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 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.
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