Summary of Profit First

Summary of Profit First

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Summary of Profit First

The GAAP (Generally Accepted Accounting Principles) formula for determining a business's profit since time immemorial has always been:

Sales - Expenses = Profits

While that formula is logically accurate, it doesn't really take human nature into account. Specifically, most small business owners do what can be termed "bank balance accounting" – they look at their bank balance and make decisions based on the balance they see. That relegates profit… (more)