Profit First : Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
by Mike Michalowicz
Editor: Penguin Putnam Inc
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Author of cult films The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple counter-intuitive cash management solution that will help small businesses emerge from the ruin of the spiral and achieve immediate profitabilityClassic accounting uses the logic (although imperfect) formula: Sales – Expenses = ProfitThe problem is that businesses are executed by humans, and humans don’t always make sense.A serial entrepreneur, Mike Michalowicz developed a behavioural approach to accounting to reverse the formula: Sales – Profit = ExpensesJust as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking advantage of the first and distribution of only what remains for costs, entrepreneurs to transform their businesses from cash-feed monsters to profitable milk cowsUsing Michalowicz Profit First System, the reader will learn that: – Suite 4 simple principles can simplify accounting and make it easier to run a profitable business, by looking at bank accountsA small profitable business can be worth much more than a large surviving business on its top lineCompanies that achieve rapid and sustained profitability have a better chance of achieving long-term growthWith dozens of case studies, step-by-step practices, tips, and his sense of humor signature, Michalowicz has the roadmap change game for any entrepreneur to make the money they’ve always dreamed of
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