Allocate funds for profit before expenses from "summary" of Profit First by Mike Michalowicz
To truly prioritize profit in your business, you must change your mindset about how you handle your finances. This means flipping the traditional formula of sales minus expenses equals profit on its head. Instead, it's all about allocating funds for profit before anything else. By taking this approach, you are ensuring that profit is not an afterthought or something you hope will materialize after all your expenses have been paid. It becomes a non-negotiable part of your financial strategy. This is a fundamental shift that will help you build a financially sustainable business in the long run. When you allocate funds for prof...
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