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

Mike Michalowicz's book, Profit First, introduces a cash management system urging businesses to allocate a percentage of every revenue deposit to profit first, before expenses. The book argues against the traditional accounting formula of Sales - Expenses = Profit, suggesting it leads to neglected profitability. Through anecdotes and practical advice, Michalowicz outlines a method involving multiple bank accounts and regular allocations to ensure consistent profitability, reduce debt, and achieve financial stability. The text also covers strategies for increasing efficiency, cutting unnecessary costs, and fostering a mindset focused on profit as a habit, not an afterthought.Full podcast episode available here: YouTube: https://www.youtube.com/@BusyProfessionall // Spotify: https://open.spotify.com/show/43S8mFi7frIuMtqd0VST7O // Apple Podcasts: https://podcasts.apple.com/us/podcast/busy-accountant-the-best-books-reviews/id1807058693 — Follow us for more insights & updates: Instagram: https://www.instagram.com/busy_proffesional/ — TikTok: https://www.tiktok.com/@busyprofessional

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