Transform your business with Profit First
We read a lot of books here at Nieto Creative. I believe the number one thing you can do to change your business (or your life for that matter) is to educate yourself – constantly. One of the things that I think many individuals and business owners lack is good financial literacy. I also believe this is one of the reasons many businesses fail – lack of good money management in both their personal and business lives. I have read a lot of personal finance books.
Some of my favorites are:
- Total Money Makeover
- Your Money or Your Life
- Simple Path to Wealth
- The Millionaire Next Door
- The Millionaire Mind
Even though a lot of the same principles apply, we were still having trouble figuring out to properly manage our business finances until we found this book; Profit First by Mike Michalowicz. This book transformed the way we managed our finances and we have seen an amazing shift in our bank accounts after applying the principles in this book. The formula can be summarized in one line.
Instead of: Sales-Expenses = Profit
We now use: Sales-Profit = Expenses
In this formula, you are taking a percentage of profit from your sales before you plan for your expenses. Some of you may be thinking, “What if I don’t have enough to cover my expenses after paying myself first?”. Then you don’t have a business, you have a hobby and you need this book more than ever! Go out and get this book today and I promise you it will transform your business. Profit First by Mike Michalowicz. You’re welcome!
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