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October Book Review for Entrepreneurs & Business Owners!

October 18, 2017

 

 

Profit First by Mike Michalowicz  Click here to Purchase!

 

This book was written for entrepreneurs and business owners to teach them how to profit better. We believe in the basic formula of Sales - Expenses = Profit which is not just contrary to human behavior but a myth that locks you into a never ending cycle of selling more yet profiting less.

 

Treating profit like an afterthought and making it secondary to growth usually has the effect of running your business into the ground. This book takes a behavioral approach to accounting and flips the formula: Sales - Profit= Expenses.

 

With this one change you will instantly transform your business from cash eating monster to a profitable cash cow!

 

I highly recommend this book especially for people who are about to or just started their business so you can focus on profit from day one, which will save your sanity, your bank account, and your ass!

 

If you already have a business you should have already read this but if you haven't, read it now!

 

Relying on traditional accounting methods to grow profitability is the equivalent of telling you to jump off a cliff and flap the living crap out of your arms. Maybe two or three people of the millions who try it by some miracle, live. But pointing to the miraculous survivors to see how it works? This is ludicrous! While some business survive following the old system, most do not.

 

If you have read and enjoyed “Scaling Up” by Verne Harnish, which is a tough book with all numbers and calculations, and is one of my favorites that allowed me to scale my business, you will love this one for sure! It really teaches you how set up your company like a real company and distribute profits each QTR. It will make you go into your bank and set up 5+ accounts to be able to distribute money to: profits, expenses, taxes, owners comp, income and 2 additional no temptation hold accounts.

 

The good news is that there are automated apps like Qcapital that can help you automate these monthly distribution as well!

 

The book is great and extremely entertaining! I bet you are surprised about that comment! Yep, Mike has a good sense of humor. Man humor. Which makes the book way more enjoyable with real life examples.

 

If you have a business YOU MUST READ THIS BOOK!

 

Additionally he gives you amazing basic calculations and ideas on how to calculate the following things in business:

 

  • how to determine whether you can afford an employee

  • Raising Capital

  • Pay taxes

  • Pay profits quarterly

  • When to buy equipment/resources

  • Payroll tactics

  • Subcontractor tactics

  • Client management

  • Drip account for big deposits

  • Sales taxes

  • Petty cash account for business lunch and such

  • Stocking accounts

  • Vault

 

And so much more!

 

 

 

 

The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Jay Papasan  Click here to Purchase

 

The book explains its content with the first quote you read in it: “Be like a postage stamp- stick to one thing until you get there!”

 

One thing. Just one thing. You stick to that and everything else doesn’t mean shit. That one thing- you have to figure out what it is for you.

 

So what is the one thing you can do this week and by doing it, everything else would be easier or unnecessary?  A thing that will allow you to do fewer things for more effect instead of doing more things with side effects.

 

When you see someone who has a lot of knowledge, they learned it over time. When you see someone who has lots of skills, they developed them over time. When you see someone who has done a lot, they accomplished it over time. When you see someone who has a lot of money, they earned over time. The key is over time. Success is built sequentially. It is one thing at a time.

 

The proof is everywhere! Look closely and you will always find it! Extraordinarily successful companies ALWAYS have one product or service they are most known for or that makes them the most money. And they focus on that one thing until they own that market! Look at Amazon! They only focused on books until they become the biggest book sellers in the world! Then they started to add in the next thing! One thing at a time!

 

KFC’s secret chicken recipe, Adolph Coors Company grew 1500 percent from 1947 to 1967 with only one product, made in a single brewery. Microprocessors were the one thing at Intel, and I think you know about Starbucks.

 

Microsoft began its life by doing one thing- develop and sell basic interpreters for the Altair 8800, which eventually made Bill Gates the richest man in the world for 15 straight years.

 

Then after all the success Bill and Melinda Gates decided to put their wealth to work. The formed a foundation to do one thing: to tackle really rough problems like health. To do this they finally settled on one thing - stamp out infectious disease as a major cause of death. After that they narrowed down on their niche on their one thing: vaccines. That become the magic tool the one thing and the main focus.

 

The list of businesses who achieved extraordinarily results through one thing is endless. Google? Search! Which makes its key source revenue advertising possible.

 

This book will definitely help you figure out what and how you should be focusing on the things that will get you do most results. How to write a success list instead of a survival list (to do list). And much more. It is a great read and it will definitely make your life easier and allow you to get more done so that you move up in life instead of just make you feel better.

 

So after this book you should be Able to get done 80% by doing 20% and so much more! This book is really really good! It is a must read book! 

 

 

 

Good to Great by Jim Collins  Click here to Purchase!

 

 

This is one if those classic must read books for business. If you have a business and haven’t read this, shame on you. If you ever want to start a business read it now!

 

The main subject of the book is in the title, “Good to Great” and Jim starts out with how today society settles for good in everything instead of great because it’s so much easier. Of course there are exceptions. He talks about: government, school, people, jobs and not just business on why it’s not great but also why most settle on just good.

 

Jim Collins wrote this book because of the comments he received from his previous amazing book “Built to Last.” Because the companies he wrote about were always great, they never had to turn themselves from good to great companies. After the comments like it is a really good book but useless it made him think about the subject and he realized that truly great companies were always great. They had some parent company that was already great or the founders were great.  So he decided to research if good companies could turn great and if so, how?

After 5 years of hard work and research the answer is yes and in this book he analyzes how!

 

They looked at all the good companies that made it to great and stayed there for at least 15 years! And then they compared these to the companies who failed to make it to figure out the WHY!

 

To understand how great this book is, let me explain what companies they analyzed and considered great from all companies out there: 

 

The First Cut: Fortune 500 companies. 1435 companies made this cut. 

The Second Cut: 126 companies made it from the remaining 1435. 

The Third Cut: 19 companies remained. 

The Fourth and Final Cut: 11 companies. 

 

They really really get into details! You gonna love this book! 

 

What was interesting to me is that all good to great companies had CEOs from the company and all the ones who did not make it hired outside of the company. There is just so much research done in this book that you will learn so much! I guarantee you that if you competition read this book you are way behind him and he is leading! 

 

You should read this book first to learn how to go from good to great! Then read Built to Last!

 

 

 

Tribes: We Need You to Lead Us by Seth Godin  Click here to Purchase!

 

 

This book was the perfect theme for my trip to the Las Vegas Thrive event which was about building an amazing tribe that thrives!

 

A tribe is a group of people connected to one another, connected to a leader, and connect to an idea. For millions of years, human beings have been part of one tribe or another. A group needs only two things to be a tribe: shared interests and a way to communicate.

 

You can’t have a tribe without a leader and you can be a leader without a tribe to lead. There for this book is pretty important for your success.

 

Here is the thing that human beings can’t help: we need to belong. One of the most powerful parts of our survival mechanism is to be a part of a tribe, to contribute to and take from a group of like-minded people. We are drawn to leaders and to their ideas, and we can’t resist the rush of belonging and the thrill of the new.

 

Heretics are the new leaders. The ones who challenge the status quo, who get out in front of their tribes and create movements.

 

These leaders create change that you believe in.

 

This book had a cool view on advertising. Back in the day marketing used to be advertising and it used to be expensive. Today marketing is about engaging with the tribe and delivering products and services with stories that spread and if you want to grow you need to find customers who are willing to join you or believe in you or donate to your support. And the book explains that the only customers who are going to do that are customers who are looking for something new. The growth comes from change and light and noise.

 

Whatever is flourishing right now, just look around. You will see that the marketplace every marketplace rewards innovation: things that are fresh, stylish, remarkable and new.

 

One of my favorites that the author pointed out is about the first bad reviews about his books. He said that his feelings were hurt. After all it would have been way better if every critic would have said that his new title is a breakthrough. Which is okay because that means that his book got noticed and most people loved it. A few hated it. But by large most books are ignored. One bad review doesn’t ruin his day because he believes that it’s a badge of honor to get even a bit of criticism at all. It means that in fact he did something worth remarking on.

 

And the lesson here is that if he had written a boring book, there would be no criticisms. No conversation. The precuts and services that get talked about are the ones that are worth talking about.

 

So the bottom line of this book is that it really points out the importance of building a tribe where people can thrive instead of a work place for gathering. Make it fun, appreciate your people and thrive together.

 

At the old model, things happened to you at work. Factories opened, people were hired. Bosses gave instructions. You got transferred. There were layoffs. You got promoted. Factories closed are gone. Leaders do not have things happen to them. They do things!

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