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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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  • JK
  • 10-03-18

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.

2 of 2 people found this review helpful

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The book that does what it says on the cover...

Profit First is a common-sense approach to managing any kind of business. Mike is a real natural, with an uncanny ability to make you very aware of the brutal reality of your company's true financial health, while at the same time showing you that he's on your side and even better, how to improve it. You'll laugh and want to cry at the same time.

Profit First is not pretending to replace anything either. There's no radical departure from what you already know. Mike delivers his ideas with entertaining narrative and profound insight, intertwined with anecdotes and stories which help underline his ideas. Profit First is an essential read. You'll wonder how you got this far without it.

1 of 1 people found this review helpful

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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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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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Do not buy

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

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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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A Must have!

Really enjoyed Mike’s style and what he teaches not only makes sense but essential for every entrepreneurs.
Many books are discussing to them at yourself first ... so the concept it not new but Mike’s book makes it easier to implement it.

Highly recommend to everybody.

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Will definitely help me going forward.

Could stop listening. Will definitely listen again and am going to start implemented this in both my personal and business life

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It's changing my business already

I ought this book a few weeks ago now and I immediately started to implement it. What caught my attention was when I realised that I am just the same as everyone else in the way I treat money. When it's flowing through the business I spend more freely and when it's tight I don't. I felt like Mike was describing me, but it's obviously most of us.

I've now set up all my bank accounts as he suggests and have started allocating money correctly. Honestly I felt such a sense of freedom, because, as he says repeatedly through the book, his system is intuitive and matches the way business owners actually think. I can instantly see where my business is and where my money is when I look at my bank accounts now, which was never obvious before.

I believe this book is going to be a gamechanger for me. I shared it with a client last night who lost a multi-million dollar business some years ago and he lit up when I described it. He recognised everything I said. So thanks Mike, for making obvious something that's so simple you wonder why everyone isn't doing it - especially accountants :-)

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good idea

i like the concept and believe it could work. i just wish books with a simple concept were shorter

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  • Digital Auto Gauges
  • 29-05-17

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!

5 of 5 people found this review helpful

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  • Amazon Customer
  • 27-05-17

Profit First

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

3 of 3 people found this review helpful

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  • Anonymous User
  • 24-05-17

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.

3 of 3 people found this review helpful

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  • Mark Johnson
  • 24-04-17

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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  • BBH
  • 12-04-17

R E A D T H I S B O O K ! !

If you're in business it's simple, you need this book and teachings of Profit First. We just adopted this two daya ago and are all in starting small but will be working progressively towards our goals (TAP's - PS: you'll know what that means when your read the book)...

Must read! This is the future of business. A friend of mine recommended this book to me three days ago and believe me I'll be reading it again just because it's that good.

3 of 3 people found this review helpful

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  • Shaneh Woods
  • 21-02-17

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 8 people found this review helpful

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  • Cat Teacher
  • 04-03-17

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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  • Joe
  • 19-05-17

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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  • Roselee
  • 11-06-17

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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  • Kianja M Johnson
  • 09-06-17

This was an awesome book!

I am a bookkeeper and I found this book gave great practical advice that I will be applying in business and in my personal life.

1 of 1 people found this review helpful