Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

by Mike Michalowicz

Profit First is designed so that you can (and should) continue doing bank balance accounting. The system is set up with your bank accounts so that you can log in, see what your balance is, and make decisions accordingly. This is what you are doing already, so you don’t need to change. Profit First just has multiple accounts at your bank so that when you log in, you know what purpose that money is meant to serve. You open your “envelope,” see what you have to work with, and make your decisions. Will it be rice and beans or Wiener schnitzel? With Profit First, we are not going to change your behavior; we are going to put guardrails around it. We are not only going to allow you to do what you always have done; we are also going to encourage it.