Book Rating (205)
Narrator Rating (39)

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

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Author:

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Mike Michalowicz

8 Hours 36 Minutes

Gildan Media

March 2017

Audio Book 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, 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 achieiving 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.

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Reviews

  • Taylor I.

    While Mike had some good points, I didn't enjoy how often he swore and took God's name in vain. For a business book, I felt like this was unnecessarily offensive. Ultimately, that made me set the book down after listening to half of it. The other thing that I wasn't a huge fan of was that the book didn't get to tangible takeaways until three hours in. As an accountant, many of the topics were not new to me and I personally didn't get value until he a few hours in. However, if the language doesn't bother you, and you've got time to spare or aren't familiar with business, this would be a good book for you.

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  • Gerald b

    This book opens up that third eye and get you out of your comfort zone I really appreciate

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  • Anonymous

    The author/narrator was a great idea his humor is actually as good too. This stuff is great, such a good way of looking at what a healthy running business should look like.

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  • Anonymous

    Best book ever!! Very insightful and educational. I love the authors' sense of humor, lol. You can truly tell the author care about eradicating entrepreneurial poverty. He really wants to help! You can feel his passion.

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  • Marian C.

    Best business book that I have ever read really opened my eyes to areas to improve in my business accounting

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  • Anonymous

    Recommended to everyone who runs a business or wants to. Concepts from this book apply to personal life and non entrepreneurs as well.

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  • Anonymous

    Fantastic!!

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  • Linda MacGillicuddy

    brilliant, listening for a second time and implementing in my business

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  • Remi N.

    Not only did I listen to it 3 times but I also practice profit first in my business and personal finances

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  • Anonymous

    excellent information

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