Profit First
Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
by:
Mike Michalowicz
in:
Small Business
Summary:
The book introduces a unique accounting system that flips the traditional formula by prioritizing profit withdrawal before paying expenses. It provides a step-by-step guide for entrepreneurs to manage their finances by using multiple bank accounts for different purposes, ensuring profitability and sustainable growth.
Key points:
1. Profit First: The book suggests a new formula: Sales - Profit = Expenses. This ensures profit is prioritized.
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