Book Reflections – week 6
Week six and the end of my book, Profit First*, by Mike Michalowicz. I will use this opportunity to reflect on what I have learned. Before I begin, I would like to say that this book provides an incredible dissertation on basic accounting. I recommend Profit First for any entrepreneur working diligently to understand their…
Book Reflections – week 5
I’m back with a conversation about debt freezing and running a lean business. I am excited to provide my readership (thank you, ENT cohort) with a process outlined in Profit First*, chapter title, ‘Destroy Your Debt.’ As Michalowicz states, he offers these instructions to eliminate debilitating debt. He recognizes that business owners still need to spend, to…
Book Reflections – week 4
Yes, tax talk! The author, Michalowicz, finally discussed the reason for a tax bucket in the Profit First* plan. Many entrepreneurs pay taxes through paychecks, especially if set up as an S corporation. According to the book, the funds allocated each quarter to the tax bucket get reimbursed to the business owner at the end of…
Book Reflections – week 3
I love this quote from the book: ‘The dream all entrepreneurs have is that their business will improve our quality of life, not destroy it. We do not serve our business; our business serves us.’ This section of the book is all about the tactics for achieving success. Michalowicz suggests that entrepreneurs reallocate 1% to profit and build…
Book Reflections – week 2
Profit First* I found the financial assessment outlined in Profit First to be a crucial step in understanding the premise of the book. The author, Mike Michalowicz, emphasizes that this process is a quick and straightforward exercise that requires a full year of financial data. The ‘Instant Assessment’ involves analyzing real revenue (minus the cost…
ENT-640 Book Reflections
I’ll use this space to blog about the book I am reading for ENT 640—Entrepreneurial Feasibility Analysis. My book is Profit First* by Mike Michalowicz. The Agency Management Institute (AMI) membership base recommended Profit First to me. AMI is dedicated to the health and success of professional service companies, most specifically branding, marketing, and PR firms. The…