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!
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!
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).
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.
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.
ALSO BY MIKE MICHALOWICZ
The Toilet Paper Entrepreneur
The Pumpkin Plan
Surge
An imprint of Penguin Random House LLC
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Copyright 2014, 2017 by Mike Michalowicz
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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
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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
TESTIMONIALS FOR PROFIT FIRST
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.