The author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability.
Conventional accounting uses the logical (albeit, flawed) formula: sales - expenses = profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, listeners will learn that:
Following four simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances.
A small, profitable business can be worth much more than a large business surviving on its top line.
Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.
With dozens of case studies, practical step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing road map for any entrepreneur to make money they always dreamed of.
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You'll 'Profit First' by not buying this book
I was going to read some of his other books but the author suggested that all his books are the same thing. I thought this one was worthless as well as annoying. The author/ narrator, kept interjecting his useless opinion along with 30 "umm..'s," pauses, useless opinions, and bad puns.
Just the author's other books. Maybe the physical copies are better.
50% of this audio recording is the book (only 20% of that percentage is actually useful), and the other half is the author coughing, saying "ummm," horribly trying to clarify his points, being off topic, making bad jokes, talking in circles, and not getting to the point.
Can I erase the entire book?
Read "Rich Dad Poor Dad" by Robert Kiyosaki.
Update Version put Profit First on STEROIDS!
It's a real system that I can use to transform my life and my business!
Mike had me in tears when he shared his piggy bank moment with his daughter
He's hysterically funny guy and he made a rather boring subject (money and the accounting of said pennies) entertaining.
- Shaneh Woods