Plan for profit from the start from "summary" of Profit First by Mike Michalowicz
To truly maximize profitability in your business, you must plan for profit from the very beginning. This means that even before you start generating revenue, you need to allocate a portion of that revenue towards profit. It may seem counterintuitive to set aside profit before paying expenses, but this approach is essential for long-term financial success.
By prioritizing profit from the start, you ensure that your business remains sustainable and profitable over time. This strategy forces you to focus on generating enough revenue to cover expenses while still allowing for profit. It also helps you avoid the common pitfall of neglecting profit in favo...
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