Profit First

Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

By: Mike Michalowicz

Narrated by: Mike Michalowicz

Length: 7 hrs and 52 mins

Publisher's summary

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 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.

* This audiobook edition includes exclusive updated commentary by the author.

©2017 Mike Michalowicz (P)2023 Penguin Audio

Critic reviews

“Quit being a slave to your own business and start making some serious money. Follow Mike’s counter-intuitive advice and put profits first.” —VERNE HARNISH, author of Scaling Up

“Profit First is a brilliant smack-upside-the-head revelation for entrepreneurs. Most small businesses look pretty good on the outside, yet actually struggle to stay afloat. With fascinating stories and wit, Michalowicz shows how to remove your nose from the grindstone, climb out of the quicksand, and build a business that loves you back.” —SALLY HOGSHEAD, author of Fascinate

"Profit First completely transformed how I handle business banking. I hadn't even finished the book before immediately putting a four-account distribution system in place for new income: operating expenses, owner expenses, taxes and profit. Mike's system moved me from break-even to profitable within a month. This book is a must-read for businesses large and small." —JENNY BLAKE, author of Pivot

So good.

This is a fantastic book. Second time I’ve read it. I was foolish enough not to implement it fully the first time. Don’t be foolish like me, implement it right away! The info is gold, the writing is awesome, and the profit potential real.

If you are starting a business read this first!!!!

10/10 such a great business finance book will be following profit first from the jump.

Life changing Book!

MUST read for every entrepreneur! I love the method of profit first because we don’t have to change our human nature. AND IT WORKS.

Business Must Profit

Michalowicz provides a detailed book on how to prioritize profits in your business. I found these to be helpful though could be too complicated for a small business owner. I look forward to implementing some of these ideas. Check it out!

11/10

Can’t recommend this book enough to everyone I know! Life changing! It’s a must read.

Life changing insights

As an entrepreneur, I found this book very eye-opening. It leads you to a new and simple way of doing business so that you can become profitable and stop the cycle of struggle within your business in life. I highly recommend this book for anyone who is having difficulties in maintaining a business that can support the business and their household.

Advise for entrepreneurs

I am struggling on having profit and know how to hire , this book open my eyes to understand what it should be my priority, I recommend it to read it before and during you entrepreneur journey

Great simple entrepreneur strategy

Appreciate Mike Michalowicz work for entrepreneurs, clear guidance and support for all us working diligently every day in this world.

Game changer!!

Mike is one of the best writers on actionable steps to help entrepreneurs change/save their small business!!! Super easy concepts to understand and the author does a fantastic job reading the book!!

Divided percentages

Profit first provides a plan for Evaluation and step by step instructions for change and success! I’m excited to implement this into my business!