In Profit First, Mike Michalowicz explains how to rearrange your company’s finances so that you start making money immediately—instead of waiting until the end of the month. He offers a system that requires companies to deposit money into four accounts: profit, owner’s pay, taxes, and reinvestment. Once these funds are separated, it becomes clear how much (or little) business owners need to keep their businesses running and generate income for themselves. With straightforward explanations and accompanying visuals, Profit First allows business owners both new and old to understand financial statements without needing an accountant on retainer. And most importantly, readers can implement this innovative approach in as little time as possible with minimal effort .
For who is this book for ?
This book is for small business owners who want to improve their company’s profitability. Readers will learn how to break even and make a profit without waiting until the end of the month, which can be difficult when your business is in its early stages. The Profit First system requires very little effort on behalf of the reader and can be implemented relatively quickly.
Pros :
- The author has a straightforward writing style that makes the book easy to read.
- The concepts are easy to understand and can be implemented with minimal effort.
- The book includes helpful visuals, such as charts and examples of how businesses might set up their Profit First accounts.
Cons :
- The book may be too simple for some readers
- It takes a lot of time and effort to set up the Profit First system
- Business owners who are struggling with cash flow may not see results immediately
Learn more about the author
Mike Michalowicz is the former owner of three businesses, one of which was a multimillion-dollar company. He’s now a keynote speaker and number-one bestseller author of books such as The Pumpkin Plan and Profit First.
Reader Reviews
“This book provides a simple, straightforward guide to creating and maintaining profitable businesses.Michalowicz’s practical advice is based on his own success as an entrepreneur and offers useful insights for anyone looking to increase their company’s profitability.”
“I’m in the midst of reading Profit First and am really enjoying it. The concepts are clear, concisely presented, and practical.”
“This is a great book for small business owners who want to take their businesses to the next level.”
“I have been in business for over 25 years and this is the best money advice I have ever received. It’s simple, easy to follow, and makes perfect sense.”
