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

11/10

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

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!!

business-saving money management system

i love how simple the profit first system is and have just taken steps to implement it. so thankful to mike for sharing this wonderful system. it means more peace of mind and insight into ones bisiness. I highly recommend the book.

I can see clearly now!

Thank you so much Mike for writing this book. I’ve already set up Relay accounts and I’m on track to finally stabilize my business cash flow. I have been in business for four years and continually struggle to understand where all the money goes. What a simple way to manage something that has always seemed so complex. Again, thank you for putting a system down that a non-accountant entrepreneur can already see is going to work.

If you own a business - read this book.

This book is worth the read. You will be glad you did, it’s simple and achievable but very useful.

A MUST HAVE for EVERY Business

I’m a few tears in to my business as a full-time venture and struggling to both profit and grow. I have listened to many podcasts and books related to business management, growth & success.. and this is hands down the most in-your-face wake-up call I have ever heard. It’s SIMPLE and IT MAKES SENSE. It’s reassuring to recognize how many businesses are operating in the same incorrect manner and it’s even more liberating to own it and shout “That’s me! Me too!” And “Enough is enough!” I’m truly motivated and excited to get started @ implement this simple process & watch my business begin to profit, operate more effectively as well as efficiently. I’m excited to see a 5 year look back on how my journey evolved. Thank you SO MUCH from TheTiredNurse.Etsy.com

Life changing! First time I ever teared up getting through a book.

Such a slap in the face book. Kind of reminds me of “The Richest Man in Babylon”. The shape of the wedding cake for his daughter shot me in the heart. This book already changed my Life.

Small business owner must read

Damn I thought I was the only one that went through the struggle of not being able to pay myself.
Thank you Mike for taking the time to write Profit First and share it with the world.

Eye opening

Looking for the change in your business that you haven’t seen yet?
Read this book. Apply the methods and change your business.
With nothing to lose, you can only stand to gain something from this book…. and you will.

The author himself read the book.

There were relatable stories and funny moments wonderfully narrated and scattered among the valuable information.