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Profit First (Review and Analysis of Michalowicz's Book)

Profit First (Review and Analysis of Michalowicz's Book)

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Profit First (Review and Analysis of Michalowicz's Book)

оценки:
4.5/5 (9 оценки)
Длина:
38 pages
27 minutes
Издатель:
Издано:
Jul 1, 2015
ISBN:
9782511035900
Формат:
Книге

Описание

The must-read summary of Michael Michalowicz's book: "Profit First: A Simple System to Transform Any Business from a Cash Eating Monster to a Money-Making Machine".

This complete summary of the ideas from Michael Michalowicz's book "Profit First" introduces the Profit First Approach. According to Michalowicz, this approach means prioritising profit, instead of leaving it as an afterthought. By following this approach, you can secure your profits and run your business on the remaining cash.

There are four steps to install the Profit First Approach:
1. Draw a line in the sand
2. Set up your Profit First system
3. Use Profit First to destroy debt and optimise your business
4. Integrate some advanced techniques into your Profit First system

Added-value of this summary:
• Save time
• Prioritise your company’s profits
• Make your company permanently profitable

To learn more, read “Profit First” and get your business profit-ready!
Издатель:
Издано:
Jul 1, 2015
ISBN:
9782511035900
Формат:
Книге

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  • On the 10th and 25th of each month, you:•Pay your bills.•Move funds to the various accounts.•Get a feel for where your money really goes.Tracking your financial performance twice a month will be motivational.

  • Decide that starting today, you will run a profitable business and make everything else secondary to that goal. Make today the day you pledge to yourself that your business will focus first and foremost on profitability.

  • The other thing you should do every quarter is pay yourself a dividend on the first day of each new quarter. You do that by taking 50 percent of the money in your profit account as your dividend. Leave the other half in your account as a cash reserve.

  • A profit account, an owner's pay account, a tax account and your current operating expenses account. That provides a more balanced view of your cash at hand.

  • With Profit First, you do your payables twice a month on the 10th and 25th of each month. You therefore see your cash accumulating and get a feel for where it really goes. You get into good habits rather than using a flyby-the-seat-of-your-pants approach.

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Profit First (Review and Analysis of Michalowicz's Book) - BusinessNews Publishing

Book Presentation: Profit First by Michael Michalowicz

Summary of Profit First (Michael Michalowicz)

Book Abstract

The GAAP (Generally Accepted Accounting Principles) formula for determining a business's profit since time immemorial has always been:

Sales - Expenses = Profits

While that formula is logically accurate, it doesn't really take into account human nature. Specifically, most small business owners do what can be termed bank balance accounting – they look at their bank balance and make decisions based on the balance they see. That relegates profit to an afterthought – something which will be left over at the end of the year with a bit of luck.

The Profit First Accounting (PFA) approach is to flip the standard GAAP formula this way:

Sales - Profit = Expenses

You take a predetermined percentage of profit from every sale first and then use only the remainder to pay for your expenses. Or put another way, with PFA, you secure your profit first and then run your business on the remaining cash.

PFA Take your profit first and then scale your expenses to match that goal

"It comes down to this – do you want to treat your profitability like leftovers, knowing you may only find scraps or an empty plate? Or do you want to get your full, healthy share right up front? I don't know about you, but I want to get my due portion first. I have taught the Profit First system to small companies and big companies, to private companies and even public companies. It works for all of them. And it will work for you. My commitment to you is that, if

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  • (4/5)
    Much quicker read than you think it will be and it covered everything as a quick review of the audio that I had already enjoyed.