Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

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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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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.
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4.5
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Additional Information

Publisher
Penguin
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Published on
Jan 18, 2017
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Pages
224
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ISBN
9780735214163
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Language
English
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Genres
Business & Economics / Entrepreneurship
Business & Economics / International / Accounting
Business & Economics / Small Business
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Content Protection
This content is DRM protected.
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Eligible for Family Library

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Only if they do the right thing at the right time will owners of small businesses succeed. Simple enough, but what are the factors in their psychological makeup that enable them to do it? Frese and his contributors have studied small businesses in four African countries from a psychological perspective--the first time this has been done--and report that it's the psychological aspects of their strategies, not just the strategies themselves, that contribute significantly to their success. They also prove that many of the stereotypes that seem to characterize the owners of microbusinesses are clearly incorrect. Executives, analysts, bankers, international entrepreneurs, and their academic colleagues will discover that many of the conclusions they have drawn from previous studies can not be generalized. Only by separating those that can be generalized from those that can not, can we get a true understanding of the small business entrepreneurial dynamic.

Frese and his colleagues focus on South Africa, Zimbabwe, Uganda, and Zambia to produce a clear overview of the research on microbusiness and entrepreneurship in developing countries. They find that psychological strategies are closely related to entrepreneurial success, but because conditions in these countries differ widely, the particulars of certain strategies and their effectiveness may also differ. They show that a number of ideas prevalent among professionals and entrepreneurship researchers in developing countries need to be challenged. Among them, that microenterprise owners who started their companies because they were unemployed do worse than those who started for other, more positive reasons. Also, that human capital (education) represents the most important set of variables to be considered for success (it isn't), or that employing family members decreases success (it doesn't). Well written and impeccably researched, the book is an essential contribution to corporate and academic libraries, as well as to the knowledge of individuals in business, psychology, entrepreneurial and regional studies, and related fields.

 Each year Americans start one million new businesses, nearly 80 percent of which fail within the first five years. Under such pressure to stay alive—let alone grow—it’s easy for entrepreneurs to get caught up in a never-ending cycle of “sell it—do it, sell it—do it” that leaves them exhausted, frustrated, and unable to get ahead no matter how hard they try.

This is the exact situation Mike Michalowicz found himself in when he was trying to grow his first company. Although it was making steady money, there was never very much left over and he was chasing customers left and right, putting in twenty-eight-hour days, eight days a week. The punishing grind never let up. His company was alive but stunted, and he was barely breathing. That’s when he discovered an unlikely source of inspiration—pumpkin farmers.

After reading an article about a local farmer who had dedicated his life to growing giant pump­kins, Michalowicz realized the same process could apply to growing a business. He tested the Pumpkin Plan on his own company and transformed it into a remarkable, multimillion-dollar industry leader. First he did it for himself. Then for others. And now you. So what is the Pumpkin Plan?

Plant the right seeds: Don’t waste time doing a bunch of different things just to please your customers. Instead, identify the thing you do better than anyone else and focus all of your attention, money, and time on figuring out how to grow your company doing it. Weed out the losers: In a pumpkin patch small, rotten pumpkins stunt the growth of the robust, healthy ones. The same is true of customers. Figure out which customers add the most value and provide the best opportunities for sustained growth. Then ditch the worst of the worst. Nurture the winners: Once you figure out who your best customers are, blow their minds with care. Discover their unfulfilled needs, innovate to make their wishes come true, and overdeliver on every single promise.

Full of stories of other successful entrepreneurs, The Pumpkin Plan guides you through unconven­tional strategies to help you build a truly profitable blue-ribbon company that is the best in its field.

Do you worry that your business will collapse without your constant presence? Are you sacrificing your family, friendships, and freedom to keep your business alive? What if instead your business could run itself, freeing you to do what you love when you want, while it continues to grow and turn a profit?

It's possible. And it's easier than you think.

If you're like most entrepreneurs, you started your business so you could be your own boss, make the money you deserve, and live life on your own terms. In reality, you're bogged down in the daily grind, constantly putting out fires, answering an endless stream of questions, and continually hunting for cash.

Now, Mike Michalowicz, the author of Profit First and other small-business bestsellers, offers a straightforward step-by-step path out of this dilemma. In Clockwork, he draws on more than six years of research and real life examples to explain his simple approach to making your business ultra-efficient.
Among other powerful strategies, you will discover how to:

* Make your employees act like owners: Free yourself from micromanaging by using a simple technique to empower your people to make smart decisions without you.

* Pinpoint your business's most important function: Unleash incredible efficiency by identifying and focusing everyone on the one function that is most crucial to your business.

* Know what to fix next: Most entrepreneurs try to fix every inefficiency at once and end up fixing nothing. Use the "weakest link in the chain" method to find the one fix that will add the most value now.

Whether you have a staff of one, one hundred, or somewhere in between, whether you're a new entrepreneur or have been overworked and overstressed for years, Clockwork is your path to finally making your business work for you.
New York Times bestselling author Nicole Lapin is back with a sassy and actionable guide empowering women to be the boss of their lives and their careers. 
 
You don’t need dozens of employees to be a boss, says financial expert and serial entrepreneur Nicole Lapin. Hell, you don’t even need one. You just need to find your inner Boss Bitch — your most confident, savvy, ambitious self — and own it. 
 
A Boss Bitch is the she-ro of her own story. She is someone who takes charge of her future and embraces being a “boss” in all aspects of the word: whether as the boss of her own life, family and career, the literal boss at work, or, as the boss of her own company. Whichever she chooses (or all three), a Boss Bitch is someone who gets out there and makes her success happen — and so can you. 
 
Lapin draws on raw and often hilariously real stories from her own career — the good, the bad, and the ugly — to show what it means to be a "boss" in twelve easy steps. In her refreshingly accessible and relatable style, she first shows how to embrace the “boss of you" mentality by seizing the power that comes from believing in yourself and expanding your skillset. Then she offers candid no-nonsense advice for how to kill it at as the “boss at work” whether you have a high-up role or not. And finally, for those who want to take the plunge as an entrepreneur, she lays out the nuts and bolts of how to be the “boss of your own business” from   raising money and  getting it off the ground to hiring a kickass staff and dealing office drama to turning a profit. 
 
Being a badass in your career is something that should be worn as a badge of honor, says Lapin. Here, she inspires us to rise to the occasion and celebrate our successes — and then keep killing it like the Boss Bitches we are!
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