The full title of this book by Michael Kinlow is
“The Laws of Profit: How Entrepreneurs use consulting secrets to stop losses and increase profits in 90 days or less“.
In my review posted on Amazon.co.uk, I gave this book a rating of Four Stars. This means I think it is Good and Well Worth Reading.
Here is my book review.
Well worth reading to learn about profit-sense
First as an accountant in practice, then in industry and since as a business consultant and coach, I’ve seen well intentioned people do some very strange things that inevitably harm profits, even though that wasn’t the original intention.
Any book that helps to educate owner-managers about how profit can be created and destroyed is to be welcomed and this one does just that.
I’d quibble about some of the contents and I thought the idea of turning profit-sense into laws was a little clumsy. In the real world, a balancing act is necessary between the different stakeholders that can impact on the business and things aren’t always black or white.
There are also too many laws. It’s said that the human brain can handle 7 plus or minus 2 things making a practical range of between 5 and 9. I erred on the low side when I wrote The Six Steps Profit Formula to create an easy framework to remember. The same can’t be said about all these laws.
For example, it’s easy to think that anything which increases customer satisfaction and the experience is a good thing but there is a cost. This cost has to be covered either through higher sales prices or extra purchases over the life of the customer. The same can be said of your employees and their contribution to the success of the business. I realise it’s an extreme example but I’m sure they’d love a Lamborghini each as a company car but you’ll rarely see payback.
This book is well worth reading to learn more about profit-sense. I wish it was common-sense and known and understood by all business owners and managers.Business Books Reviews by Paul Simister (Please click). I've also narrowed these down to a list of the 12 Best Business Books For Business Owners & Entrepreneurs (Please click).
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