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We're gonna make an educated guess and say you didn’t get into business because you love accounting.
So when it comes to financial management—budgeting, forecasting, and tracking the right metrics for success—you’d be forgiven for getting a little lost in the jargon and differing opinions on the “right” way to do things.
Our guest on the show today is Greg Crabtree, author of Simple Numbers, Straight Talk, Big Profits!
Greg's approach to financial controls and profitability is refreshingly simple and easy to understand. He distills the confusing world of accounting into incredibly simple metrics and lays out the core areas of business you need to focus on.
If you’re looking for a simple explanation of which numbers you should care about and how to optimize them for business growth, consider this episode your starting point.
Episode highlights:
Understand why gross margin is your TRUE top line and why revenue is one of the most meaningless metrics to care about in business, according to Greg Crabtree, author of Simple Numbers, Straight Talk, Big Profits!
Hear Greg’s thoughts on why your income tax paid is actually one of the best KPIs to optimize
Learn the only two ways to boost labor productivity and get out of the profitability black hole between $1MM and $5MM
00:00-Intro
01:52-Why are finances so hard to understand?
14:49-About the Four Keys
21:30-How should people use and think about the Four Keys?
28:44-Owner's Salary
36:56-Profit
50:52-Labor Productivity
1:02:23-Habits and mindsets
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