New Executive Summary: Profit First by Mike Michalowicz

bigBookWhat if, rather than you serving your business, your business served you? What if you could turn a profit from your very next deposit? And what if you had the power to guarantee that profitability? It’s possible, and the solution is simpler than you think. Mike Michalowicz, the author of perennial bestsellers The Pumpkin Plan, The Toilet Paper Entrepreneur and Surge, has developed a counter-intuitive cash-management system that has helped tens of thousands of small businesses break out of the doom spiral and achieve instant profitability. Now, you can do it too. Treating profit like an afterthought, secondary to growth, usually has the effect of running your business into the ground. Profit First takes a behavioral approach to accounting and flips the formula: Sales – Profit = Expenses. Just as one of the most effective weight-loss strategies is to limit portions by using smaller plates, Michalowicz shows how to take profit first and spend only what remains on expenses. With this one change, you will instantly transform your business from a cash-eating monster to a profitable cash cow.

IN THIS SUMMARY, YOU WILL LEARN:
• Why following four principles can simplify accounting and make it far easier to manage a profitable business by just looking at bank account balances.
• How taking your profit first both enforces frugality and inspires industry-changing innovation.
• That a small, consistently profitable business can be worth much more than a large business that struggles to sustain itself.

Book Review: The Pumpkin Plan

by Mike Michalowicz

by Mike Michalowicz

Entrepreneurs are tasked with numerous decisions in the process of creating and building their businesses. As they undertake this task, they search numerous places for inspiration. Author, speaker and successful entrepreneur Mike Michalowicz found his eureka moment in the garden or, more specifically, the pumpkin patch. Michalowicz shares his method for extraordinary growth in The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any FieldThis book is now available in multiple digital formats as a Soundview Executive Book Summary.

Michalowicz was a model entrepreneur for all the wrong reasons after his first five years running his own company. He describes the round-the-clock work and exhausting stress level that created a business that wasn’t quite giving out what Michalowicz was putting into it. He had two fateful occurrences that put his life and his business on a different path. First, he hired a consultant who advised him that until he was able to “identify the problems, discover the opportunities and then build processes to allow other people and other things to do the work,” Michalowicz couldn’t call himself an entrepreneur.

The second life-changing event ties into the creation of the processes the consultant identified. Michalowicz read an article about the process agriculture enthusiasts use to cultivate record-setting giant pumpkins. Michalowicz made a connection between the radical growth of a business and a world record pumpkin. In that moment the seeds of The Pumpkin Plan were planted.

The Pumpkin Plan takes readers through all aspects of the process of extraordinary growth. Entrepreneurs will learn the reasons behind the common frustrations of overwork and slow growth. Michalowicz has mastered the art of entrepreneurship, having grown and sold several successful companies. This book is a straightforward, action-oriented method to make your business the pick of the patch.