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Ebook About 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, readers will learn that:· Following 4 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 roadmap for any entrepreneur to make money they always dreamed of.Book Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine Review :
I bought Profit First because of the overwhelmingly positive reviews I'd read from other people, not including the many positive reviews here on Amazon. Phrases like "life-changing," "it changed my business," and "pure genius" were among the many accolades heaped on this little book. So I took the plunge.How much you get out of this book will probably depend entirely on 1) your personality and 2) the health of your business. If, for example, your business -- and your sanity -- is on financial life support, or you really struggle with maintaining spending discipline in your business, then this book really can be useful. He lays out a fairly meticulous case, early on, that many entrepreneurs are so fixated with growth that they fail to see the opportunity for profit right in front of them ... and thus find themselves sitting on the brink of ruin despite having a massive cash flow.The solution, he explains, is to essentially set profit (and taxes) at non-negotiable levels and bend the rest of the budget to accommodate that. To get there, he prescribes what is basically a business-version of an envelope system. (In my head, I immediately thought, "this is basically Dave Ramsey for businesses.") By piecing out your various expenditures among separate bank accounts -- his version of envelopes -- you can start to re-prioritize your spending, moving toward a business that is better balanced for making a profit. In the later chapters, he gets more specific about percentages and how to nudge toward a healthier balance without upsetting all the moving parts, and people, of an existing business. There are elements of the book that feel more like filler than substance, but I can also see where despairing readers may need some of that cheerleading, and I give the author props for having some decent support materials over at his website to help implement the book's advice.There is still another class of entrepreneur, though, and that's one who is disciplined, purposeful, and has a steady vision for their business. Those sorts of people are probably not going to get as much out of Profit First. They may glean some things (including, perhaps, some affirmation that they're on the right track) but a lot of the book is going to be, at best, not for them. At worst, some people may look at the Profit First system as an unnecessary, time-consuming hassle of financial gatekeeping, not unlike how an individual who uses their credit card responsibly and with discipline might decide the extra financial hurdles of the Dave Ramsey cash-only envelope system isn't for them. Do some people benefit from having their assets in seven accounts across two different banks, the way Profit First suggests? Sure. Does everyone? I'm not so sure about that at all.So is Profit First for you? In my opinion, the best way to figure that out might be to go and check out some of the author's resources on his site first, and see if that resonates with you. The book may have particular value if you're in a place where you're generating a lot of revenue but you don't have much to show for it. On the other hand, if you're a meticulous soul who has a clear grasp of where your business revenue should be going -- and you've got the self-discipline to get there -- I would be wary about getting this book unless it was deeply discounted. I feel like a convert to a new religion after reading this book. I have told everyone I know who owns their own business about it, and here's why: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. 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