Finance Tips for Growth-Minded Business Owners - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #89

Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent

Feb 22 2024 • 1 hr

Today’s guest is a speaker, entrepreneur, and financial expert! Welcome Greg Crabtree, Partner at Carr, Riggs & Ingram. Greg joins host Mike Vannoy to share labor efficiency, scalability, and the significance of profit in fueling sustainable growth. Greg also focuses on practical and strategic financial advice for small business owners aiming to succeed in a competitive and evolving economy. It’s an enlightening conversation you don’t want to miss!

Takeaways:

  • Businesses seeking efficiency should analyze their models to eliminate unnecessary components, such as having accounts receivable without inventory or vice versa, as this tends to correlate with higher profitability potential.
  • Prioritizing the establishment of a fully capitalized business is crucial for fostering positive cash flow growth, with subsequent returns on investment becoming feasible once this foundation is solidified.
  • Employing a profitability strategy centered around the gross margin to labor cost ratio is imperative for businesses to uphold a robust balance sheet, serving as a fundamental aspect of financial health.
  • In a fast-paced, competitive market, businesses need to stand out by prioritizing active selling techniques. Engaging customers proactively, meeting evolving needs, and demonstrating adaptability through proactive sales strategies are vital for sustaining relevance and competitiveness.
  • Businesses aspiring for growth may find it essential to restructure their models, which could involve simplification, scalability improvements, and adjustments aligned with evolving market dynamics to achieve their expansion objectives.

Quote of the Show:

  • “We have a flat economy that’s really hard to measure.” - Greg Crabtree

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