Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
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We’ve all heard at least once that the common saving/accounting methods are designed to never let us succeed. That’s exactly what Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine Audiobook by Mike Michalowicz wants to teach us.
In this audiobook, the finances guru explains how thinking first about expenses and taking profits from the “leftovers”, we’ll always end up with nothing.
The general philosophy on “Profit First” is exactly that, prioritizing paying to ourselves and then cut and distribute the available resources. Of course, this is no easy thing, but what Michalowicz proposes is that profit is a habit.
This means that, as every habit in the world, it can be adopted and that it’s a matter of time and efforts to changes your mindset into a profiting one.
According to this audiobook, there’re some primal steps to take to turn your business into “money-making”. The first thing to analyze is that being in survival mode all the time only leave us with that: surviving.
Planning, putting yourself first and managing expenses is the best way to break in this mode. Even if you can’t see it now, there are probably some adjustments you can do to still keep your business on a float while not spending so much.
Another important point that this audiobook defends in the idea of “Borrowing yourself”. We tend to extract from our savings with the promise that it will be “only this time” or that “we'll put it back” and it never happens. The author also includes some tips to guarantee we don’t spend our savings.
Finally, he closes the book letting us know that profit means peace. When we are financially stable and our business is pulling back the necessary incomes, life becomes much easier and manageable. That, in general lines, is the secret to “Transform Your Business from a Cash-Eating Monster to a Money-Making Machine”.
What Malowicz does in this extraordinary financial book is spinning around the “logical” way we all manage our economy. It’s important to take into consideration that, as humans, we are not always reasonable. That makes it really hard for us sometimes to follow “simple logic”.
In this matter, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine Audiobook by Mike Michalowicz describes the essential points of this logic and show us how to use them in our advance.
You could say that this is the perfect example of “thinking outside the box” but for making money. The best part of the book is that right beside all this philosophical “change your perspective” writing there’re very practical concepts.
The author firmly believes in making real money, not some “fast cash” or “ a big name” with a lot of debts. That’s why he points out that a small business which is profitable is much more worth it than a big business which is always on the line.
Finally, this audiobook is obviously not a magical formula, and it still includes a lot of hard work. But in an age where juggling to make money is definitely a must, he draws very clear basics to - at least - don’t auto-sabotage your own business.
What exactly is “survival mode”?
Is that moment when we assume absolutely everything that drains money from our business for granted. Therefore, we blindly work to pay for all that and we never stop to think and rearrange or budget in order to cut some expenses or better redirect our money.
What does this audiobook include?
This book uses a very particular and characteristic humor to offer case studies and a step-by-step guide to overcome being in the “survival mode” or always have your business “at the edge”. With this advice and a bit of effort, your business can go from red numbers to remain in green numbers.