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Profit First By Mike Michalowicz (Paperback)

Profit First By Mike Michalowicz (Paperback)

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"Profit First" is a book by Mike Michalowicz that offers a unique cash management solution for small businesses to achieve instant profitability. The conventional accounting formula of Sales - Expenses = Profit is often flawed because businesses are run by humans, and human behavior isn't always logical. Michalowicz introduces a behavioral approach to accounting that flips the formula to Sales - Profit = Expenses.

The core concept of "Profit First" is that entrepreneurs should prioritize taking profit first and then allocate the remaining funds for expenses. By following this approach, businesses can transform from cash-eating monsters into profitable cash cows. The book outlines four simple principles to simplify accounting and manage a profitable business by closely monitoring bank account balances.

Michalowicz emphasizes that a small, profitable business can be more valuable than a large business that relies solely on top-line revenue. Early and sustained profitability is crucial for long-term growth and success.

Throughout the book, Michalowicz provides numerous case studies, practical step-by-step advice, and his trademark sense of humor to guide readers on implementing the Profit First system in their businesses. By adopting this approach, entrepreneurs can create a solid roadmap to achieve the financial success they've always dreamed of.
Publisher ‏ : ‎ Portfolio
Language ‏ : ‎ English
Format: ‎ Paperback
ISBN-10 ‏ : ‎ 9780735214149
ISBN-13 ‏ : ‎ 978-0735214149
Mike Michalowicz is a successful entrepreneur, author, speaker, and business consultant known for his practical and innovative approaches to business management and profitability. Key points about Mike Michalowicz include:

1. Entrepreneurial Success: He has launched and sold two multi-million dollar companies, demonstrating his expertise in building successful businesses.

2. Profit First Professionals: Mike is a co-founder of Profit First Professionals, an organization that comprises accountants, bookkeepers, and business coaches who teach the Profit First method—a cash management system designed to improve financial health and profitability for businesses.

3. Writing: He is a prolific author and has written several books, including "The Pumpkin Plan" and "The Toilet Paper Entrepreneur." His books offer valuable insights and strategies for business growth and success.

4. Media Presence: Mike Michalowicz is a former columnist for The Wall Street Journal and his columns have been featured in Entrepreneur Magazine, Open Forum, and Harvard Business Review, among others.

5. Speaking Engagements: He is a sought-after speaker and has shared his knowledge on business and entrepreneurship at various events and platforms, including TEDx, creativeLIVE, and INCmty.

Mike Michalowicz's work has made a significant impact on the business community, especially for entrepreneurs and small business owners looking to improve their financial management and overall profitability. His practical and actionable advice has garnered him a wide following and made him a respected figure in the business world.

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