real profit for the first time. I will be able to take vacation and afford buy a motorcycle again. Had to sell my bike oringinally to start my company.
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