Can profit-first principles work for your practice?

In his recent book, Profit First, Mike Michalowicz makes a compelling case for re-focusing your business on the bottom line. This might work for business, but can it help your practice to save money?Profit First dispenses with the kind of technical jargon that can dog management handbooks. It may sound a bit twee, but Mike Michalowicz relates saving money in business back to a simple metaphor – that of eating less. There are four key principles within the book that businesses can use to take control of their finances and save money. Here’s how Smallbiztrends describes them:Small plates: the idea here is to work with your innate need to finish everything on your plate. The solution is to reduce the size of the plate, thereby reducing the size of your portion. Translated to your business, when money comes into your business, immediately send portions of it out to the following accounts – profit, tax, salary and operating expenses.