As an entrepreneur and small business owner, your company’s sustainability and growth prospects are reliant on the financial health of your organization. And at Evolution, we feel that not only understanding the financial levers that drive your business are imperative, but monitoring these identified predictive financial metrics on a regular basis are just as important. This is why we have defined the first pillar in The Five Pillars of Business Freedom (SM) as Financials.
As the old adage goes, cash is king, and so too are profits, as discussed with business financial expert and author of Simple Numbers, Straight Talk, Big Profits!, Greg Crabtree, on an episode of The Second Stage. Mr. Crabtree shares with us metrics he has identified through his work with entrepreneurs all over the country and across various industries, which have a tremendous impact on the success of a business as well as the wealth creation of the owner(s).
These key numbers include:
To better understand each of these key metrics, and get started, we would encourage any business owner to invest the time to read Simple Numbers. For a copy of the book, please contact me. You can also access free profit tools on Mr. Crabtree’s website.
During our discussion Mr. Crabtree also mentions Alan Miltz’s, The Power of One Principle, which evaluates the cash flow potential of a business. Tools to analyze The Power of One can be found on the Gazelles website here.
Profitability is the greatest driver of cash flow and with cash comes opportunity! Empower yourself with the ability to begin working ON your business not IN it.
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