I’ve been crusading in opposition to dumb monetary errors enterprise house owners make small enterprise house owners make ever since I misplaced $1M off the sale worth of my final enterprise as a result of I couldn’t learn a stability sheet; and I had an MBA from Northwestern College!
On The Small Enterprise Radio Present this week, my visitor is Ruth King who’s the President of Enterprise Ventures Company. Ruth has a ardour for serving to companies get and keep worthwhile. She is very happy with one small enterprise proprietor who had $750,000 in revenues when Ruth began consulting with him. Sixteen years later, the enterprise had grown to $10 million and it was offered for $9 million in money!
Her newest e-book, “101 Dumb Monetary Errors Enterprise House owners Make and The best way to Keep away from Them”, can be launched in September, 2023. It’s preceded by the #1 Greatest Promoting e-book, “The Braveness to be Worthwhile”.
Listed below are the dumb monetary errors we mentioned and keep away from or repair them:
- Abdicating the Accountability of the Monetary Facet of Your Enterprise.
- Having the Mercedes Benz Syndrome.
- Blinding Accepting What Your CPA Says.
- Ignoring Weekly Money Stream Stories.
- Not Billing on Time.
- Specializing in the Prime Line as an alternative of the Backside Line.
- Not Asking Your Workers to Totally Take part within the Monetary Targets of the Enterprise.
- Not Realizing The place Your Leads Come From.
- Not Monitoring Gross sales Peoples’ Shut Charge.
- Not Firing a Buyer.
- Not Having a Purchase- Promote Settlement with a Accomplice.
- Not Realizing Why You Are in Enterprise.
- Pricing Incorrectly.
- Paying Commissions Based mostly on Gross Margins.
- Not Contemplating Unbillable Hours in Your Pricing.
- Not Elevating Costs When Prices Improve.
- Not Recognizing That Your Stability Sheet is Extra Necessary Than Your Revenue and Loss Assertion.
- Not Accumulating Your Accounts Receivable on Time.
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Picture: ruthkinghvac
