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Conventional accounting uses the logical formula:
Sales – Expenses = Profit.
The problem is, businesses are run by humans, and humans aren’t always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting that flips the formula: Sales – Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows.
[text_block style=”style_1.png” align=”left”]“Quit being a slave to your own business and start making some serious money. Follow Mike’s counter-intuitive advice and put profits first.” – Verne Harnish, author of Scaling Up[/text_block]