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

[Tamyra_Paunchy]

Yay! So excited for this. 😁

[Pesso]

Thanks @Tamyra_Paunchy -- I'm excited too! 

[CareyJo]

I'm going to bow out on this book but will attend the discussion just because I want to hear what people thought about it.  I will be out of the country for two weeks in February and will have a lot going on before and right after and I already struggle to keep up with reading.  I also think that this book is not up my alley....

Also, for our next discussion on the 28th, I will be at Festival of Trees setting up my display for the entire day.  I will have my ear pods in but likely won't chime in much, as I won't have the ability to stop working or have a conversation.

Happy Thanksgiving!!

[Pesso]

Totally fair -- thanks for letting us know, @CareyJo ! Looking forward to having you with us in any way you're able. Hope the event & display go smoothly -- would love to see some pictures & a post in the general Seller Community afterwards about your experience there!

[CareyJo]

I will definitely share some pics!  This is my 4th year 🙂

[CareyJo]

This display is meant to be 1/2 outside and 1/2 inside.  We only get a 7 foot square to decorate, so it's a little close together.  The twinkle lights connecting the trees will look like stars in the evening when they have the lights dim.  There's a bench with blankets and pillows and a smokeless fire pit, along with a S'mores kit and mugs with cocoa to enjoy the night sky.  The name of my theme is I'm Dreaming of a White Christmas.  This year's theme for the event is Forest of Dreams.  Everything in the display goes to the winning bidder.  What do you all think?

[Pesso]

Ah, that's so cool, @CareyJo ! Looks really nice and I hope it went well!

[CareyJo]

Thank you!  It did!  My highest selling tree yet!  To date my highest was 2750.00.  This one sold for 3950.00!  I was the very last auction to go up so I was a little nervous that it would make a poor showing after so much money had already been spent, but it did well.  We had an anonymous donor that matched dollar for dollar on all the auction items too, so that was even better!  They usually raise over 500k at this event each year.  It is their 36th year and it's the annual fundraiser to fill the budget for the next year, so it's a big deal. 🙂

[Pesso]

That. Is. Huge! Congrats on the massive increase there, @CareyJo ! It sounds like that would have been super stressful to go last, and I'm so glad that the whole event was such a big success. So amazing of you to participate and contribute to the cause!

[CareyJo]

Already working on next year's theme!  It's going to be awesome!  The event theme for next year is Perfectly Preposterous.... my theme may or may not involve two Johnny Depp movies and lots of hats 🙂

[scastrotattoo]

I won't be reading this book, due to the fact that the author completely lost me on the last one. 

However, i do hope you all enjoy and benefit from it.

*fingers crossed* for the following pick

i do miss the live discussions, brainstorming with this delightful and insightful group.

[Pesso]

Totally fair @scastrotattoo ! Hopefully it'll be a different style, but who knows...

I'm bringing in a whole bunch of new ones for the next round, so my fingers are crossed for that one too!

We'll miss ya too! You still can always hop into the group chat for both this one and Fix This Next if you'd like!

[Stacelyn24]

Hey I actually had this book before...sneaked and read the first two chapters.  Try it out...his style is different from the last one and I like it (at the moment lol).  I could keep up with this one and didn't have to go back and re-read parts because he had lost me.  Don't give up on it lol 🙂

[Pesso]

Thanks so much for sharing that, @Stacelyn24 ! Definitely feeling more hopeful about it, haha

[scastrotattoo]

hey,  thank you for the encouragement. i do appreciate your input, however he lost me due to not fitting my type of business.  So if its based on the same perspective, even with a different writing style, i don't see it being beneficial for me.

[carwashdude]

How does this work.I assume i must buy the book then we discuss.

Sounds too easy to pay expenses from profit not turnover.

Theres a timing issue.

[maxpete]

Also just wanted to highlight the live event where we will be discussing the book in more detail as well! 

[TheRealChipA]

Hi @carwashdude. The book for January/February has been out for a while. There were a few printed copies and ebooks available at my local libraries. Hopefully the same is true for yours and there is a copy available!

 Otherwise I love it when people make me think outside the box, as it were. Sometimes subtle shifts in thinking are the most powerful. I’m looking forward to learning how this author thinks!

Ser you in the discussion.

[Pesso]

Hey @carwashdude -- thanks for joining!

Yup, we do not provide the book, so you can buy the book or borrow it from a local library, like @TheRealChipA suggested. We read the book at the same time over the next two months, and every week or so I post a new discussion thread in group (like this first one), and you can jump in to share your thoughts & experiences, and read what others have shared. 

And as @maxpete said, we'll have a live event at the end of February where you can join to talk about it over video chat. 

As for the content of the book, it's definitely a different way of looking at things -- making sure you take your own pay first and then making a budget out of what's left to pay your expenses, rather than the other way around. I'm really curious to read the book and learn more about this method, and hopefully it'll help you too!

[Stacelyn24]

I'm so glad this one won!!!!! Yeah!!! Can't wait lol 🙂