Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine (Unabridged)
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4.5 • 63 Ratings
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- $14.99
Publisher Description
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.
* This audiobook edition includes exclusive updated commentary by the author.
Customer Reviews
The Golden Vault
Being a small business entrepreneur of just over a year. This book was a plethora of great information, tips and resources.
I purchased the hard copy, although ended up listening to the audio version. This was so much better for me.
Mr. Michalowicz has the great insight and ability to make this a fun listen. I had started implementing the program during the very early stages of my business but not completely as described. I worked diligently to switch things around and put this into full practice within the last few days and taking his advice.
Now, to set back, follow the plan and watch it all work out as he explained. Can’t wait for my first profit distribution and owners compensation from all the hard work I’ve put in. This will make it all worth it in the end game.
Can’t wait to read/listen to other books by him, and hope one day to meet this very talented, motivational, business money guidance man!
"Good Concept, Overextended Delivery: A Lukewarm Take on 'Profit First'"
"Profit First" presents an intriguing concept that flips traditional accounting wisdom on its head, encouraging businesses to prioritize profit over revenue. The central idea is commendable and could indeed serve as a wake-up call for entrepreneurs who find themselves trapped in the cycle of endless growth without actual financial gain.
However, the book's execution leaves much to be desired. The author tends to meander, filling pages with repetitive anecdotes and examples that contribute little to the reader's understanding beyond the initial introduction of concepts. This proclivity to trail off into tangents makes the book a challenging listen, as it requires a good deal of patience and sifting to glean the practical advice nestled within.
Moreover, the foundational principles of the Profit First methodology, while sound, could be distilled into a far more concise resource. The entire book's message seems as though it could be effectively communicated in a single, well-constructed PDF or a short story, which might serve busy professionals better by saving time and providing a straightforward guide without the fluff.
In conclusion, while "Profit First" offers a solid framework that could benefit many businesses, its impact is diluted by the author's tendency to digress. The book might serve as a useful starting point for those new to financial management, but for anyone with a firm grasp of the basics, it may feel like a prolonged echo of a very simple message.