Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

by Mike Michalowicz

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Overview

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, 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.

Product Details

ISBN-13: 9780735214149
Publisher: Penguin Publishing Group
Publication date: 02/21/2017
Edition description: Reissue
Pages: 224
Sales rank: 12,824
Product dimensions: 6.30(w) x 9.10(h) x 1.00(d)

About the Author

MIKE MICHALOWICZ launched and sold two multi-million dollar companies and is co-founder of Profit First Professionals, a membership organization of accountants, bookkeepers and business coaches who teach the Profit First method. He is a former columnist for The Wall Street Journal, is a popular speaker and has shared his insights on business and entrepreneurship at TEDx, creativeLIVE, INCmty and others. He is the author of The Pumpkin Plan and The Toilet Paper Entrepreneur. His columns have appeared in Entrepreneur Magazine, Open Forum, and Harvard Business Review.

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Chapter 1
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Excerpted from "Profit First"
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Copyright © 2017 Mike Michalowicz.
Excerpted by permission of Penguin Publishing Group.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

Table of Contents

Introduction 1

Chapter 1 Your Business is an Out-of-Control Cash-Eating Monster 11

Chapter 2 The Core Principles of Profit First 34

Chapter 3 Setting Up Profit First for your Business 49

Chapter 4 Assessing The Health of your Business 59

Chapter 5 Allocation Percentages 75

Chapter 6 Putting Profit first Into Motion 89

Chapter 7 Destroy your Debt 114

Chapter 8 Find Money within your Business 133

Chapter 9 Profit First-Advanced Techniques 148

Chapter 10 The Profit First Life 163

Chapter 11 How to Keep it from Falling Apart 177

Epilogue 189

Acknowledgments 193

Appendix 1 The Profit First Quick Setup Guide 195

Appendix 2 The Instant Assessment Form 197

Appendix 3 Glossary of Key Terms 199

Index 201

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