- Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
- Narrated by: Mike Michalowicz
- Length: 8 hrs and 35 mins
- Unabridged Audiobook
- Release date: 02-21-17
- Language: English
- Publisher: Gildan Media, LLC
Regular price: $20.99
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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.
Customer ReviewsMost Helpful
By Digital Auto Gauges on 05-29-17
Changed the way I do business accounting
What did you love best about Profit First?
When I first listened to profit first, I really felt as though the author was talking about me. I have struggled over the past ten years as a small business owner and Profit First talked about all the issues that I was having and better yet, Profit First shows you how to remedy issues that plague all small business owners.
Who was your favorite character and why?
What does Mike Michalowicz bring to the story that you wouldn’t experience if you just read the book?
Mike is a very good narrator. He keeps you entertained and you can tell he is passionate about eradicating entrepreneurial poverty
Was there a moment in the book that particularly moved you?
No one moment. The entire book has changed the way I do my business accounting. I must say, the book is real, the message is real and if you own your own business you really need to read this one!
Any additional comments?
I never do reviews on anything, ever. I had to let other small business owners know about this one. I have never been the accountant type. I am good at what I do and my business shows it. We are up every year for 10 years but I never seem to take any more money home. That has all changed since I listened to Profit First (I also bought the paperback too). I have followed the processes in the book which are very simple and easy to follow and now I take my money first. No matter how much money the business has to pay for expenses we make it work. The book makes so much sense that you may get mad at yourself that you didn't think of this yourself. Do yourself a favor and listen to this one!
5 of 5 people found this review helpful
Customer ReviewsMost Helpful
By Mr on 06-25-18
1 hour book stretched to 8 hours
was very excited for this and was still excited after making it through the initial few hours of padding until he finally tells us what the profit first system is.
Even before you start the book you know what concept is and the author acknowledges its well known. lt's no surprise, but it is a surprise how, knowing this, the author doesn't justify this book with content that is actually ground breaking.
Very little time and no serious answers are given for how to reduce your bills, or how to grow/re-invest and profit simultaneously, which is what the book should have been about. instead we got endless anecdotes of people who increased profit 1000% using the system, why you as an entrepreneur deserve to take profit, or another vaguely relevant story of people making do with reduced means which proves the system works.
Profit First should have taken its own medicine and prioritized what's important, but instead padded out a 1 hour book with 7 hours of useless hot air. what a shame and waste of valuable time.
4 of 4 people found this review helpful
By JK on 03-10-18
Cash is King
I have a busy pharmacy and have been struggling to get a grip of the financials. I know that cash flow is the most important thing. This book teaches you cash accounting to a new level. A level that is easy to understand and to put into practise. You dont have to have any accounting expertise to do this.
I will now go and put it into practise.
3 of 3 people found this review helpful
Customer ReviewsMost Helpful
By Claudio CDY on 05-17-18
easy to follow, huge impact! This changed my company how it runs and it structures! wasnt even half way through the book before recommending this to other entrepreneurs! love love it! the barefoot of business I call it for us australians! :)
1 of 1 people found this review helpful
By Anonymous User on 07-29-18
Absolutely mind blown
Mike is changing the world by changing the lives of entrepreneurs, who because of their success in small business, run economies. I have been in what you might perceive as a successful business for nearly 10 years (14 total with the back yard hobby type) and have always stressed out at the end of every financial year because I knew I made a profit on paper but it wasn’t in the bank- yes I had spent it. The end of the book is where it hit me most, you don’t need a lot of karma to have a successful business... that is what I was always reliant on. Thanks to Profit First, I am well on my way to doing things right (7 bank accounts setup, admin, book keeper, accountant all on board) because I have become financially educated... I couldn’t believe just how far behind I was personally from a poverty background which was bleeding into my business.... THANK YOU Mike and team- it only took me 14yrs to find you but you have definitely changed my world!! I see startups in a new light now!!