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Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine (Entrepreneurship Simplified) Hardcover – February 21, 2017

4.8 4.8 out of 5 stars 9,176 ratings

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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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Popular Highlights in this book

From the Publisher

Profit is not an event. Profit is a habit. Mike Michalowicz

THREE STEPS TO PERMANENT PROFITABILITY

Image for Profit First by Mike Michalowicz. It shows a money bag turning into dollar bills.

CHANNEL BEHAVIOR

Most entrepreneurs run their business via “login and see what you’ve got - bank balance accounting.” If you do that, too... congratulations! Profit First was made for you.

Profit First is a cash management system that works with your bank accounts. The do-it-yourself process pre-allocates money to its intended use before you spend it. When you log into your bank, you will know what money is available for what purpose.

Image for Profit First by Mike Michalowicz

REMOVE TEMPTATION

Just like the 401k has been the greatest personal savings mechanism in US history, Profit First leverages the same “pay yourself first” principle. First, your business will deduct its profit and transfer the money away from your primary bank to prevent the business from “borrowing from it.”

With the temptation to run your business from its profits removed, you will automatically operate your business in a fiscally sound manner.

Image for Profit First by Mike Michalowicz. It is a drawing of a flower in a person's palm

REWARD QUARTERLY

As profit accumulates, the owner(s) of the business will take a quarterly profit distribution. The profits are not “plowed back” or “reinvested” into the business - or they should be reclassified as expenses. Instead, the profits are used to reward the owner(s).

Some businesses have debt, of course. Using the Profit First system, portions of profit distributions can be used to pay off chunks of debt, but some must remain to reward the owner(s). With Profit First, you win. Every quarter.

Image of author Mike Michalowicz

ABOUT MIKE MICHALOWICZ

After building and selling two multi-million dollar businesses, Mike Michalowicz (pronounced mi-‘kal-o-wits) started his third company and... lost his entire fortune. Then he started all over again, driven to find better ways to grow healthy, strong companies. Mike has devoted his life to the research and delivery of innovative entrepreneurial strategies to his readers.

Mike is the creator of Profit First, which is used by over one million companies across the globe to drive permanent profit. He is also the creator of Clockwork (small business systems), Fix This Next (small business strategy), Get Different (small business marketing), The Pumpkin Plan (small business growth), and All In (small business teams).

If there will ever be a patron saint for entrepreneurs, Mike Michalowicz is a contender —Simon Sinek

Mike Michalowicz is the authority on small business success

Mike Michaelowicz is a brilliant business mind. — Sally Hogshead

Fix this Next by Mike Michalowicz Cover image of Get Different by Mike Michalowicz • Clockwork revised and expanded Cover image of The Pumpkin Plan by Mike Michalowicz Cover image of ALL IN by Mike Michalowicz
Fix This Next Get Different Clockwork The Pumpkin Plan All In
Customer Reviews
4.7 out of 5 stars
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YOUR GUIDE TO ENTREPRENEURIAL SUCCESS I want to do the RIGHT things! I want to MARKET better than ever! I want to get my TIME back! I want to GROW fast and strong! I want to LEAD an unstoppable team!

Editorial Reviews

Review

Praise for Profit First

“Quit being a slave to your own business and start making some serious money. Follow Mike’s counter-intuitive advice and put profits first.”
--VERNE HARNISH, author of
Scaling Up

Profit First is a brilliant smack-upside-the-head revelation for entrepreneurs. Most small businesses look pretty good on the outside, yet actually struggle to stay afloat. With fascinating stories and wit, Michalowicz shows how to remove your nose from the grindstone, climb out of the quicksand, and build a business that loves you back.”
—SALLY HOGSHEAD, author of
Fascinate

Profit First may arguably be one of the greatest ‘hacks’ of all time. Apply the pay-yourself-first principle to your business and watch the profits roll in.”
—CHRIS GUILLEBEAU, author of
Born for This and The $100 Startup
 
"
Profit First is a game-changer. I implemented the system into both of my businesses and increased profits by 21%. If you want to turn a profit and grow your business, you need this book."
—MICHAEL PORT, author of
Steal the Show
 
"
Profit First completely transformed how I handle business banking. I hadn't even finished the book before immediately putting a four-account distribution system in place for new income: operating expenses, owner expenses, taxes and profit. Mike's system moved me from break-even to profitable within a month. This book is a must-read for businesses large and small."
—JENNY BLAKE, author of
Pivot
 
“Twenty-five percent of small businesses have two weeks or less of cash in the bank. Seventy-five percent of businesses have a month or less of cash in the bank.
Profit First disciplines show you the roadmap to avoid becoming a statistic. This book has the potential to change the next 20 years of your small business life.”
—DAWN FOTOPULOS, Associate Professor of Business, The King’s College NYC; author of
Accounting for the Numberphobic
 
Profit First is a revelation. I only wish I knew about this system when I started my first business.”
—JOHN JANTSCH, author of
Duct Tape Marketing and SEO for Growth

“Entrepreneurs commonly confuse cash flow with profitability. Profit First makes the process so radically simple that you no longer have an excuse not to be profitable AND have cash flow!”
—GREG CRABTREE, author of
Simple Numbers, Straight Talk, Big Profits

“Not only is Mike one of the most innovative small business authors of our time, his Profit First system—simple to apply and impactful in its results—can be the difference between constantly walking the financial tightrope or being predictably profitable. And a predictably profitable business is not only less stressful and more gratifying, it allows you to focus on what really matters… serving your customers!”
—BOB BURG, coauthor of
The Go-Giver and The Go-Giver Leader

"Why are so few businesses actually profitable for their owners?
Profit First turns accepted wisdom on its head and shows the real reason business owners struggle with the bottom line. This book shows you how to take home more money almost immediately."
—DORIE CLARK, author of
Stand Out

“Finance is the top headache of an entrepreneur.
Profit First is a must-read to avoid bankruptcy for great business ideas. Clever, easy to implement and absolutely effective (plus you will enjoy reading it).”
—SOFIA MACIAS, author of
Pequeño Cerdo Capitalista

“Entrepreneurs and small business advisors finally have a practical toolkit for increasing profitability! Everyone who touches the small business world should read and apply these game-changing principles.”
—JOE WOODARD, CEO of Woodard Events and Woodard Consulting

“I took the pledge and started implementing the Profit First system after reading Chapter One. By the time I was halfway through the book my business had already turned a profit.”
—BARRY MOLTZ, author of
How to Get Unstuck

About the Author

MIKE MICHALOWICZ launched and sold two multi-million dollar companies and is co-founder of Profit First Professionals, a membership organization of accountants, bookkeepers and business coaches who teach the Profit First method. He is a former columnist for The Wall Street Journal, is a popular speaker and has shared his insights on business and entrepreneurship at TEDx, creativeLIVE, INCmty and others. He is the author of The Pumpkin Plan and The Toilet Paper Entrepreneur. His columns have appeared in Entrepreneur Magazine, Open Forum, and Harvard Business Review.

Product details

  • ASIN ‏ : ‎ 073521414X
  • Publisher ‏ : ‎ Portfolio; Reissue edition (February 21, 2017)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 224 pages
  • ISBN-10 ‏ : ‎ 9780735214149
  • ISBN-13 ‏ : ‎ 978-0735214149
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 6.2 x 0.8 x 9.2 inches
  • Customer Reviews:
    4.8 4.8 out of 5 stars 9,176 ratings

About the author

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Mike Michalowicz
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By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) had founded and sold two multi-million dollar companies.

Confident that he had the formula to success, he became a small business angel investor… and proceeded to lose his entire fortune. Then he started all over again, driven to find better ways to grow healthy, strong companies. Mike has devoted his life to the research and delivery of innovative, impactful entrepreneurial strategies to you.

Mike is the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit. He is the creator of Clockwork, a powerful method to make any business run on automatic. He is the author of Fix This Next, an instant Wall Street Journal Bestseller, The Pumpkin Plan, Surge and The Toilet Paper Entrepreneur. His newest book, Get Different, teaches entrepreneurs how to creating marketing that can't be ignored.

Today, Mike leads two new multi-million-dollar ventures, as he tests his latest business research for his books. He is a former small business columnist for The Wall Street Journal and business makeover specialist on MSNBC. Mike is a popular main stage keynote speaker on innovative entrepreneurial topics; and is the author of Get Different, Fix This Next, Clockwork, Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur.

Fabled author, Simon Sinek deemed Mike Michalowicz “…the top contender for the patron saint of entrepreneurs.”

Mike is also a guest lecturer for collegiate entrepreneurial programs such as Babson, Boston College, Columbia, Copenhagen Business School, Emerson, Harvard, Penn State, Pepperdine and Princeton. His books are in the core curriculum for entrepreneur students at Pepperdine, Carnegie Mellon, Stanford University, and universities across the country. His books have been translated into over 27 languages.

Customer reviews

4.8 out of 5 stars
9,176 global ratings

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Customers say

Customers find the book informative and helpful for managing business finances. They describe it as an excellent, easy read that provides a straightforward and simple system for organizing finances. Readers appreciate the value for money and how it helps them set aside profits for their business. The author's humor and relatable storytelling engage them.

AI-generated from the text of customer reviews

835 customers mention "Information quality"814 positive21 negative

Customers like the book's information quality. They say it has changed the way they manage their business funds and mindset. The book provides an informative overview of business life, allowing them to see profits from day one. It provides practical ideas that have transformed their businesses.

"...Following this method of cash management can keep you calm as a business owner! (And the author is a Hokie, so that's a plus as well!)" Read more

"...emphasize revenue and expansion, this book campaigns a refreshingly unconventional approach—a perspective most entrepreneurs desperately need...." Read more

"...This book has enough accounting and economics argot to satisfy the accounting purist, but will also make sense to guy or gal who finds all that &#..." Read more

"...And at the same time, removes the hassle of physical money management (envelopes and cash)...." Read more

472 customers mention "Readability"472 positive0 negative

Customers find the book easy to read and engaging. They say it's worth buying, has good quality, and simplifies finance for all readers.

"...enriched with real-life examples, simplifies finance and makes it accessible to all readers...." Read more

"...Definitely worth reading! Really glad I implemented it!..." Read more

"Great read. Lots of wonderful thoughts and ideas." Read more

"Good book...." Read more

450 customers mention "Ease of use"440 positive10 negative

Customers find the book's content straightforward and intuitive. It provides a simple, easy-to-implement system for organizing finances that is applicable to any business type. The book is well-planned and easy to follow.

"...And the author is a Hokie, so that's a plus as well!)" Read more

"...The Profit First formula is straightforward yet profoundly impactful—a testament to the idea that the most effective solutions are often the..." Read more

"...Mike Michalowicz writes in an easy, declarative style, using humor, often self-deprecating, and anecdotes from his work and family life..." Read more

"...The logic is so simple and clear cut, Mike doesn't make you run through hoops to understand it...." Read more

295 customers mention "Value for money"261 positive34 negative

Customers find the book's principles helpful for setting aside profits for their businesses. They say it helps them manage their finances better and increase their revenue. The book helps them prioritize profit and ensure their business is financially healthy. It's simple, cheaper, and faster to implement, allowing customers to live in peace with their money.

"...I can easily see what money I have available for any planned purchase, and I have been able to pay myself from day 1...." Read more

"...The message is clear: prioritize profit, and your business will reward you with resilience and prosperity...." Read more

"I love efficiency! And in general an envelope system is a great way to do that...but with actual physical envelopes, it gets a little..." Read more

"...Some solid new ideas that I've not read anything else. It did help us to pull out taxes and a small amount of profit first before putting the rest..." Read more

149 customers mention "Humor"143 positive6 negative

Customers find the book engaging and humorous. They enjoy the author's witty writing style, including personal stories, puns, and one-liners. The book is described as an enjoyable read on business finances with an irreverent tone.

"...Mike Michalowicz writes in an easy, declarative style, using humor, often self-deprecating, and anecdotes from his work and family life..." Read more

"...So he packs in so much humor, I find myself chuckling at his wisecracks and down to earth tone...." Read more

"I love that the author is entertaining to read while also being informational about business life...." Read more

"...He’s also authentic, ridiculously witty and funny but he also genuinely cares about your success...." Read more

123 customers mention "Storytelling"103 positive20 negative

Customers find the book relatable and engaging. They appreciate the author's transparent, relatable style and clear presentation of ideas. The conversational tone and actionable advice are praised as valuable.

"...WHY NOT PAY YOURSELF FIRST????? Michalowicz's engaging storytelling, enriched with real-life examples, simplifies finance and makes it..." Read more

"...Enter Profit First. Mike Michalowicz lays everything out so unbelievably clearly, that I truly feel confident about how I want to start my business..." Read more

"...Mike's conversational, self-deprecating, irreverent tone makes reading his books enjoyable as well as life-changing...." Read more

"I love Mike and his writings...." Read more

47 customers mention "Actionable"47 positive0 negative

Customers find the book actionable and encouraging them to take small, measurable steps to put the knowledge into practice. They appreciate the easy-to-follow action list at the end of each chapter. The simple approach is effective and addictive, leading customers to take immediate action.

"...It was one of the first books I read. I love the siplicity & actionable steps that Mike provides...." Read more

"...I also love his little action steps...." Read more

"...With actionable steps and accountability, Mike will get you on your way to looking at your business differently. And it’s so SIMPLE...." Read more

"...it is very actionable (I have taken action on every step that Mike recommended); 2) Knowing where..." Read more

38 customers mention "Power"38 positive0 negative

Customers find the book's steps work well for personal and business finances. They say it's simple yet powerful, and works with countless other businesses.

"...the principles and tactics within, I can assure you that this system works...." Read more

"...This sh*t works. One month in, I decided to check my ‘hidden’ profit bank account to find out I had almost $1100 in there! Holy Shnikies!..." Read more

"Read this book once a year. Implement it. Follow it. It works...." Read more

"Great book! This was exactly what I needed. It is practical, powerful, motivating, passionate, and fun to read!..." Read more

CPA who highly recommends this book!
5 out of 5 stars
CPA who highly recommends this book!
I’m a CPA and everyone I know who has read and implemented this book have found less financial stress. I recommend this book to everyone, even if you don’t own a business. I even ordered one for each of my adult kids.
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Top reviews from the United States

  • Reviewed in the United States on September 25, 2024
    I read this book when I was first starting my business, so I was able to put it into place from the start and it has been fantastic. I can easily see what money I have available for any planned purchase, and I have been able to pay myself from day 1. As a bookkeeper, I also highly recommend it to my clients as a cash/spending management method and encourage them to read this book. Following this method of cash management can keep you calm as a business owner! (And the author is a Hokie, so that's a plus as well!)
  • Reviewed in the United States on September 26, 2023
    Mike Michalowicz's "Profit First" introduces a groundbreaking concept that flips traditional financial wisdom on its head: prioritize profit first. In a world where businesses typically emphasize revenue and expansion, this book campaigns a refreshingly unconventional approach—a perspective most entrepreneurs desperately need.

    WHY NOT PAY YOURSELF FIRST?????

    Michalowicz's engaging storytelling, enriched with real-life examples, simplifies finance and makes it accessible to all readers. The book's central focus is change in your approach to finances and how you think about your money. The system reshapes the reader's financial mindset, promoting disciplined money management. Prior to using this in business, I applied the system to my Personal/Professional Career and financials. BOOM!!! I had to personally reach out to Mike, this is powerful stuff!!

    The core takeaway is the "banking" system, without giving away too much. This approach compels business owners to allocate funds thoughtfully, breaking free from the paycheck-to-paycheck cycle, even within their businesses.

    "Profit First" isn't just a book; it's a financial EXPLOSION kit. It challenges the hear say and presents an unconventional approach to financial growth. The message is clear: prioritize profit, and your business will reward you with resilience and prosperity.

    "Profit First" ensures sustainable expansion. It shifts the focus from revenue to profit—a transformative concept in the world of business.

    The Profit First formula is straightforward yet profoundly impactful—a testament to the idea that the most effective solutions are often the simplest ones.

    In summary, "Profit First" is a revolutionary habit building process of financial management, offering a roadmap to lasting profitability and resilience.

    BUY THE BOOK & TAKE ACTION, OTHERWISE YOU HAVEN'T DONE ANYTHING TO BETTER YOUR PUMP!!
    7 people found this helpful
    Report
  • Reviewed in the United States on May 18, 2018
    When a friend told me about Profit First, it sounded like a solution for those who had trouble using and understanding GAAP (Generally accepted accounting principles). I had just completed a special bookkeeping project for my friend's business and I had seen the challenges that he faced. The one thing I remember from our conversation was that he had worked over thirty years in his industry and had been successful in selling many units over the years. His question was, "Where's the money?" He is financially successful but thought he should have much more to show for his successful sales career.

    I decided to buy the book and see for myself what I couldn't wrap my head around from my client's description. I had limited ability to think outside the normal accounting/bookkeeping mode since I've been doing bookkeeping for others and myself for many years and support a number of clients who use proprietary software to maintain their books. Bottom line: I'm glad I read the book and followed the instructions for setting up the specific bank accounts Michalowicz suggests; after I took the quick assessment of one of our businesses, I was able to see where our allocation assumptions had left us--with booked profits but very little cash.

    Mr. Michalowicz writes from the standpoint of having started a number of businesses and facing the stark reality that if one's expenses aren't allocated correctly, the business is often just breaking even or less. Putting aside allocated profit first requires the business owner to then take a sharp pencil to his/her expenses and allocate them in percentages that are in line with the profit allocation he/she has set.

    I've only just begun to use this system and can see results from it already. It makes sense since I take the profit off the top of each sale and effectively get it out of site so I'm not tempted to spend it when the squeeze is on. It's an entirely different way of thinking for me in our businesses; instead of Income-expenses=Profit; Income-Profit=Expenses. Then it's up to the business owner(s) to work on suggested expense allocations to get them in line with the profit allocation chosen. In the (Almost) Instant Assessment, the author offers suggested expense allocations based on the size of the enterprise. This book has enough accounting and economics argot to satisfy the accounting purist, but will also make sense to guy or gal who finds all that "accounting stuff" boring and even irritating---" I'm out there selling every day; you (bookkeeper) just make it work!"

    Mike Michalowicz writes in an easy, declarative style, using humor, often self-deprecating, and anecdotes from his work and family life (the piggy bank story is both poignant and instructive). He shares his own stories of learning through mistakes, does not make grandiose claims, and fairly early on in the book asks the reader to send him a personal email stating, "I've drawn the line in the sand," thereby committing the reader's business to profitability. I did that, by the way, and got a response from Mike. There was something about the challenge that took me back to the movie Network when news anchor Howard Beale tells his listeners to open their windows and shout, " I'm mad as hell and I'm not going to take it anymore.” The commonality is that both actions were about lines drawn in the sand.

    This book is an easy and captivating read. I felt as if I knew the writer because of his candor and style, and recommend the book to anyone with a business, especially if you've ever seen a disconnect between what your accountant tells you about the profitability of your business and the money in the bank at the end of a "profitable" year.
    16 people found this helpful
    Report

Top reviews from other countries

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  • Laércio Zulian Gallina
    5.0 out of 5 stars Ótimo livro
    Reviewed in Brazil on August 4, 2022
    Ótima leitura, estimula a encarar os pequenos e médios negócios de outra forma.
  • Reader
    5.0 out of 5 stars Perfect
    Reviewed in France on September 21, 2024
    Even though I’m finance guy, I find this approach good! It really works! One of books I’m using now daily !
  • Mateo Eguiguren
    5.0 out of 5 stars Lo comenzamos a implementar este mes en la agencia
    Reviewed in Spain on April 26, 2024
    El libro habla acerca de un simple sistema para separar primero el Profit, después pagarte a ti como el empleado más importante dentro de toda la compañía. Luego separar para pagar impuestos porque ese dinero no te pertenece a ti, sino al Estado y finalmente pagar los costos operativos.

    Este mes lo comenzaremos a aplicar en la agencia de marketing especializada en comercio electrónico y dentro de unos meses veremos el impacto
    Customer image
    Mateo Eguiguren
    5.0 out of 5 stars Lo comenzamos a implementar este mes en la agencia
    Reviewed in Spain on April 26, 2024
    El libro habla acerca de un simple sistema para separar primero el Profit, después pagarte a ti como el empleado más importante dentro de toda la compañía. Luego separar para pagar impuestos porque ese dinero no te pertenece a ti, sino al Estado y finalmente pagar los costos operativos.

    Este mes lo comenzaremos a aplicar en la agencia de marketing especializada en comercio electrónico y dentro de unos meses veremos el impacto
    Images in this review
    Customer image
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  • Shashank
    5.0 out of 5 stars Changes the way you think about Business Cash Management
    Reviewed in India on January 19, 2024
    This book is really nice and simple to understand. The author, Mike has explained it so well and on to the point. It is detailed and guides well to make sure you manage your business cash well and you take home profit. This is my first book of Mike. I guess this will make me buy more from his collection.
  • Amazon Customer
    5.0 out of 5 stars Nice
    Reviewed in the Netherlands on October 8, 2023
    Great system to use for starting companies. I enjoyed Reading this book. IT was very clear and easy to read