The Profit First Method: The Key Tenets Explained

The Profit First Method: The Key Tenets Explained

What is the Profit First method? Why does entrepreneur Mike Michalowicz believe the traditional accounting method doesn’t work? In his book Profit First, Michalowicz asserts that traditional business accounting methods don’t align with the way people think. That’s why he put together a new method that will help business owners reach long-term success. Keep reading to learn about the four main tenets of the Profit First method as well as how they work in harmony with the natural ways people think and make decisions. 

The Bottom Billion by Paul Collier: A Brief Overview

The Bottom Billion by Paul Collier: A Brief Overview

What’s The Bottom Billion by Paul Collier about? Why does Collier believe that his messages in this book are urgent and time-sensitive? The Bottom Billion is Paul Collier’s book about the world’s poorest nations and how they’re stuck in “poverty traps” that prevent them from growing. Collier says that, the longer the West takes to help these countries, the harder it will be for them to overcome their struggles. Here’s a brief overview of the book.

The 7 Bank Accounts Your Business Should Have

The 7 Bank Accounts Your Business Should Have

Why should you have 7 bank accounts for your business? What should each account be designated to? Mike Michalowicz, author, entrepreneur, and business makeover specialist, says that every business owner should have 7 bank accounts. He asserts that having your money organized into several designated accounts works better than having spreadsheets or financial software. Here’s how each of your bank accounts should be used.

The 4 Poverty Remedies From The Bottom Billion

The 4 Poverty Remedies From The Bottom Billion

What poverty remedies can the West provide to developing nations? What mistakes do Western countries often make when trying to provide aid? In his book The Bottom Billion, economist Paul Collier proposes four ways the West can assist poor nations. His suggestions are foreign aid, military intervention, laws and charters, and trade policies. Let’s look at each one of Collier’s poverty remedies in detail.

Profit First: Review, Background, and Critical Reception

Profit First: Review, Background, and Critical Reception

Looking for a Profit First review? How was the book received by readers and critics? Mike Michalowicz’s Profit First criticizes traditional business accounting methods by claiming that they are unintuitive, and that their unintuitive nature leads many entrepreneurs to failure. He then outlines an alternate accounting system, which he calls the Profit First method. Here’s a review and background of Profit First by Mike Michalowicz.

Profit First: Book Overview (Mike Michalowicz)

book summary

What is the Profit First method? Why is the Profit First method better than the traditional business accounting method? In the Profit First method, a percentage of income is set aside as profit before any expenses are calculated. This allows an entrepreneur to do their business accounting in a simple and intuitive way, and to increase their business’s profitability and stability. Here’s an overview of the book Profit First by Mike Michalowicz.

Crunchyroll and Funimation: Is the Merger a Mistake?

Crunchyroll and Funimation: Is the Merger a Mistake?

What does the Crunchyroll and Funimation merger mean for the two streaming services? Should you be worried or excited about the future of anime streaming? Over the past few years, Sony managed to acquire two of the top anime streaming services: Crunchyroll and Funimation. Inevitably, Sony has finally begun to merge the two competing services into one platform. Here’s what you need to know about the Crunchyroll and Funimation merger.

How to Lower Labor Costs: Keep, Improve, or Remove

How to Lower Labor Costs: Keep, Improve, or Remove

Do you monitor your labor costs? How can you reduce your labor costs without compromising the business? According to Mike Michalowicz, the author of Profit First, you should manage your labor costs like you manage your other expenses. He provides three guidelines for increasing labor efficiency and explains how to determine the number of employees you should have based on your company’s revenue. Here’s how to lower labor costs using Michalowicz’s “keep, improve, or remove” framework.

The Real Cost of a PS5: How Scalpers Own the Market

The Real Cost of a PS5: How Scalpers Own the Market

Why are PlayStation 5s so hard to get right now? How are online scalpers contributing to the PS5 problem? The PS5 was released in November 2020. However, a large portion of the gaming community has yet to get their hands on one. This is due to a number of factors: COVID, the microchip shortage, and most frustratingly, scalpers. Here’s how PS5 scalpers are contributing to the console shortage.