If You're Curious About These Questions...
You should listen to this audiobook
- Did you know that the traditional accounting formula used by millions of businesses might actually be the biggest obstacle to your company’s profitability?
- What if you could guarantee a profit from every single sale you make, starting today, instead of simply hoping there’s money left over at the end of the month?
- Have you ever wondered why some businesses struggle to stay afloat even as their sales skyrocket, and what simple psychological shift can fix it instantly?
Listen to Profit First — Free Audiobook
Loading player...
Key Takeaways from Profit First
- Discover why the traditional business formula of subtracting expenses from sales fails, and learn how to guarantee profitability by subtracting your profits first.
- Understand how psychological traps like Parkinson’s Law cause entrepreneurs to spend all available money, and see how the new formula outsmarts these natural instincts.
- Learn how to manage your business finances easily by dividing your revenue into five specific bank accounts: Income, Profit, Owner’s Salary, Tax, and Operating Expenses.
- Find out why you should keep your profit and tax accounts at an entirely different bank to remove the temptation of dipping into your most crucial funds.
- Master the strategy of sustainable growth by starting with just a one percent profit allocation and gradually increasing it each quarter to reach your ideal target.
Profit First — Full Chapter Overview
Chapter 1: Recommendation
Chapter 2: Traditional approaches to profit often fail because they defy our deep natural human instincts.
Chapter 3: Using smaller sums of money makes managing your finances much easier.
Chapter 4: Taking small steps toward a clear target is the way to grow profits steadily.
Chapter 5: Your profits are meant to reward you and to serve as a safety net for the business.
Chapter 6: Learning to achieve more with less will give your profits a real boost.
Chapter 7: Paying down your debt needn’t stand in the way of making your business more profitable now.
Chapter 8: Using the Profit First system in your personal life can help you achieve financial freedom.
Profit First Summary & Overview
Profit First (2014) lays out the practical steps entrepreneurs can take to immediately see a positive difference in their bank accounts. These blinks explain how traditional accounting stands between businesses and the profits their owners dream of, and proposes a new approach that guarantees consistent profitability.
Who Should Listen to Profit First?
- Struggling entrepreneurs who want to turn their businesses around
- Successful business owners looking to take their profits to the next level
- Accountants and financial managers interested in learning new methods
Books Similar to Profit First
Readers who enjoyed this also liked these titles.
Fix This Next
★ 4.4 / 5 • 152 ratingsMake the Vital Change That Will Level Up Your Business
Simple Numbers, Straight Talk, Big Profits!
★ 4.3 / 5 • 37 ratingsFour Keys to Unlock Your Business Potential
The Pumpkin Plan
★ 4.3 / 5 • 221 ratingsA Simple Strategy to Grow a Remarkable Business in Any Field
Accounting Made Simple
★ 4.4 / 5 • 218 ratingsAccounting Explained in 100 Pages or Less