Profit First
Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
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Narrated by:
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Mike Michalowicz
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Written by:
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Mike Michalowicz
About this listen
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, listeners 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.
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What the critics say
“Quit being a slave to your own business and start making some serious money. Follow Mike’s counter-intuitive advice and put profits first.” —VERNE HARNISH, author of Scaling Up
“Profit First is a brilliant smack-upside-the-head revelation for entrepreneurs. Most small businesses look pretty good on the outside, yet actually struggle to stay afloat. With fascinating stories and wit, Michalowicz shows how to remove your nose from the grindstone, climb out of the quicksand, and build a business that loves you back.” —SALLY HOGSHEAD, author of Fascinate
"Profit First completely transformed how I handle business banking. I hadn't even finished the book before immediately putting a four-account distribution system in place for new income: operating expenses, owner expenses, taxes and profit. Mike's system moved me from break-even to profitable within a month. This book is a must-read for businesses large and small." —JENNY BLAKE, author of Pivot
What listeners say about Profit First
Average Customer RatingsReviews - Please select the tabs below to change the source of reviews.
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Overall
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Performance
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Story
- Colin
- 2024-10-20
Repetitive, obvious, and corny
This entire book could have been condensed into this sentence: “Take your profit and store it in a separate bank every month, before dealing with any of your other expenses.”
It also oversimplifies complex and sometimes delicate topics. For example, at one point, he literally says “if you don’t lay people off, you’re preventing them from getting their dream job in the future”. That is quite the acrobatic rationalization. He even talks about severance pay as though it were optional.
This is an oversimplified business version of “Rich Dad, Poor Dad”.
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