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.
