The World's Best Book Summaries
What is management accounting? What are the three principles of management accounting? According to Mike Michalowicz, the author of Profit First, traditional management accounting has three basic principles. These principles have been used for years, and Michalowicz believes they are outdated. Here’s an overview of traditional management accounting principles, according to Michalowicz.
How can foreign trade policies help poor countries develop? How can fair trade practices backfire? Economist Paul Collier says in his book The Bottom Billion that trade can help poverty, but it can also make things worse. He outlines practices the West can use that will actually help poor nations grow rather than trapping them in poverty. Here’s how trade fights poverty.
Are you still using traditional accounting methods in your business? Why don’t these methods lead to long-term success? According to Mike Michalowicz, the author of Profit First, the traditional methods of business accounting don’t work in the long term. He says that the logic of traditional accounting clashes with the natural ways people think and make decisions. Here are the four reasons why traditional accounting doesn’t work.
Is your business financially healthy? How can you assess the financial health of a company? In his book Profit First, business makeover specialist Mike Michalowicz explains how to assess the financial health of your company using the allocation percentage equation. He also provides a table of what a healthy business should look like in terms of allocation percentages for businesses of various sizes. Here’s how to assess your company’s financial health, according to Michalowicz.
Do you want to know how to help poor countries? How can laws and charters improve the lives of the bottom billion? Paul Collier, a British economist, believes that one of the most cost-effective ways to help the poorest countries is to change their laws. It sounds harsh, but by creating a more ethical system, the economy can start to grow. Here’s Collier’s method for helping the bottom billion.
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.
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.
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.
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.
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.