Mike Michalowicz - Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
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- Book:Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
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Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans arent 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 Michalowiczs 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.
Mike Michalowicz: author's other books
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Entrepreneurs commonly confuse cash flow with profitability. Profit First makes the process so radically simple that you no longer have an excuse not to be profitable AND have cash flow!
GREG CRABTREE, author of Simple Numbers, Straight Talk, Big Profits
Not only is Mike one of the most innovative small business authors of our time, his Profit First systemsimple to apply and impactful in its resultscan be the difference between constantly walking the financial tightrope or being predictably profitable. And a predictably profitable business is not only less stressful and more gratifying, it allows you to focus on what really matters... serving your customers!
BOB BURG, coauthor of The Go-Giver and The Go-Giver Leader
Why are so few businesses actually profitable for their owners? Profit First turns accepted wisdom on its head and shows the real reason business owners struggle with the bottom line. This book shows you how to take home more money almost immediately.
DORIE CLARK, author of Stand Out
Profit First is a revelation. I only wish I knew about this system when I started my first business.
JOHN JANTSCH, author of Duct Tape Marketing and SEO for Growth
Finance is the top headache of an entrepreneur. Profit First is a must read to avoid bankruptcy for great business ideas. Clever, easy to implement and absolutely effective (plus you will enjoy reading it).
SOFA MACIAS, author of Pequeo Cerdo Capitalista
Entrepreneurs and small business advisors finally have a practical toolkit for increasing profitability! Everyone who touches the small business world should read and apply these game-changing principles.
JOE WOODARD, CEO of Woodard Events and Woodard Consulting
I took the pledge and started implementing the Profit First system after reading Chapter One. By the time I was halfway through the book my business had already turned a profit.
BARRY MOLTZ, author of How to Get Unstuck
The Toilet Paper Entrepreneur
The Pumpkin Plan
Surge
An imprint of Penguin Random House LLC
375 Hudson Street
New York, New York 10014
Copyright 2014, 2017 by Mike Michalowicz
Penguin supports copyright. Copyright fuels creativity, encourages diverse voices, promotes free speech, and creates a vibrant culture. Thank you for buying an authorized edition of this book and for complying with copyright laws by not reproducing, scanning, or distributing any part of it in any form without permission. You are supporting writers and allowing Penguin to continue to publish books for every reader.
Most Portfolio books are available at a discount when purchased in quantity for sales promotions or corporate use. Special editions, which include personalized covers, excerpts, and corporate imprints, can be created when purchased in large quantities. For more information, please call (212) 572-2232 or e-mail specialmarkets@penguinrandomhouse.com. Your local bookstore can also assist with discounted bulk purchases using the Penguin Random House corporate Business-to-Business program. For assistance in locating a participating retailer, e-mail B2B@penguinrandomhouse.com.
The original edition of this work was published by the author in 2014.
Library of Congress Cataloging-in-Publication Data
Names: Michalowicz, Mike, author.
Title: Profit first : transform any business from a cash-eating monster to a money-making machine / Mike Michalowicz.
Description: New York : Portfolio, 2017.
Identifiers: LCCN 2016040957 (print) | LCCN 2016055861 (ebook) | ISBN 9780735214149 (hardcover) | ISBN 9780735214163 (epub)
Subjects: LCSH: Small businessFinance. | Small businessGrowth. | Profit. | Success in business.
Classification: LCC HG4027.7 .M53 2017 (print) | LCC HG4027.7 (ebook) | DDC 658.15dc23
LC record available at https://lccn.loc.gov/2016040957
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If you require legal advice or other expert assistance, you should seek the services of a competent professional.
While the author has made every effort to provide accurate telephone numbers, Internet addresses, and other contact information at the time of publication, neither the publisher nor the author assumes any responsibility for errors or for changes that occur after publication. Further, the publisher does not have any control over and does not assume any responsibility for author or third-party Web sites or their content.
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For my daughter, Adayla, and her piggy bank
Darnyelle Jervey:It feels good to be building a business that serves me. Profit First is helping me to live out my mission in my own business.
Darnyelle Jervey owns Incredible One Enterprises, a business optimization consulting firm that offers coaching and consulting to advancing entrepreneurs and small business owners with million-dollar businesses. She started applying Profit First to her business in January of 2015. She had been saving 10 percent of what she brought in and had a consistent cash flow, but she hadnt been tracking profit. Any profit she earned stayed in the business for reinvestment purposes.
Before she implemented Profit First, Darnyelles 10 percent profit savings was about $65,000. In the last year and a quarter, Darnyelle added another $231,763.20 to her profit account. In the last year, Incredible One Enterprises has grown 258 percent.
Bottom Line: $296,763.20 in profit, 258 percent revenue growth, and more than a million dollars in sales.
Carrie Cunnington:My business finances are organized and clean. Im profitable (yeah!), disciplined, in control and motivated.
Carrie Cunnington is the founder of Cunnington Shift, a coaching practice that empowers high-achieving professionals to create positive shifts and find greater fulfillment in their lives. When she started applying Profit First to her business in 2014, shes had a consistent cash flow, and yet she still lived month to month. No matter how hard she tried, she couldnt seem to get control of her business finances.
With the direction of Shannon Simmons, a Profit First Professional, Carrie implemented Profit First in her business, and later, inspired by what the model did for her business, she and her husband started implementing it in their personal finances as well. They eradicated all their debt by the end of 2016 and have taught their young daughters how to use the model.
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