Review Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
by MIKE MICHALOWICZ
Profit First made waves in the finance books section as it presents a revolutionary idea about business profit. His famous “Profit-first” system was adopted by hundreds of thousands of companies worldwide. His idea of taking the profit out of the equation in business financial management as a key to be permanently profitable is what the book primarily discusses.
The book emphasizes that businesses that have sustained profitability have a great chance of achieving long-term growth. Michalowicz presents the unconventional idea in business management with the use of case studies, practical insights, and a bit of his humor. This makes the book more interesting to read for entrepreneurs who dream of turning their businesses from cash-eating assets to money-making investments.
About the Author
Co-founder of Profit First Professionals (which is an organization of accountants, bookkeepers, and business coaches who teach the Profit First method), Mike Michalowicz owned and eventually sold two multi-million dollar companies. He was a columnist for the Wall Street Journal and a known speaker at TEDx and many other platforms.
Table of Contents
The book is divided into several chapters and is presented accordingly:
Chapter 1: Your business is an out-of-control cash eating monster
Chapter 2: The Core Principles of Profit First
Chapter 3: Setting Up Profit First for your Business
Chapter 4: Assessing the Health of your Business
Chapter 5: Allocation Percentages
Chapter 6: Putting Profit First into Motion
Chapter 7: Destroy Your Debt
Chapter 8: Find Money within your Business
Chapter 9: Profit First – Advanced Techniques
Chapter 10: The Profit First Life
Chapter 11: How to keep it from Falling Apart
Appendix 1: The Profit First Quick Setup Guide
Appendix 2: The Instant Assessment Form
Appendix 3: Glossary of Key Terms