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Author and entrepreneur Mike Michalowicz details the cash management system that will ensure any business – of any size, in any industry, no matter how much debt it carries or how many years it has been operating—will become permanently profitable. Michalowicz explains how an age-old accounting formula turns great businesses into cash-eating monsters, trapping you in a day-to-day, check-to-check struggle to survive. He reveals how to flip that "Frankenstein Formula" and take profit first without compromising your business.
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Why the traditional accounting formula of Sales – Expenses = Profit is not just counter intuitive to human behavior, but a myth that locks you into a never-ending cycle of selling more yet profiting less.
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How the formula of Sales – Profit = Expenses actually forces innovation, supports sustained growth and increases profits.
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The biggest challenges faced with this new way of thinking and how to combat them.
Mike Michalowicz
Profit First Professionals
Co-founder
mike@mikemichalowicz.com
4079300829
By his 35th birthday MIKE MICHALOWICZ(pronounced mi-‘kal-o-wits) had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor… and proceeded to lose his entire fortune. Then he started all over again, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward. Mike is also the co-founder of Profit First Professionals an ensemble of elite accountants. Mike is now running his third million dollar venture. He is a former small business columnist for The Wall Street Journal and MSNBC's Your Business business make-over expert. He is also regular contributor to Entrepreneur Magazine and American Express's "Open Forum" series. Mike was a recurring entrepreneurship expert for CNBC's The Big Idea with Donny Deutsch and has appeared on the CES Roadshow series as well as on NBC, Fox News, ABC News Now, CNBC's On the Money and Pat Croce's Down To Business. Mike is a popular keynote speaker across the globe on innovative entrepreneurial topics; and is the author of Surge (being release in May 2016) Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed the “entrepreneur’s cult classic.”
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