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Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine. Hardcover – July 4, 2014
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"Profit First is the missing link to experience the freedom that all of us entrepreneurs are seeking. Do it!" (Sabrina Schleicher, Tap The Potential) "Profit First has been a paradigm shift for our planning and forecasting activities. The whole team is focused on profitability from the get-go." (John Dewey, Dewey Electronics Corporation) --This text refers to an out of print or unavailable edition of this title.
About the Author
Mike Michalowicz (mi-KAL-o-witz) is the author of Profit First, The Pumpkin Plan and the "entrepreneur's cult classic" (BusinessWeek), The Toilet Paper Entrepreneur. With a popular, quirky website MikeMichalowicz.com, he is a globally recognized entrepreneurial advocate. Mike is a former small business columnist for the Wall Street Journal, is MSBNC's business make-over, has built and sold two multi-million dollar companies and currently runs his third.
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I bought this book in kindle format and audiobook. I started with the kindle and finished with the audiobook. Sometimes it drags a little bit so the audiobook it great for that (thanks x1.25 speed). But the kindle book is great for illustrations and spreadsheets (but you can get them on his website). I'd love to get on his podcast one day, they're a fun team.
I have a small business, very small so far but it's growing slowly. For the first year I was operating fairly blindly, a couple of bank accounts etc. I always thought I would hire an accountant once it was big enough and it would all magically fall into place. But, that was an uneasy way to do it - never quite knowing what was going on and it was hard to make a proper plan for growth. And the thing is, I didn't know how to do it otherwise.
So, after finding this glorious book, everything has changed. I've only just got around to opening the bank accounts (I recommend credit unions by the way, they are very good about no fees and the customer service is so much better than the big guys), and already I feel so in control it's like sailing. I'm really excited about the future :)
It makes perfect sense too - read it and you will see what I mean. I highly highly recommend this book to everyone. I bought it first for my Kindle, and have just ordered the hardcover since I find that easier to read and flip through. It may take a couple of reads to get it done. Mike's website also had a resource section with the outline the system, which I recommend to print off after you've read the book and are ready to start.
I found it funny too, he has a great sense of humor which helps to make it all manageable and very easy to read. Love it love it. Get it!!!!
I'd like to say my profits have doubled in the past 1.5 years but really - I never had profit before at all so how do you calculate that? What I can say is that I have a consistent 5-figure balance in a profit account that was never there for the first 15 years of my biz - and it keeps growing each month. More importantly though is the peace of mind - I know feel empowered by my money instead of owned by it.
I am 100% wholeheartedly an advocate for the Profit First formula - so much so that I became a Certified Profit First Professional so I could help my clients implement it as well. Read this book today, do what it says and your money woes will change overnight.