Profit First: How Healthy is Your Business
How healthy is your business?
In chapter 3, Mike asks the question, are you eating first, are you surviving on leftovers, or even worse- scraps from the garbage can in the alley?
The key to successful Profit First implementation lies in stringing together a series of many small steps in a repeating pattern, a simple rhythm that will give you clarity and control over your financials. (Michalowicz, Profit First).
If you are feeling a bit overwhelmed about implementing the entire Profit First system, do this one thing, every time you are about to make a deposit, remove at least 1% from those funds and deposit them into a separate account, start with a low percent (such as 1%) so you do not feel it; this is a simple but, life changing move that is the start of a habit that will change your business forever.
As you read the book please leave your comments/questions at: MeetConstance.com, or my Facebook page.
For today’s selected podcast/blog click here: http://www.mikemichalowicz.com/episode-16-tips-for-starting-a-profitable-business-with-melinda-emerson/
To Whole Businesses ~ Constance
I love that Mike has all the Profit First worksheets on his website, you can download them by clicking here.
You can also get access to Mike’s Wall Street Journal articles, book excerpts, and entrepreneurial tips by subscribing to his website. He has the first couple of chapters of Profit First for free!
Meet me on March 15th for a discussion of the book 'Good to Great' https://www.meetconstance.com/upcoming-events/beverlyhillsbookclub
Pick up a copy of February’s book 'The Goal: A process of Ongoing Improvement'