Profit First Quotes

“All revenue is not the same. If you remove your worst, unprofitable clients and the now-unnecessary costs associated with them, you will see a jump in profitability and a reduction in stress, often within a few weeks. Equally important, you will have more time to pursue and clone your best clients.”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“A financially healthy company is a result of a series of small daily financial wins, not one big moment. Profitability isn’t an event; it’s a habit. WHY”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“Small, repetitive, continuous actions, chained together, build momentous momentum”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“Putting your nose to the grindstone is a really easy way to cover up an unhealthy business. We think that if we can just work harder, longer, better—if we can just hold out—something good will happen one day.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“Profit is not an event. It's a habit.”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“A lack of profitability is consistently the major reason cited for business discontinuation.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“The old, been-around-forever, profitless formula is: Sales – Expenses = Profit The new, Profit First Formula is: Sales – Profit = Expenses The math in both formulas is the same. Logically, nothing has changed. But Profit First speaks to human behavior—it accounts for the regular Joes of the world, like me,”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“You are no longer asking, “How can I make my business bigger?” You are asking, “How can I make my business healthier?” WHAT”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“Working on your business is about building systems. Period. An entrepreneur is someone who finds the solutions to opportunities and problems and then builds systems to consistently deliver those solutions through other people or things. However,”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“The new definition of success is not about the most revenue, employees, and office space but the most profit, generated through the fewest employees and with the least expensive office space. Make the game of winning based upon efficiency, frugality, and innovation, not on size, flair, and looks.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“Here’s the deal, my friend: Profit is not an event. Profit is not something that happens at year-end or at the end of your five-year plan or someday. Profit isn’t even something that waits until tomorrow. Profit must happen now and always. Profit must be baked into your business. Every day, every transaction, every moment. Profit is not an event. Profit is a habit.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“When less money is available to run your business, you will find ways to get the same or better results with less. By taking your profit first, you will be forced to think smarter and innovate more.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“Without enough money, we cannot fully realize our authentic selves. Money amplifies who we are. There isn’t a single ounce of doubt in my mind that there is something big you are intended to do on this planet. You wear the cape of what I believe is the greatest of all superheroes: the Entrepreneur. But your superhero powers can only yield as much power as your energy source provides. Money. You need money, superhero.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“los humanos no somos lógicos.”
― Mike Michalowicz, La ganancia es primero: Transforma tu negocio en una máquina de hacer dinero

“We assume that multimillion-dollar companies are turning big profits, but it’s rare to find a truly profitable business.”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“Serving the same types of (great) clients with the same or very similar problems and perfecting your solutions so you can use them consistently to fix their problems are two routes of efficiencies. You want to duplicate your best clients, those who have a consistent need; and in turn, you want to reduce the variety of things you do to the fewest that will best serve your best clients”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“¿Conoces el dicho “el ingreso es vanidad, la ganancia es sanidad y el efectivo es rey”?”
― Mike Michalowicz, La ganancia es primero: Transforma tu negocio en una máquina de hacer dinero

“At the end of the day, the start of a new day, and every second in between, cash is all that counts. It is the lifeblood of your business. Do you have it or not? If you don’t, you’re in trouble, and if you do, you can sustain. GAAP”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“When you base decisions on your best revenue month, you will run out of cash—quickly.”
― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine

“Sales without first putting efficiency measures and systems in place is a dangerous game that only leads to bigger expenses and fewer ideal clients. Applying efficiency strategies to your top line—firing bad clients, cloning the good ones, refining your offering to get the most out of your resources and then selling smart—is a surefire way to increase profitability.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“Putting your nose to the grindstone is a really easy way to cover up an unhealthy business.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“I signed the incorporation documents and then went straight to the bank to open my five foundational Profit First accounts.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“servitude”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“For our purposes, look up the income statements for the last three to five years. If you really want to dig in, check out the balance sheets and cash flow statements for these companies, too. For each year, divide the net income (profit) number by the total sales/revenue number.* Then come up with the average. This is how you find the profit percentage for any public company. Do this for each of the five public companies you look at, and you will find the overall industry profit average. Use that overall industry profit average as your Profit TAP.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“Here are the five checking accounts you need to set up: INCOME PROFIT OWNER’S COMP TAX OPEX”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“To grow the biggest and the fastest, you need to be the best at one thing you do. And to become the best at something, you need to first determine what you are best at and do it a whole lot better. To get there, you take your profit first and the answers to being the best at something will reveal themselves.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“The second behavioral principle you need to understand about yourself is called the Primacy Effect. The principle is this: We place additional significance on whatever we encounter first. Here’s a little demonstration that may help you understand.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“If you first extract your profit and remove it from sight, you’ll be left with a nearly empty toothpaste tube to run your business. When less money is available to run your business, you will find ways to get the same or better results with less. By taking your profit first, you will be forced to think smarter and innovate more.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“Accountants define profit differently than entrepreneurs. They point to a fictitious number at the bottom of an accounting report. Our definition of profit is simple: cash in the bank. Cold. Hard. Cash. For us.”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine

“After you’ve eradicated your core debt—credit cards, bank loans, and student loans—start using 45 percent of your quarterly profit disbursement to kill remaining long-term debt and keep 55 percent”
― Mike Michalowicz, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine