Book Review: Profit First

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From Book Description

“In Profit First, the follow-up to the cult classic The Toilet paper Entrepreneur and the game-changing The Pumpkin Plan, author and entrepreneur Mike Michalowicz details the cash management system that will ensure any business – of any size, in any industry, no matter how much debt it carries or how many years it has been operating – will become permanently profitable. Starting today!”

My Comments

Profit First is hands down one of the best money management books I have ever read. Many money experts use the expression, “pay yourself first” when it comes to handling personal finances. Michaelowicz takes that up a notch and applies it to business money management, although you can – and should – apply these principles to your personal finances.

First he starts by explaining why the “generally accepted accounting principles” don’t work, and he flips the accounting formula “Sales – Expenses = Profits” upside down. After this he explains the profit first system and then helps the reader lay out a plan, step by step, to put this plan into action. Michaelowicz also has a chapter on destroying debt and another chapter for advanced techniques. I also love the “action steps” at the end of each chapter. I have been slowly working through the book and it has already made a huge difference!

I highly recommend Profit First and give it five (5) stars.

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