The Best Money-Making Machine
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.
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:
- 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
- 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.