Profit First!

I had to share an amazing book that was full of great tips on organizing and sorting your finances to become profitable. I have read many books on money, but by far this was one is on my top list. I have to also Thank Melanie Piche for the recommendation, sharing and teaching this book.

Have you ever felt you keep putting out funds to support your business and even though sales comes in its like a rotation that doesn't end. There is a solution "Profit First", re-organizing your finances so that it works for you. Michael Michalowicz shares his life on how the piggy bank changed his life. His process comes from recognizing a time when his mother used to take her income and divide it and he has created a modernized system of how to put profit first and an accounting system that you can understand. Remember some of the golden rules, 10% of your pay check where does it go? Except this book gets into starting accounts with income, profit, owners comp., tax acct, and opex.

If your looking for a good read and hearing other stories about how they transformed their banking into a system of profit by following in the process, this book is a must read.

Common Mistakes:

#1. Going at it alone

#2. Too much too soon

#3. Grow first and profit later

#4. Cutting the wrong costs

#5. Plowing back and reinvesting

#6. Raiding the tax account

#7. Adding complexity

#8. Skipping the bank accounts