Change your entire business with this one book 📚

If you want to start running a profitable business quickly, please read this book asap. The sooner you start, the better.

Photo by Alexander Schimmeck / Unsplash

Profit First by Michael Michalowicz is one of those quick reads that will change the way you do business forever. His mission is to eradicate entrepreneurial poverty, and I honestly think what he teaches in this book will help do just that.

The tagline for the book:

Your business is about to become permanently profitable.

If you want to start running a profitable business quickly, please read this book asap. The sooner you start, the better.

My key takeaways (which do not do the book justice, so please read it):

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Create separate bank accounts for PROFIT, TAXES, OPERATING EXPENSES and OWNERS’ COMPENSATION and make deposits into these accounts every time you get paid.

He gives a detailed explanation of how and why to do this but having these four accounts clearly separated out has been huge for me.

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Make sure your PROFIT and TAX accounts are “hidden.” So you don’t see them every day and accessing them is not easy - i.e., no debit card linked to them for easy access and if they are at your primary bank (which they don’t have to be), hide them from your online banking view.

This step is essential and he talks about why, but in short - money you can see is money you will spend. You want these dollars to be out of sight, out of mind.

The Profit First system is designed to work for any business - even if you are not profitable or making a ton of money. The key is to start so you get used to the system and so it can grow with you as your business grows.

Had I implemented this when I started my agency 10+ years ago, my business would look very different (in a really great way).

So I hope you will click here and grab this book. It’s also available on Audible and Kindle.

Happy reading!