Profit comes first, not last from "summary" of Profit First by Mike Michalowicz
The core principle of Profit First is that profit should be the first priority in a business, not something that is considered after all the other expenses have been paid. Traditional accounting tells us that we should focus on sales first, then subtract expenses to find our profit. However, this approach often leads to businesses struggling to make ends meet, constantly feeling like they are just one step away from financial disaster. By flipping this equation and prioritizing profit, we are forced to change our mindset and approach to managing our finances. Instead of trying to find ways to cover costs and hoping that there will be some profit left over at the end, we are now focused on ensuring that our business is profitable from the start. This shift in perspective forces us to become more disc...
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