32 min

The Profit First System with Mike Michalowicz Business Processes Simplified Podcast

    • Business

The idea of "Profit First" is to instil a behaviour-based cash management system — a system for managing cash that ensures profitability, by putting profitability first. In the simple equation sales minus expenses equals profit, profit comes last. Mike's theory is if you treat profit as something that comes last, it becomes insignificant. Profit First is a behavioural mechanism that prioritises profitability, ensures sustained profitability and facilitates growth.

The idea of "Profit First" is to instil a behaviour-based cash management system — a system for managing cash that ensures profitability, by putting profitability first. In the simple equation sales minus expenses equals profit, profit comes last. Mike's theory is if you treat profit as something that comes last, it becomes insignificant. Profit First is a behavioural mechanism that prioritises profitability, ensures sustained profitability and facilitates growth.

32 min

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