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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.
A friend/colleague recommended it to me, and I ordered it on that gateway drug, Amazon Prime. It came that night (!), and I devoured it like a T Rex that hadn’t eaten in a year.
It was an easy thing for me to commit to because I already had a separate tax account and knew how that benefitted me. It only made sense that others would be a good idea as well. I travel a lot for my work, and I’ve really struggled with balancing that reimbursement.
I own an educational consulting business, and I've really struggled with handling the ebb and flow of the money. I make 70% of my income in two months out of the year, and that's always been a stress to me.
Friends, the answer is in this book. It took me less than half an hour to set it all up, and it's as smooth as a freshly shaved leg with really good moisturizer on it.
The biggest difference, really, isn't even in the numbers: the biggest difference for me is in the weight off of my mind. I KNOW what will happen. I don't have to think about everything all of the time (Where will this go? When should I pay that? Okay, if I they pay that invoice, I can pay for this upcoming travel.. and on and on).
It's no coincidence the name Michael means "like unto God." His ideas have transformed my business - quite literally overnight as I was reading at 3am. Is a finance crush a thing???
This book is for you if you:
- run your own business
- have thought about starting a business
- struggle with cashflow
- feel like something is always chasing you in your business
- feel like you're never ahead, you can never breathe
- want a super simple way to end that in manner of Charlie from Charlie's Angels ("But I took them away from all that, and now they work for me...")
Seriously, read the book. Read the book. Do the exercises. Implement the plan. You will have a financial awakening that will be the best thing since, I don't know, something really good.
A must, must read.
Not only does the author provide an easy-to-use formula - so simple a non-financial person can easily understand it and embrace it - but he does so in an engaging, thoughtful and collegial way. As I was reading it, it was like Mike was speaking directly to me and exactly about my business.
I've never read a book that has had as much impact on myself and my business. I highly recommend Profit First for any business of any size that wants to run more efficiently and starting earning more Profit First today!
The reason most of us get into business is for financial freedom but with traditional theories, it may take years to reach that goal. The book outlines very simple and easy place to start to implement this right away. And the best part, the same theory can be used for your personal life.
The author is personable, answered my email, and truly wants to help others. Great person and excellent book!