Profit should be a deliberate choice from "summary" of Profit First by Mike Michalowicz
Making a profit in your business should not happen by chance. It should be a conscious decision that you make from the very beginning. When you start your business with the intention of being profitable, you set yourself up for success. This means allocating a portion of your revenue for profit right from the start, rather than waiting to see what is left over at the end of the month. By making profit a deliberate choice, you prioritize the financial health of your business. This mindset shift is crucial for ensuring that your business is sustainable in the long run. When you treat profit as a non-negotiable expense, you are more likely to make sound financial decisions that support your bottom line. When profit is not a deliberate choice, it is easy to fall into the trap of prioritizing expenses over revenue. This can lead to a cycle of constantly chasing after more sales to cover your costs, without ever truly building wealth for your business. By intentionally setting aside profit first, you break free from this cycle and create a more stable financial foundation for your business.- Making profit a deliberate choice is about taking control of your finances and setting your business up for long-term success. It requires discipline and commitment, but the rewards are well worth the effort. When you prioritize profit, you create a more sustainable business that can weather any financial storm. So, make the choice to put profit first and watch your business thrive.
Similar Posts
Entrepreneurial finance plays a critical role in driving technological innovation
Entrepreneurial finance serves as a crucial catalyst in the process of technological innovation. By providing the necessary fin...
Embrace failure as a learning opportunity
Failure is not the end of the road but rather a stepping stone to success. It is a common misconception that failure is somethi...
Importance of mathematical operations
Understanding the importance of mathematical operations is crucial for success in various competitive exams, including the RRB ...
Start from scratch
To build a successful business, it is essential to start from scratch. This means creating something entirely new, rather than ...
Leverage technology to improve efficiency and productivity
To achieve significant growth and success in today's competitive business landscape, companies must leverage technology to enha...
Profit is essential for sustainability
Profit is the lifeblood of any business. Without profit, a business cannot survive for the long term. It's like trying to run a...
Passion and determination are key driving forces in success
Passion and determination are the twin engines that drive success. They are the fuel that propels us forward, even when the roa...
Mastering the VC game is a lifelong learning process
Venture capital is a complex and ever-evolving field that requires continuous learning and adaptation. It is not a game that yo...
The Fallacy of Believing Government Can Control the Economy
The idea that government can control the economy is a fallacy that has persisted for years. Many people believe that by passing...
Continuously learn and adapt to changing market conditions
Learning and adapting to changing market conditions is a critical skill that every investor must possess in order to stay ahead...