Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
About this ebook
-Verne Harnish, author of Scaling Up
"A BRILLIANT SMACK-UPSIDE-THE-HEAD REVELATION FOR ENTREPRENEURS."
-Sally Hogshead, author of Fascinate
"PROFIT FIRST MAY ARGUABLY BE ONE OF THE GREATEST 'HACKS' OF ALL TIME...WATCH THE PROFITS ROLL IN."
-Chris Guillebeau, author of Born for This and The $100 Startup
"A GAME CHANGER...YOU NEED THIS BOOK."
-Michael Port, author of Steal the Show
"A MUST-READ FOR BUSINESSES LARGE AND SMALL."
-Jenny Blake, author of Pivot
"THE ROAD MAP TO AVOID BECOMING A STATISTIC."
-Dawn Fotopulos, associate professor of business, The King's College, New York City; author of Accounting for the Numberphobic
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.
The entrepreneur behind three multi-million dollar companies 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.
With dozens of case studies, practical, step-by-step advice, and his signature sense of humour, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of.
