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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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Since reading this book, I've also started listening to the Profit First Podcast, and I can tell you with some degree of certainty that there is a genuine, personal passion from the author on this subject. His goal is to eradicate entrepreneurial poverty, and everything I hear on that podcast backs up this goal.
You may be asking yourself how an entrepreneur can be in poverty, but it's actually quite easy and quite common. Entrepreneurs tend to think that if they just make the right investments then magically one day the company will be really profitable. Some entrepreneurs kill themselves (financially) trying to get the right things to happen. They overstaff, they buy shiny new toys to make the company look good, they buy products that would be more appropriate for a company of a larger size. The list of ways a company can go wrong is probably limitless.
This book offers an easy-to-enact plan to get your company finances in order. Through a process of allocating percentages of income into various buckets a clearer picture emerges that shows the entrepreneur the way forward. Once you account for your profit, your owner's pay, your tax reserves, etc. you can see how much is actually left to run operations. The amount of focus you gain from having this new perspective is of immeasurable value. Once setup, you know your profit is accounted for, you know your owner's pay is accounted for (you don't need to put all of your money back into your business), your taxes are accounted for (tax time becomes much less stressful), and you can discover the degree to which you may have been frivolously spending on the company. This is how it's supposed to be done. The company is supposed to pay you. Not the other way around.
I've heard the stories directly from entrepreneurs via the podcast. Those that had businesses prior to discovering Profit First say in VIRTUALLY EVERY INSTANCE how they were able to discover more financially efficient ways to run their businesses through using the Profit First methodology. The author also demonstrates through the podcast that he is a true student of entrepreneurship offering tips on a wide variety of tough subject entrepreneurs face from pricing to inventory to staffing concerns and other overhead issues. If you don't know everything you need to know about running a business, Mike Michalowicz is a great mentor...even if you never actually speak with him (I have not myself, though I have had an email responded to).
It's just odd to me that Mike M. (author) would promote his system so fervently, but then have no great process for a small business owner to follow up and get support that he recommends. I live in a major metro area, too. That was frustrating. I still use the system to a degree, but not much because it's really geared for you to use with a Pro. So, unless you do can work with a Pro, I'm not sure this will be worth your time. It was helpful to a degree, but I still ended up feeling let down and that I'd wasted time.
First he starts by explaining why the “generally accepted accounting principles” don’t work, and he flips the accounting formula “Sales – Expenses = Profits” upside down. After this he explains the profit first system and then helps the reader lay out a plan, step by step, to put this plan into action. Michaelowicz also has a chapter on destroying debt and another chapter for advanced techniques. I also love the “action steps” at the end of each chapter. I have been slowly working through the book and it has already made a huge difference!
If you want to transform your financial situation, but personal and business, I highly recommend this book.
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 bought a second book for my son and to read for his business as well. my bookkeeper is getting the book on line to read in her Kindle.
the first day after reading a few chapters I put in place a policy to take 5% of every check to go into another account and we are now working on the rest of Mike's book.
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