January & February 2024 Book Club: Profit First by Mike Michalowicz

[Pesso]

Hey Square Readers,

You voted and chose Profit First by Mike Michalowicz as our Square Readers Book Club book for January & February 2024!

Here’s a quick summary:

“A simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability. 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. Four simple principles can simplify accounting and make it easier to manage a profitable business. A small, profitable business can be worth much more than a large business surviving on its top line. Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.”

We’re taking December off for the Festive/Holiday Season, so we’ll start reading on Tuesday, January 2nd, so get ready and pick up a copy at a local library, bookstore, Amazon, or anywhere else! 

We’ll have discussion threads being posted throughout the next two months, and a Live Discussion Video Chat on Tuesday February 27th. See the event page for the time and more information. 

View and Subscribe to all threads about this book. 

We can’t wait to read with you!

Pesso

[maxpete]

Awesome!! @Pesso just started the first discussion here, which you can dive into if you're interested!

Excited to hear your thoughts 🙂 

[MissyL61]

Started this book yesterday.  

[Pesso]

Thanks for joining us in reading it, @MissyL61 !

What are your initial thoughts? Any good lessons you've learned so far?

I posted our first discussion thread here, and I'd love for you to jump in and share your answer there too!

[GoalGetter]

Hello everyone! I'm new to the book club and I just started listening to this book.

I am so excited about this book! I just finished chapter 2 and already feel validated about my decision to use the option from Square to put 5% of my credit card transactions into a savings account. It is an account separate from any other of my other accounts and I like the idea that the money is not "easily" accessible to me. 

I'm listening to the book on Audible and when he said you need 5 checking accounts I laughed. I

[Pesso]

Thanks so much for joining and listening along, @GoalGetter !

That's so fantastic that the Square Savings automatic plans is working for you! Definitely very much in line with the Profit First process. 

Don't forget to check out our first discussion thread here, and stay tuned for more. Can't wait to hear more of your thoughts as we read along!

[CareyJo]

Hey Pesso~

I keep scanning my daily emails and I logon every once in a while to breeze through comments.  Looks like everyone is excited for this one and that it's a pretty new concept to most people.  As you know, I can't read this month, but this is not new to me.  I've always done it this way because this is how we make our income.  It doesn't do anyone any good to put out all of their money to suppliers or whatever, when your rent for your store isn't paid or your taxes aren't paid.  Since we don't have a brick and mortar, our house payment comes first, along with taxes.  If I'm not profitable that month because of the way cycles flow in our industry, I deal.  But I cannot get myself into a situation with the IRS or risk losing our house.  Everything else can be worked through.  I hope to see some more detailed comments about what else he mentions in this book.... maybe I'll have time to look at it in a couple of months.

Happy reading all!  Please comment and tell me what you're getting out if it, with detail!!

Thanks,

CareyJo

[Pesso]

Thanks, @CareyJo !

Yes! It's so great to have so many folks excited about this book and ready to learn something new. 

Sounds like you'll still be able to share your thoughts along the way! I'm making sure for this one to go into a lot of detail in my posts to recap the key sections of the book too, so you and others who can't read it can still learn. 

Such good points! So key to pay yourself and set aside the taxes to keep everything out of trouble. 

Hope everything goes well with ya in the next chunk of busy time!

[NHPortraits]

Starting late, but I ready to jump in!

[Pesso]

Welcome, @NHPortraits -- excited to have you!

Don't forget to check out all of our discussion threads as we go! 

Can't wait to hear your thoughts on the book-

[Indeart21]

Had to find this book from a small book house online, and just received it in the mail today(long ship time)! Excited to start reading it! 

[Pesso]

So glad you got it and are joining us, @Indeart21 !

Check out all of our discussion threads and share your thoughts as we go!