Profit should be a priority in business from "summary" of Profit First by Mike Michalowicz
In business, profit must come first. It is not just a nice-to-have or a side benefit; it is a necessity. Without profit, a business will not survive in the long term. Profit is what allows a business to grow, to invest in new opportunities, and to weather economic downturns. It is the lifeblood of any enterprise. Many business owners make the mistake of focusing solely on revenue, thinking that if they bring in enough money, everything else will take care of itself. But revenue is not profit. Profit is what is left over after all expenses have been paid. It is what remains for the business owner to keep and reinvest in the company. By making profit a priority, a business owner can ensure that their company is healthy and sustainable. Profit provides a cushion against unexpected expenses, a foundation for growth, and a reward for hard work. It is the measure of a business's success and the key to its longevity. In the book "Profit First," the author emphasizes the importance of putting profit first in business. By allocating a portion of revenue to profit from the outset, a business owner can ensure that profit is not an afterthought but a core part of their financial strategy. This approach forces discipline and accountability, making it more likely that the business will be profitable in the long run. Profit should not be seen as something to be taken only after all other expenses have been paid. It should be treated as a non-negotiable part of the business's financial plan. By prioritizing profit, a business owner can set their company up for success and ensure that it will be around for years to come.
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