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Profit First

Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
Written by: Mike Michalowicz
Narrated by: Mike Michalowicz
Length: 8 hrs and 35 mins
4.5 out of 5 stars (156 ratings)

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Publisher's Summary

The 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, listeners will learn that:

  • Following four 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 road map for any entrepreneur to make money they always dreamed of.

©2014, 2017 Mike Michalowitz (P)2017 Gildan Media LLC

What listeners say about Profit First

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Brilliant Concept, Well written & Narration is A++

This book was recommended to me on my Amazon profile a year or so ago but I never got around to buying the book. Since Audible had it as an audio book and the ratings were high, I decided to give it a try. Sound familiar?

When I started I was surprised that the author Mike Michalowicz was also the narrator. I thought he would toot his own horn but it was the opposite. He was passionate with each sentence, and he hammered home each point or concept. Then he would give an example just in case you missed it. It actually felt like he was giving me a 1-1 coaching session from start to finish on my business and why I should use his method to help.

His concept of Profit First makes practical sense for any self-employed person and the results are instantaneous. I can not believe the power of knowledge in this book. There is no need to wait for your Accountant and stand on pins and needles!

It did take some effort on my part to get through the book, so I wouldn't recommend reading it while driving unless you plan on reading it over coffee a second time. However you get through it, stick with it - your business will be glad that you did!

With my own situation, I learned I didn't have to wait 5 years until my business was growing in order to see the results. I had results right now! I found out I was spending too much on owner's compensation, expenses could be reinvested into something that would yield a better return and I need to save more for taxes.

I now look forward to guaging the health of my business and the positive momentum I feel is priceless. Hats off to Mike and his team for this incredible contribution. He should never have to pay taxes again!

We can all do this. Good Luck!

2 people found this helpful

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A 2 minutes strategy explained in 7 hours.

could have been the best 2 minutes in a long time, worst seven hours instead.

4 people found this helpful

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Easier to implement if not reading an audible book

There are so many times it is important to take notes or stop and do something. This book would lend better to a paper published or Kindle rather than an audible book.
Great ideas to shift the way I handle money in my business, especially how to look at the profit, almost like a payment that happens before doing the bookkeeping.

1 person found this helpful

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Have a business? Starting one? READ THIS!

This book offers a simple method for running the finances of your business. Read. Follow instructions. You won’t be sorry.

1 person found this helpful

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Exactly what a small business owner needs to hear!

I have run my own business for years. Often running from crisis to crisis, praying I had enough to cover the bills. I was on the same endless loop of reacting to money problems, rather then planning for them. Thanks to Mike's book I finally have a strategy to cover year-end taxes, material purchase and so on. I have listened to this book over and over again and I always find a new piece of information that I missed. It is a must read! It is exactly what small business owners need to hear.

1 person found this helpful

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Mike so clearly knows the struggle of entrepreneurs

Mike is clear, cuts through the BS and lies he knows entrepreneurs are telling ourselves, and he shows how the established way of doing business accounting leaves us struggling.

Mike is uniquely open, relatable, funny, and vulnerable which makes his incredibly useful material enjoyable to listen to (or read - I also own the hard copy of the book).

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Looking forward to trying Profit First strategy

Firstly, the narration is great. Not a monotone listen, emotionally charged the whole way through.
Secondly, I like the Profit First strategy. My business is still in the initial stages right now, but the first thing I’ll be doing is setting up my bank accounts like Mike suggests. It’s such a simple concept, and it works.

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Great book, just need to implement!

Entertaining, but great content. The title may turn you off, but do not let it.

We have always left our income in the business and treated the business as a retirement nest egg, but we will start socking away profits into another account. Lots to learn and implement yet from the book.
The other key point that everyone is so focused on growth, and saying "profit later", like Amazon. If you can't make profit being small then losses and debt will be even bigger on a grander scale, or you will need to pull in outside investors and still likely make the same in the end. Be content to be smaller and make a profit now and stress less. Thanks Mike for sharing your experiences.

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Best Business Book so far

I’ve gone through at least 10. This book is step one. Most of the others are step five or ten. Great for later, but this book deals with financial foundations. Entertaining, simple, and very human. I like.

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Game Changer

Possibly the best business book I've ever listened to. So simple yet profound. Am hoping we'll soon start to see positive results.

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  • Chris Cruz
  • 2019-03-01

Save time and watch a Youtube video on the system

Too much fluff. This book took a good 2 hours to get into the actual Profit First system. Then when it really gets started he intertwines stories about other people and hypothetical situations about not following the system. I got fed up with the useless stories and fluff and found a youtube video that explained the system to me in 20 mins WITH visual references. The system itself is great but this book could be alot shorter and more to the point.

69 people found this helpful

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  • Digital Auto Gauges
  • 2017-05-29

Changed the way I do business accounting

What did you love best about Profit First?

When I first listened to profit first, I really felt as though the author was talking about me. I have struggled over the past ten years as a small business owner and Profit First talked about all the issues that I was having and better yet, Profit First shows you how to remedy issues that plague all small business owners.

Who was your favorite character and why?

N/A

What does Mike Michalowicz bring to the story that you wouldn’t experience if you just read the book?

Mike is a very good narrator. He keeps you entertained and you can tell he is passionate about eradicating entrepreneurial poverty

Was there a moment in the book that particularly moved you?

No one moment. The entire book has changed the way I do my business accounting. I must say, the book is real, the message is real and if you own your own business you really need to read this one!

Any additional comments?

I never do reviews on anything, ever. I had to let other small business owners know about this one. I have never been the accountant type. I am good at what I do and my business shows it. We are up every year for 10 years but I never seem to take any more money home. That has all changed since I listened to Profit First (I also bought the paperback too). I have followed the processes in the book which are very simple and easy to follow and now I take my money first. No matter how much money the business has to pay for expenses we make it work. The book makes so much sense that you may get mad at yourself that you didn't think of this yourself. Do yourself a favor and listen to this one!

33 people found this helpful

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  • Cat Teacher
  • 2017-03-04

Best business book I've ever read

I have been using the Profit First system for almost a year. Things aren't perfect by any means, but I am seeing that my business is getting healthier, little by little. I sometimes listen to this book just to get a lift from Mike's infectious enthusiasm. And I love the Profit First accountant Mike hooked me up with. Thanks, Mike, for figuring this all out. I am grateful.

By the way, I use Smarty Pig for all the separate accounts. It works well for me--but I do know it's more accessible and therefore more dangerous! I am so tired of being broke, however, that it's really not tempting to steal my own money.

Perfer et obdura, dolar hic tibi proderit olim.
Persist and endure; one day, this pain will be useful to you. --Ovid

14 people found this helpful

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  • Joe
  • 2017-05-19

GAME CHANGER

If you could sum up Profit First in three words, what would they be?

GAME CHANGER

Who was your favorite character and why?

Mike

What does Mike Michalowicz bring to the story that you wouldn’t experience if you just read the book?

Mike reads the book in a very conversational way. Super fun to listen too.

If you were to make a film of this book, what would the tag line be?

This book with change your business and change your life!

Any additional comments?

Profit First is a GAME CHANGER! Very practical and it will turn your business around! I am a new business owner and this book may have saved my life!

5 people found this helpful

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  • Asia
  • 2018-09-04

Takes forever to get to the point

Listened for 2 hours and 15 minutes before the author gave any applicable info. Stories drag on too long in my opinion. Made it hard to follow.

15 people found this helpful

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  • Mark Johnson
  • 2017-04-24

Truthful and helpful

This book is very important. We need more entrepreneurs to read this and learn these business principles.

4 people found this helpful

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  • Loves technology when it works
  • 2019-01-31

Good advice, but slow

The actionable steps are good. A system worth setting up and trying. There are too many side stories that take away from the book and make it hard to get through.

2 people found this helpful

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  • Amazon Customer
  • 2017-05-27

Profit First

This book provides some good fundamental strategies to help small businesses manage money by transferring it to small accounts.

5 people found this helpful

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  • Anonymous User
  • 2017-05-24

Gotta listen to change your life

For 20 years I struggled from paycheck to paycheck. July 1st I will get my first profit check. Do what Mike says and you will win.

5 people found this helpful

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  • Shaneh Woods
  • 2017-02-21

Update Version put Profit First on STEROIDS!

What did you love best about Profit First?

It's a real system that I can use to transform my life and my business!

What was one of the most memorable moments of Profit First?

Mike had me in tears when he shared his piggy bank moment with his daughter

What about Mike Michalowicz’s performance did you like?

He's hysterically funny guy and he made a rather boring subject (money and the accounting of said pennies) entertaining.

7 people found this helpful

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  • GROOVE LIKE A PIG PUBLISHING OÜ
  • 2020-02-29

Se Livre est un LIVE CHANGER :-)

Je vous recommande fortement d'investir dans ce livre qui est un LIVE CHANGER. ;-)
Sauf si vous voulez rester un entrepreneur pauvre...