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

Brian’s Review:

Profit First isn’t just a book, it’s a business philosophy. I’m not big on lofty promises and overstatements, so I’m just going to tell you the truth: the Profit First approach changed my life and saved my business. If I had one book recommendation to offer anyone who has just started a new business or is decades in, this is the one.

On it’s face, the primary principle of  the book is really quite simple: when you get paid, take your profit first. And this forces your business to thrive with what remains. So you grow your business and you take a profit too.  It’s kind of like putting cash in envelopes that are designated for different purposes like our grandparents used to do.

The audiobook edition is read by the author, and it’s an easy and entertaining “read.”

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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:

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· 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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