Simple Numbers, Straight Talk, Big Profits!
4 Keys to Unlock Your Business Potential
by:
Greg Crabtree
in:
Small Business
Summary:
The book provides entrepreneurs with a clear financial framework for running a profitable business, emphasizing the importance of understanding key financial metrics and making informed decisions. It outlines four critical principles for financial management, including setting proper salaries, maintaining consistent profitability, avoiding debt, and understanding the true drivers of cash flow.
Key points:
1. Labor Efficiency Ratio (LER): A productivity measure calculated by dividing revenue by labor cost. Higher LER means better workforce efficiency. Regular monitoring and improvement of LER can boost profits.
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