Episode 2 Review of "Profit First By Mike Michalowicz"
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Episode 2 Review of "Profit First By Mike Michalowicz"
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About this listen
Welcome to The Big Idea: We take the best leadership and business books out there today and bring you the big idea.
Today's episode is about the book Profit First by Mike Michalowicz.
Here's the description from Amazon for this book:
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: