Profit First
By Mike Michalowicz, Alan S. Blinder, Adam Smith, Alex Stone & Aaron Dignan
Transform Your Business from a Cash-Eating Monster to a Money-Making Machine. Portfolio, 2017.
Summary of Profit First book by Mike Michalowicz, Alan S. Blinder, Adam Smith, Alex Stone & Aaron Dignan
A step-by-step guide to simplifying your finances, alleviating debt, and turning a profit, all centered around four easy-to-use principles with real-life case studies that will change the way you do business for the better.
Chapters in Profit First book summary
What do you get from this book? Simple methods for turning your business into a profit-making machine
Many small businesses fail early-on, especially when they rack up expenses and fall into the “Survival Trap”
“GAAP” is the traditional system for tracking profit and expenses, but it’s complicated and goes against human nature
Following the four key components of Profit First will help you manage the finances for your business better
Creating two “no-temptations” savings accounts will prevent you from spending money on needless items
An “Instant Assessment” illustrates your company’s overall financial health and helps identify unnecessary spending
Determining your profit, owner’s, and tax TAPS require careful research into other companies as well as your own
Beginning Profit First is a simple process provided you set up your accounts, know your CAPs, and slowly increase TAPs
Getting out of debt means cutting unnecessary expenses, including labor, and practicing the “debt snowball”
Increasing efficiency means recognizing your competitors, learning to outdo them, and dropping clients who sap your resources
Profit First advanced techniques include setting up additional accounts for things such as large purchases, sales tax, and outside capital
It’s not just for business—children and adults can both benefit from the Profit First lifestyle
Finding a buddy to work through Profit First with you will help you avoid the common pitfalls
Summary of the key insights
Selected critiques in brief
Final word
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Profit First — Book Summary Snapshot
Who should read Profit First book
- business students
- entrepreneurs
- small business owners
- anyone struggling with cash flow
About the author of Profit First
Mike Michalowicz
Entrepreneur Mike Michalowicz is the creator of the “Profit First” and “Clockwork” business systems for turning around failing companies and increasing revenue. He is a former business reporter for The Wall Street Journal and previous host of MSNBC’s “Business Rescue.” Michalowicz is a noted guest lecturer, appearing at universities such as Harvard, Columbia, and Princeton.
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