Book Review | Profit First by Mike Michalowicz
A few months ago, a friend of mine suggested that I read the book “Profit First” by Mike Michalowicz. She was putting together a mastermind of free lance and small business owners. Many thanks to her for creating the mastermind and sharing such a wonderful book.
Book Review Pros
This was a really easy read, with the exception of the middle chapters. In the middle chapters, Mike was attempting to get you to realize what is your business worth. It was a couple of chapters of account numbers and felt like freshman accounting. I was totally lost, but Mike easy writing skills quick got me back on track.
The book spoke to me as some one who used the traditional accounting principles, sales minus expenses equal profit. While I do in a strange way, pay myself first…a round of golf for securing and creating a new website, treating myself out to a day at my local book store, and even catching a movie during the daytime. These events only occurred if I secured the new client, not for just working hard every day.
The stories are very relate able. Mike share tips on how to not wake up at 3:00 in the morning worrying about your taxes. How to eliminate bad business decisions? And to make tough decision about do you need certain subscriptions or automatic bank payments.
Book Review Cons
Overall, I did not have any really cons except the accounting lessons in the middle of the book. Having to read a couple of chapters a few times over…to understand the principles. The book is a good read. The book will make you take a long and hard look at your business, spending habits, saving tendencies, and overall financial health.
Okay, I do have another issue. Without giving too much information about the book, Mike answer to all questions appears to be open another bank account for that issue. It is the old envelop methods…figure out all your expenses, and make an envelop for each. As you collect sales, deposit a percentage in each envelop.
One of the things which I personally did was to look at my finances. Why am I a member of a health club, and only work out three or four times a month? Why do my family have a Sam’s and Costco’s card? Why do I have a premium membership with Linkedin? Why am I paying for some subscriptions and never use the services? When you look at how much money that you could save, it makes you realize that paying yourself first is not such a bad ideal.
This is an excellent book, and I would recommend it to everyone.
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