Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine - Review (@SEOMalkamDior)
From the Author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counter-intuitive 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.
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About The Author,
By his 35th birthday (Mike Michalowicz) (pronounced mi-'kal-ō-wits) had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor... and proceeded to lose his entire fortune.
Then he started all over again, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the "Profit First" formula, a simple and extremely effective ways for businesses to ensure profitability from their very next deposit forward.
Mike is now running his third million dollar venture, Profit First Professionals (an organization that certifies accountants and bookkeepers in Profit First methods that drive profitability for their clients), is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Clockwork, Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed "the entrepreneur's cult classic."
Mike is also a guest lecturer for collegiate entrepreneurial programs such as Babson, Boston College, Columbia, Copenhagen Business School, Emerson, Harvard, Penn State, Pepperdine and Princeton. His books are in the core curriculum for entrepreneur students at Pepperdine, Carnegie Mellon, Stanford University, and universities across the country. His books have been translated into over 10 languages".(Amazon)
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.