Topic: Why most businesses are never profitable and what to do about it
- GAAP accounting is flawed. Not in the logic, but in that it doesn’t work with the natural behavior of the entrepreneur
- Parkinson’s Law – the law that dictates all human behavior, and how it can be your best aly.
- Why you need to take your profit first. Always.
- The power of “small plates” (multiple accounts)
- Why you can’t go about profit by yourself – team up with peers and/or financial pros
By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor… and proceeded to lose his entire fortune.
Then he started all over again, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.
Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”