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Profit First

Profit First

by Mike Michalowicz

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1.48K reads

The Profit First Diet

  • Use small plates: When money comes into your main operating account, immediately dispense it into different accounts in predetermined percentages for profit, owner pay, taxes and, consistently operating expenses
  • Serve sequentially: Always move your m...

A great business is one that has healthy profits. And as business gets healthier, taxes will increase.

Profitability isn’t an event. It’s a habit. Profitable habits practiced consistently cause a company to be financially healthy. 

  • Paying yourself should always be your priority even if you’re in debt.
  • Practice the one more day technique. Hold off on purchasing something and test how much you need it. You’ll feel rewarded when you see yourself saving more by going without certain items.
  • Modern-day succes...

  • 95% of your company’s profitability depends on what goes on beneath the surface (after the sales), and not the sales themselves.
  • Serve your clients with the same or very similar problems, using your one consistent solution to solve the problems.
  • The key to being efficient is ...

The benefits of accountability groups:

  • Having accountability partners can make a potentially challenging experience bearable
  • Enforcing a plan or a system with others ensures that you are more likely to do your part
  • When you regularly meet with an accountability group, y...

MIKE MICHALOWICZ

Innovation in business and efficiency comes from big, bold questions.

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created 31 ideas

This book teaches the fundamentals of owner compensation, profit targets, labour productivity, cash flow, and data reporting. Clear explanations and helpful illustrations throughout make it a must-read guide for small business owners looking to achieve higher profits.

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A Marketing plan doesn’t need to be 20 pages long to grasp the main points of your business. 💡

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