Skip to content

Put Profit First: Make Your Business A Money-Making Machine

There is definitely not a shortage of business and finance-related books, and it can be overwhelming to pick the best one for what you’re looking to learn more about. Let me make it a bit easier for you and call out one of my absolute favorites that I recommend to every business owner I know – Profit First, by Mike Michalowicz.

Are you ready to learn why?

This book gives a step-by-step guide of how small business owners can be successful using a method called “profit first.” This system creates the opportunity for businesses to fund themselves. It allows your business to serve you instead of you always serving your business. MIC DROP! Who wouldn’t want that? Michalowicz wrote this book because he believes lack of cash reserves is the biggest source of entrepreneurial stress and depression – and he wanted to eradicate it!

Let’s dive into it.

The concept is that you pay into profit with every sale. There should be a predetermined percentage of each sale that gets earmarked as profit. This way you become profitable from day one; it’s not a milestone, but rather a habit. 

Of course, there’s more to this profit first concept than siloing funds. The anecdotes from some of the 175,000 companies that have found this method successful for them is what makes this book such a great read. There is a deliberate simplification of financial concepts – and other explanations of business operation concepts.

Did you start your business because you wanted to do something you love? Or maybe to not be under scrutiny of the common working-class system anymore? That’s great! But you still need to make money. So, if you’re feeling overwhelmed with your small business’s finances, try a profit first approach – and watch your business grow and thrive. In the words of Michalowicz, transform it into a “money-making machine.”

What to expect from your CFO in the first 90 days

I had the unique opportunity in my career to work with businesses in different industries and of different sizes and ownership levels as a full-time CFO. Each business had different
Read More

Cost containment: An important health care benefits objective for businesses

As the Fed continues to do battle with inflation, and with fears of a recession not quite going away, companies have been keeping a close eye on the costs of
Read More

We speak ‘Entrepreneur.’

Are you ready to speak with us?

Please call (518) 693-7446 to schedule your free consultation. Or share your challenge, ideas and questions here and we’ll reach out to you.

By filling in the from, you agree to our Privacy Policy, including cookie use.