Profit should be celebrated and protected from "summary" of Profit First by Mike Michalowicz
Profit is often viewed as a necessary evil in business. It gets a bad rap because it is often associated with greed and exploitation. However, in reality, profit is the lifeblood of any business. It is what allows a business to survive and thrive in the long run. Without profit, a business cannot grow, cannot invest in new opportunities, and cannot weather the inevitable storms that come its way. Profit should not be seen as something to be ashamed of or hidden away. Instead, profit should be celebrated and protected. Celebrated because it is a clear indication that a business is doing something right, that it is creating value for its customers and stakeholders. Protected because profit is fragile and easily eroded. Without careful attention and management, profit can quickly disappear, leaving a business vulnerable and exposed. When profit is celebrated, it creates a positive feedback loop within the business. Employees are motivated to work harder and more efficiently, knowing that their efforts are contributing to the bottom line. Customers are more likely to return and refer others to the business, knowing that it is successful and stable. Suppliers and partners are more likely to offer favorable terms and opportunities, knowing that the business is a good investment. Protecting profit is just as important as celebrating it. This means setting aside a portion of every dollar that comes into the business for profit first, before any other expenses are paid. By prioritizing profit in this way, a business ensures that it always has a cushion to fall back on in tough times, and a foundation to build on in good times. Profit should never be an afterthought or a leftover; it should be the first thing on the agenda.- Profit is not something to be feared or avoided. It is something to be embraced and nurtured. By celebrating and protecting profit, a business sets itself up for long-term success and sustainability. Profit is not just a number on a balance sheet; it is a reflection of the hard work and dedication of everyone involved in the business. So go ahead, celebrate your profit, and protect it at all costs. Your business will thank you for it.
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