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Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine Hardcover – February 21, 2017
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Praise for Profit First
“Quit being a slave to your own business and start making some serious money. Follow Mike’s counter-intuitive advice and put profits first.”
--VERNE HARNISH, author of Scaling Up
“Profit First is a brilliant smack-upside-the-head revelation for entrepreneurs. Most small businesses look pretty good on the outside, yet actually struggle to stay afloat. With fascinating stories and wit, Michalowicz shows how to remove your nose from the grindstone, climb out of the quicksand, and build a business that loves you back.”
—SALLY HOGSHEAD, author of Fascinate
“Profit First may arguably be one of the greatest ‘hacks’ of all time. Apply the pay-yourself-first principle to your business and watch the profits roll in.”
—CHRIS GUILLEBEAU, author of Born for This and The $100 Startup
"Profit First is a game-changer. I implemented the system into both of my businesses and increased profits by 21%. If you want to turn a profit and grow your business, you need this book."
—MICHAEL PORT, author of Steal the Show
"Profit First completely transformed how I handle business banking. I hadn't even finished the book before immediately putting a four-account distribution system in place for new income: operating expenses, owner expenses, taxes and profit. Mike's system moved me from break-even to profitable within a month. This book is a must-read for businesses large and small."
—JENNY BLAKE, author of Pivot
“Twenty-five percent of small businesses have two weeks or less of cash in the bank. Seventy-five percent of businesses have a month or less of cash in the bank. Profit First disciplines show you the roadmap to avoid becoming a statistic. This book has the potential to change the next 20 years of your small business life.”
—DAWN FOTOPULOS, Associate Professor of Business, The King’s College NYC; author of Accounting for the Numberphobic
“Profit First is a revelation. I only wish I knew about this system when I started my first business.”
—JOHN JANTSCH, author of Duct Tape Marketing and SEO for Growth
“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!”
—GREG CRABTREE, author of Simple Numbers, Straight Talk, Big Profits
“Not only is Mike one of the most innovative small business authors of our time, his Profit First system—simple to apply and impactful in its results—can 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!”
—BOB BURG, coauthor of The Go-Giver and The Go-Giver Leader
"Why are so few businesses actually profitable for their owners? Profit First turns accepted wisdom on its head and shows the real reason business owners struggle with the bottom line. This book shows you how to take home more money almost immediately."
—DORIE CLARK, author of Stand Out
“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).”
—SOFIA MACIAS, author of Pequeño Cerdo Capitalista
“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.”
—JOE WOODARD, CEO of Woodard Events and Woodard Consulting
“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.”
—BARRY MOLTZ, author of How to Get Unstuck
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.
Top customer reviews
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I am an accountant, I own my own business and I absolutely love this book! You might be wondering why an accountant would like this book. This book teaches a cash management strategy that runs parallel to using accounting software. Seemingly it is circumventing the system that us accountants love. Well let me tell you why that is plain wrong.
Business Owners: For years, us accountants have been trying to teach our clients the business owners to run their business using the data in their accounting software and for years business owners have failed to thrive and simply manage sale to sale and payroll to payroll. I have personally witnessed these same business owners implement the stupidly simple strategy this book teaches and completely change the trajectory of their business and their financial position. Whether you are brand new to business or have been in business for years, if you take action on the system taught in this book, your life will be forever changed!
Accountants: Read this book before you make a judgment call on this system. I am sure that you will love every page of it. Mike does a great job of explaining all the human psychology driving the Profit First system. He encourages business owners to continue to use their accounting software and their accountants in conjunction with their Profit First implementation. If you embrace this method, it will bring you more business and more clients.
FINALLY, Profit First is the book, the philosophy, the principles, and everything else I have been seeking to apply to the financial/accounting view of our businesses...
- It's visual
- It's easy to comprehend
- It really gives you the TRUE financial picture of your business
BEST PART: When you fully implement Profit First, it makes being EXTREMELY PROFITABLE, EASY and FUN.
No matter what stage your business is in, drop everything and read this book. And implement it ASAP.
Note: If you pay on a bi-weekly basis, then I would recommend doing your allocations bi-weekly on the Tuesdays prior to your Friday pay-date (you will do 26 allocations, but it makes it a better "tide/rhythm" since the 10th / 25th are best suited for bi-monthly payrolls)
You don't have to be an accountant or have advanced math skills to follow it.
As an entrepreneur, we are over eager and positive beyond reason on our ventures, and that is completely required if you want to fight the war on building a business (it is a war), but we have to keep our eye on the ball (making profit). Sometimes (most times) we lose our way and kick the profit problem down the road injecting personal capital, investor's, and bank's funds to the company. Doing that is fooling yourself, and not working towards solving that main issue, making a profit.
With the profit first system, you will start taking your profit out first, and if you are not making a profit, your business will start asking you to address the problem.
If more entrepreneurs followed this system, we would see a shift of the % of new businesses that shut their doors on the first year.
Great work Mike!
Profit First introduces you to a new way to manage your business finances, take your profit first. Forget about fancy stuff, this keeps it simple and if you follow it's plan you will build a business that is wildly profitable.
Most recent customer reviews
I plan to implement the basic accounting principles as soon as I can, and I've already bought 3...Read more