Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree Audiobook | Free Summary

Free Audiobook summary of the book Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Herzog.This book teaches the fundamentals of owner compensation, profit targets, labour productivity, cash flow, and data reporting. Clear explanations and helpful illustrations throughout make it a must-read guide for small business owners looking to achieve higher profits. Owner's Salary: Why Your Salary and Distributions are Fogging Your View of Net IncomeDon’t confuse business profits with the owner's salary.You get paid a salary for what you do, and you get a return on what you own.Until you pay yourself a market-based wage and plug that number into your financials, your financial data is worthless.How To Understand Owners SalaryIf you got run over by a bus today and your heirs decided they would keep the business going in your absence, what would they have to pay someone to do your job? Answering this question determines your market based-wage.Create A Cash CowIf you’re not able to pay yourself a market-based wage, then you’re operating at a loss.Until you pay yourself a market-based wage—and make a profit on top of that you have a sick cow on your hands.Your goal should be to create a business that generates income for you every day (cash cow).Get inspiring big ideas from world's best books, articles, podcasts and videos on nextbigwhat.Subscribe to #BigIdeas podcast by NextBigWhat on your favourite podcast platform:Spotify: https://open.spotify.com/show/70AjydAWmDnwhgCLrjk3yaApple Podcasts: https://podcasts.apple.com/us/podcast/bigideas-by-nextbigwhat/id1666179584Amazon Music: https://music.amazon.in/podcasts/c5a37dd2-f729-4e6b-b671-b4c856bf48ce/bigideas-by-nextbigwhatCastbox: https://castbox.fm/channel/id5282308Pocketcasts: https://pca.st/vur21t8oStitcher: https://www.stitcher.com/show/1053194 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit ideas.nextbigwhat.com/subscribe