Profit First by Mike Michalowicz
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Description
Profit First by Mike Michalowicz offers a revolutionary yet simple approach to financial management for small businesses, flipping the traditional accounting formula of “Sales – Expenses = Profit” to “Sales – Profit = Expenses.” This shift ensures that profit is prioritized and protected from the very beginning, forcing business owners to operate within the confines of what’s truly available after setting aside their earnings. Michalowicz argues that the conventional method encourages reckless spending and leaves profitability to chance. Instead, by allocating income into separate bank accounts—such as Profit, Owner's Pay, Taxes, and Operating Expenses—entrepreneurs can gain better control, reduce wasteful spending, and ensure sustainability. The system taps into behavioral psychology, using “small plates” to prevent overeating—applying the same logic to money management, where limiting access to all available funds curbs impulsive decisions. The book includes real-world examples, actionable steps, and templates for implementation, making the concept accessible even to those with no financial background. Michalowicz also addresses the emotional side of entrepreneurship, acknowledging the stress and burnout caused by financial mismanagement, and showing how Profit First can restore peace of mind and financial clarity. Ultimately, Profit First is more than just an accounting method—it’s a mindset shift that empowers business owners to build sustainable, profitable companies from the ground up by putting themselves and their profit first.
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