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Profit First
Book

Profit First

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

Portfolio, 2017
First Edition: 2014 more...


Editorial Rating

8

Qualities

  • Applicable
  • Concrete Examples

Recommendation

This practical workbook can help small-business owners improve their companies. The core of entrepreneur Mike Michalowicz’s advice is self-evident: If you pay yourself and the government first – in profit, salary and taxes – you have to run your business with what’s left. In his analysis, focusing on expenses before anything else and martyring your profits and salary to reinvest in growth creates a never-satisfied beast you eventually have to kill. Michalowicz hones his simple but uncommon message relentlessly: Put “profit first” and thrive.

Take-Aways

  • Change your thinking from “Sales - Expenses = Profits” to “Sales - Profit = Expenses.”
  • Do a few things well and strive for increased efficiency.
  • Resist the temptation to spend by allocating money to separate accounts.

About the Author

Mike Michalowicz is head of Profit First Professionals. You can find an “Instant Assessment Form” for your business at mikemichalowicz.com.