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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Simple Numbers, Straight Talk, Big Profits! summary
Greg Crabtree and Beverly Blair Harzog
Four Keys to Unlock Your Business Potential
18 mins
Brief summary
Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Blair Harzog offers practical financial advice for small business owners. It provides tools to make financial decisions easier, identify key performance indicators, and achieve long-term business success.
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Simple Numbers, Straight Talk, Big Profits!
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Key idea 1 of 8
Business owners should always pay themselves the correct market wage.
Here’s a surprising figure: 90 percent of small business owners pay themselves less than a fair market wage.
And in many ways, this is a rational choice: After all, by lowering their own wage costs, business owners can make pre-tax profits look much healthier.
But despite this, business owners should always pay themselves the correct market wage. There are two reasons why this should be the case.
First, not paying yourself (or your employees) a market-based wage actually undermines your business. Pre-tax profits and labor expenses are key figures which affect important financial measures such as labor productivity, or the percentage of pre-tax profits to revenue.
As we’ll see in later blinks, these two metrics are crucial in defining the success of your business. And artificially altering them could affect your ability to grow your company.
You should also know that the U.S. Internal Revenue Service has included this tactic – that is, underpaying wages – in a list of “dirty dozen” tax scams used by closely held (or “S”) corporations. Accordingly, the federal tax agency is increasingly choosing to audit firms suspected of employing this practice.
Second, paying yourself a market-based wage is crucial when it comes to selling your business or making an exit. That’s because a firm’s profitability is a key factor in determining its fair market value.
So when an outside party looks at your books prior to purchasing your company, artificially lowered wages could cast doubt on your company’s value in the eyes of a potential buyer.
Alternately, paying yourself a market-based wage from the outset will spare your business cash flow problems (and the nasty surprise of diminished profits) if you decide to make an exit and replace yourself with an outside CEO who’s expecting to earn market wages.
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What is Simple Numbers, Straight Talk, Big Profits! about?
Simple Numbers, Straight Talk, Big Profits! (2011) outlines the essential, interconnected elements you need to know that affect your company’s longevity and growth. Through a series of simple steps, you can create a more productive workplace to ultimately boost performance and build greater wealth.
Simple Numbers, Straight Talk, Big Profits! Review
Simple Numbers, Straight Talk, Big Profits! (2013) is an insightful book that provides practical guidance for achieving financial success in your business. What makes this book worth reading?
- It offers straightforward explanations of financial concepts, allowing readers to grasp important ideas without getting lost in complex jargon.
- Real-world examples and case studies bring the principles to life, showing how they can be applied to improve profitability in any business.
- The book provides actionable strategies and step-by-step instructions, empowering readers to implement changes and see tangible results.
Best quote from Simple Numbers, Straight Talk, Big Profits!
If you have debt, you wont even find opportunities. The people with cash always win.
—Greg Crabtree and Beverly Blair Harzog
Who should read Simple Numbers, Straight Talk, Big Profits!?
- Entrepreneurs thinking about starting a new business
- Business leaders working for companies in an early growth phase
- Start-up founders
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Simple Numbers, Straight Talk, Big Profits! FAQs
What is the main message of Simple Numbers, Straight Talk, Big Profits!?
The main message of Simple Numbers, Straight Talk, Big Profits! is to help business owners understand their financial numbers and make informed decisions for growth.
How long does it take to read Simple Numbers, Straight Talk, Big Profits!?
The reading time for Simple Numbers, Straight Talk, Big Profits! varies, but it typically takes a few hours. The Blinkist summary can be read in 15 minutes.
Is Simple Numbers, Straight Talk, Big Profits! a good book? Is it worth reading?
Absolutely! Simple Numbers, Straight Talk, Big Profits! is a must-read for business owners. It provides practical insights and strategies to improve financial performance.
Who is the author of Simple Numbers, Straight Talk, Big Profits!?
The authors of Simple Numbers, Straight Talk, Big Profits! are Greg Crabtree and Beverly Blair Harzog.
What to read after Simple Numbers, Straight Talk, Big Profits!?
If you're wondering what to read next after Simple Numbers, Straight Talk, Big Profits!, here are some recommendations we suggest:
- Profit First by Mike Michalowicz
- Pricing For Profit by Peter Hill
- Fix This Next by Mike Michalowicz
- Business Model Generation by Alexander Osterwalder and Yves Pigneur
- Accounting Made Simple by Mike Piper
- Priceless by William Poundstone
- The 1% Windfall by Rafi Mohammed
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Outlive by Peter Attia
- Objections by Jeb Blount
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