Profit First by Mike Michalowicz
Sales - Expenses = Profit is a logical (although flawed) formula in conventional accounting. Humans are not always logical, and businesses are run by humans. In a behavioral approach to accounting, serial entrepreneur Mike Michalowicz believes that Sales - Profit = Expenses. Michalowicz shows that limiting portions can help you lose weight, just as using smaller plates will encourage you to eat fewer calories, and taking profit first will allow business owners to turn themselves from cash-eating monsters to lucrative cash cows. Profit First is a system developed by Michalowicz to teach readers that:
Observing bank account balances can maximize profitability by simplifying accounting and managing a business.
Profitable small businesses are worth much more than large companies that survive only on their top line.
· Businesses with early and sustained profits are more likely to grow in the long run.
A game-changing roadmap for entrepreneurs to make money they always dreamed of, Michalowicz offers dozens of case studies, practical, step-by-step advice, and his signature sense of humor.