Simple Numbers, Straight Talk, Big Profits!: Summary Review
This is a summary review of Simple Numbers, Straight Talk, Big Profits! containing key details about the book.
What is Simple Numbers, Straight Talk, Big Profits! About?
"Simple Numbers, Straight Talk, Big Profits!" by Greg Crabtree and Beverly Blair Harzog is a finance book that provides practical advice for small business owners. The authors emphasize the importance of keeping accounting simple, focusing on profits, managing cash flow, investing wisely, setting goals, and seeking advice from professionals.
Simple Numbers, Straight Talk, Big Profits! shows you how to use your firm's key financial indicators as a basis for smart business decisions as you grow your firm from startup to $5 million (and, more!) in annual revenue.Jargon free, and presented in an easy-to-follow, step-by-step format, with plenty of real-world examples, the author’s down-to-earth discussion highlights the most common financial errors committed by small businesses, and how to avoid them.
Summary Points & Takeaways from Simple Numbers, Straight Talk, Big Profits!
Some key summary points and takeaways from the book include:
* Keep your accounting simple: Crabtree advocates for keeping accounting simple, so that small business owners can focus on their business rather than their finances. He recommends using a cash-based accounting system and keeping track of just a few key financial metrics.
* Focus on your profits: The authors stress the importance of focusing on profitability rather than just revenue. They provide a simple formula for calculating profitability and encourage business owners to analyze their profits on a regular basis.
* Understand your cash flow: Crabtree and Harzog emphasize the importance of managing cash flow effectively. They provide tips for improving cash flow, such as invoicing promptly and negotiating favorable payment terms with vendors.
* Invest in your business wisely: The authors caution against overspending on unnecessary expenses and encourage business owners to invest in areas that will generate a positive return on investment.
* Set goals and track progress: Crabtree and Harzog advise setting clear financial goals and tracking progress towards those goals. They provide tools and templates to help small business owners create a budget and track their financial performance.
* Seek advice from professionals: The authors stress the importance of seeking advice from financial professionals, such as accountants and attorneys. They also recommend joining peer groups and seeking advice from other small business owners.
Who is the author of Simple Numbers, Straight Talk, Big Profits!?
Greg Crabtree is a speaker, author, entrepreneur, and financial expert. He founded the accounting firm Crabtree, Rowe & Berger to focus on helping entrepreneurs build their economic engine.
Beverly Harzog is a nationally recognized Credit Card Expert and Consumer Finance Analyst for U.S. News & World Report. She's also the bestselling and award-winning author of five books.
Book details
- Print length: 177 Pages
- Genre: Business, Finance, Entrepreneurship
What are the chapters in Simple Numbers, Straight Talk, Big Profits!?
Chapter 1: Owner's Salary: Why Your Salary and Distributions Are Fogging Your View of Net Income
Chapter 2: Profit: Why 10 Percent Is The New Breakeven
Chapter 3: Labor Productivity: Your Key to Surviving The Black Hole
Chapter 4: Business Physics: The Four Forces of Cash Flow
Chapter 5: Taming the Tax Monster Under Your Bed: Tax Management That Works
Chapter 6: How To Maximize Your Labor Productivity
Chapter 7: The Three Sources of Capital: How to Get Money and Effort to Play Nicely
Chapter 8: Reporting Rhythms: The Right Data at the Right Time
Chapter 9: Economic Value: How to know What Your Business Is Worth to You
Chapter 10: Skip the Budget, Learn to Forecast>
* The editor of this summary review made every effort to maintain information accuracy, including any published quotes, chapters, or takeaways. If you're interested in furthering your personal development, I invite you to check out my list of favorite personal development books page. On this page, you'll find a curated list of books that have personally impacted my life, each with a summary and key lessons.
Chief Editor
Tal Gur is an author, founder, and impact-driven entrepreneur at heart. After trading his daily grind for a life of his own daring design, he spent a decade pursuing 100 major life goals around the globe. His journey and most recent book, The Art of Fully Living, has led him to found Elevate Society.
