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Publisher's Summary

The 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 four 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 road map for any entrepreneur to make money they always dreamed of.

©2014, 2017 Mike Michalowitz (P)2017 Gildan Media LLC

What members say

Average Customer Ratings

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Changed the way I do business accounting

What did you love best about Profit First?

When I first listened to profit first, I really felt as though the author was talking about me. I have struggled over the past ten years as a small business owner and Profit First talked about all the issues that I was having and better yet, Profit First shows you how to remedy issues that plague all small business owners.

Who was your favorite character and why?

N/A

What does Mike Michalowicz bring to the story that you wouldn’t experience if you just read the book?

Mike is a very good narrator. He keeps you entertained and you can tell he is passionate about eradicating entrepreneurial poverty

Was there a moment in the book that particularly moved you?

No one moment. The entire book has changed the way I do my business accounting. I must say, the book is real, the message is real and if you own your own business you really need to read this one!

Any additional comments?

I never do reviews on anything, ever. I had to let other small business owners know about this one. I have never been the accountant type. I am good at what I do and my business shows it. We are up every year for 10 years but I never seem to take any more money home. That has all changed since I listened to Profit First (I also bought the paperback too). I have followed the processes in the book which are very simple and easy to follow and now I take my money first. No matter how much money the business has to pay for expenses we make it work. The book makes so much sense that you may get mad at yourself that you didn't think of this yourself. Do yourself a favor and listen to this one!

6 of 6 people found this review helpful

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Profit First

This book provides some good fundamental strategies to help small businesses manage money by transferring it to small accounts.

5 of 5 people found this review helpful

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Gotta listen to change your life

For 20 years I struggled from paycheck to paycheck. July 1st I will get my first profit check. Do what Mike says and you will win.

4 of 4 people found this review helpful

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Truthful and helpful

This book is very important. We need more entrepreneurs to read this and learn these business principles.

3 of 3 people found this review helpful

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Best business book I've ever read

I have been using the Profit First system for almost a year. Things aren't perfect by any means, but I am seeing that my business is getting healthier, little by little. I sometimes listen to this book just to get a lift from Mike's infectious enthusiasm. And I love the Profit First accountant Mike hooked me up with. Thanks, Mike, for figuring this all out. I am grateful.

By the way, I use Smarty Pig for all the separate accounts. It works well for me--but I do know it's more accessible and therefore more dangerous! I am so tired of being broke, however, that it's really not tempting to steal my own money.

Perfer et obdura, dolar hic tibi proderit olim.
Persist and endure; one day, this pain will be useful to you. --Ovid

6 of 7 people found this review helpful

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GAME CHANGER

If you could sum up Profit First in three words, what would they be?

GAME CHANGER

Who was your favorite character and why?

Mike

What does Mike Michalowicz bring to the story that you wouldn’t experience if you just read the book?

Mike reads the book in a very conversational way. Super fun to listen too.

If you were to make a film of this book, what would the tag line be?

This book with change your business and change your life!

Any additional comments?

Profit First is a GAME CHANGER! Very practical and it will turn your business around! I am a new business owner and this book may have saved my life!

2 of 2 people found this review helpful

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Update Version put Profit First on STEROIDS!

What did you love best about Profit First?

It's a real system that I can use to transform my life and my business!

What was one of the most memorable moments of Profit First?

Mike had me in tears when he shared his piggy bank moment with his daughter

What about Mike Michalowicz’s performance did you like?

He's hysterically funny guy and he made a rather boring subject (money and the accounting of said pennies) entertaining.

7 of 9 people found this review helpful

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Hard to get through

I am only in the first hour of the book but I am very disappointed. The first hour has not contained any useful information. The only thing it contains are stories about him. I am not a fan of the writing, I like a book that is straightforward and gives you the information. He spends too much time adding irrelevant information.

1 of 1 people found this review helpful

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Takes forever to get to the point

Listened for 2 hours and 15 minutes before the author gave any applicable info. Stories drag on too long in my opinion. Made it hard to follow.

1 of 1 people found this review helpful

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Keeping it real!

The author gives an honest picture of an entrepreneur's life and challenges, and how to overcome them with this detailed system, including keeping people accountable. Delivered in an entertaining way to keep you engaged. Great concept.

1 of 1 people found this review helpful

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  • Alex Mcg
  • 06-25-18

1 hour book stretched to 8 hours

was very excited for this and was still excited after making it through the initial few hours of padding until he finally tells us what the profit first system is.
Even before you start the book you know what concept is and the author acknowledges its well known. lt's no surprise, but it is a surprise how, knowing this, the author doesn't justify this book with content that is actually ground breaking.
Very little time and no serious answers are given for how to reduce your bills, or how to grow/re-invest and profit simultaneously, which is what the book should have been about. instead we got endless anecdotes of people who increased profit 1000% using the system, why you as an entrepreneur deserve to take profit, or another vaguely relevant story of people making do with reduced means which proves the system works.
Profit First should have taken its own medicine and prioritized what's important, but instead padded out a 1 hour book with 7 hours of useless hot air. what a shame and waste of valuable time.

6 of 6 people found this review helpful

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  • JK
  • 03-10-18

Cash is King

I have a busy pharmacy and have been struggling to get a grip of the financials. I know that cash flow is the most important thing. This book teaches you cash accounting to a new level. A level that is easy to understand and to put into practise. You dont have to have any accounting expertise to do this.
I will now go and put it into practise.

3 of 3 people found this review helpful

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  • Anonymous User
  • 10-10-18

Bloated book that should have been a blog

So disappointed with this book. I have no idea why it has so many positive reviews, the book revolves around a basic concept that has been bloated into a book. A search for podcasts or YouTube on the book should give you all you need in a much shorter time span.

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  • Keith
  • 08-06-18

great audio book

For start ups and business owners, I think that this book is definitely worth purchasing. He explains about how to utilise profit and more.

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  • Dog in a Flat Cap
  • 07-31-18

Great listen!

I heard Mike being interviewed on the Being Boss podcast and as a consequence downloaded his book, as he was so fun and knowledgeable to listen to. What I really love about the audio book (which I've been listening to in my car) is that instead of just reading it word for word, he breaks off to add little asides which makes it really fun to listen to. He gives a lot of instructions which sometimes are hard to implement when you're driving (eg. 'open a new bank account! do it now!!) but it's great, hopefully once I get around to doing all-the-things it will help me on my entrepreneurial mission! But definitely I recommend, a great listen. :)

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  • NRN D.
  • 07-04-18

Profit first

This is a really good book as it covers the practicalities of ensuring that your business is profitable from the start, I have yet to instigate all of their tips from the book but just listening to the content made sense , Now I have to find a bookkeeper and get them to be thinking the same way, I would recommend this book to anyone that wants to also turn an unprofitable business around

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  • "ipread06"
  • 06-11-18

A game changer of an Idea

Ok, I'm only 1/3 rd of the way through the book, but the concept was so compelling I had to write a review.

Thanks Mike, I can't wait to finish the other 2/3rds.

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  • Mr. O Aromire
  • 05-22-18

awesome book

easy to read, great principles shared and worth applying to my business. I think every business owner should read this book too

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  • Anonymous User
  • 05-15-18

Do not buy

Not good for an audio book, difficult to grasp concept without looking at demonstration of accounts.

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  • Andrew
  • 05-10-18

Can't wait to start.

enjoyed it and am looking forward to implementing the process. here's to a better future.

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  • Claudio CDY
  • 05-17-18

absolutely brilliant

easy to follow, huge impact! This changed my company how it runs and it structures! wasnt even half way through the book before recommending this to other entrepreneurs! love love it! the barefoot of business I call it for us australians! :)

2 of 2 people found this review helpful

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  • Anonymous User
  • 07-29-18

Absolutely mind blown

Mike is changing the world by changing the lives of entrepreneurs, who because of their success in small business, run economies. I have been in what you might perceive as a successful business for nearly 10 years (14 total with the back yard hobby type) and have always stressed out at the end of every financial year because I knew I made a profit on paper but it wasn’t in the bank- yes I had spent it. The end of the book is where it hit me most, you don’t need a lot of karma to have a successful business... that is what I was always reliant on. Thanks to Profit First, I am well on my way to doing things right (7 bank accounts setup, admin, book keeper, accountant all on board) because I have become financially educated... I couldn’t believe just how far behind I was personally from a poverty background which was bleeding into my business.... THANK YOU Mike and team- it only took me 14yrs to find you but you have definitely changed my world!! I see startups in a new light now!!

1 of 1 people found this review helpful

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  • Troy
  • 07-18-18

Everyone needs to read this!

So, I've read a lot of books and they all tell me to do things the normal way... But I haven't taken a profit since we started 7 months ago and I've been spending our spare cash... Not investing it.

This book helped me understand the need of allocations (buckets) to avoid spending in general. (I’d even spent my Tax without realising it)

This system has given me the building blocks for a profitable business and very excited to read it again and again to filter through all the info... But after my first read I've already allocated profit! (which is bizarre for me)

Anyway, give it a go. I did... Never looking back!

Thanks Mike

1 of 1 people found this review helpful

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  • Sebastian Williams
  • 07-10-18

Honestly a must read..

Before you read about marketing, before you worry about getting more clients and growing you must, I say again MUST read this book!

I am only two weeks in and my business is already profitable!

Thank you Mike!

1 of 1 people found this review helpful

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  • Anonymous User
  • 06-20-18

Exactly what I needed at the right time!

Was recommended by other business owners, was absolutely perfect and I've already made others download and listen to it also!! Don't over think this one - just get it.

1 of 1 people found this review helpful

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  • Asha Babu
  • 05-13-18

Game-changing book for small business

The premise is undeniably simple and yet no one is doing it - to their own detriment. I was sold as soon as Mike described the entrepreneurial ego that prevents people from admitting they are struggling or living cheque to cheque. This book has re-evaluated what I consider a "successful" business and has already made a huge positive financial impact on my business, less than a month in to adopting the book's principles. Highly recommended.

1 of 1 people found this review helpful

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  • Edward S Morrisoin
  • 04-16-18

awesome

invaluable information for the beginner or the experienced business person or even just managing your personal finances.
I loved it and will be putting it into practice.

1 of 1 people found this review helpful

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  • Zlata K
  • 04-12-18

I wish I read this earlier!

What made the experience of listening to Profit First the most enjoyable?

It gives a step by step guide - easy to execute advice.

Any additional comments?

This started making a difference in my business already. I only wish we discovered this book and system earlier. Well better later then never :)

1 of 1 people found this review helpful

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  • Anonymous User
  • 03-26-18

Business game changer

Owning 2 businesses and relating to living from check to check for the period of 5 years I could relate to the problem so well.

Profit first is helping reshape my business and cash flow and it has made me far more innovative.

If you own a business this is a must read.

1 of 1 people found this review helpful

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  • thelifecreator
  • 02-12-18

If you run a business...This is a MUST Listen.

The strategy behind Profit First is a must for any/every business.

It’s also one of, if not the most enjoyable to listen to business book that I’ve gone through. Mike really keeps, what can be sometimes a heavy subject, light, flowing and surprising entertaining!

1 of 1 people found this review helpful