101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them:
A sequel to The Courage to Profitable and Profit or Wealth?, Ruth King's 101 Dumb Financial Mistakes and How to Avoid Them reveals the financial mistakes that business owners make-and how to avoid them
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
La Vergne
Morgan James Publishing
2023
|
| Subjects: | |
| Online Access: | HWR01 |
| Summary: | A sequel to The Courage to Profitable and Profit or Wealth?, Ruth King's 101 Dumb Financial Mistakes and How to Avoid Them reveals the financial mistakes that business owners make-and how to avoid them |
| Item Description: | Description based on publisher supplied metadata and other sources |
| Physical Description: | 1 Online-Ressource (176 Seiten) |
| ISBN: | 9781636980478 |
Staff View
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| 505 | 8 | |a Intro -- Title -- Copyright -- Table of Contents -- Figures and Tables -- Read This First -- Foreword -- Introduction -- The Three Types of Businesses and How to Thrive in Each Type -- Dumb Mistakes: General -- 1 Believing That Profit Is a Bad Word -- 2 Abdicating the Responsibility for the Financial Side of Your Company -- 3 Having Mercedes-Benz Syndrome -- 4 Blindly Accepting What Your CPA Reports on Your Taxes -- 5 Having Only One Bank -- 6 Not Copying Checks and Deposits before Making the Deposit -- 7 Being on a Cash Basis for Accounting -- 8 Ignoring Your Weekly Cash Flow Report -- 9 Not Understanding the Difference between Cash, Profits, and Profitability -- 10 Running Out of Money Because You Grew Too Fast -- 11 Not Billing -- 12 Focusing on the Top Line Rather Than the Bottom Line -- 13 Refusing to Share the Wealth -- 14 Not Asking Employees to Participate in the Company Financial Goals -- 15 Running Your Business by the Seat of Your Pants -- 16 Not Giving Employees KPIs -- 17 Having a Warehouse Supermarket -- 18 Ignoring Mistakes and Warranty Problems -- 19 Operating on the Sell-Produce Curve -- 20 Running Out of Materials -- 21 Not Tracking Revenue-Producing (Billable) Hours -- 22 Having an Advertising Budget That Isn't Based on Results -- 23 Implementing a Marketing Program before You Know It Is Profitable to Do So -- 24 Not Building a Recurring Revenue Program -- 25 Not Having a Referral Program -- 26 Not Knowing Where Your Leads Are Coming From -- 27 Not Tracking Revenue-Producing Employees' Average Sale -- 28 Not Tracking Salespeople's Closing Rate -- 29 Not Firing a Customer -- 30 Not Putting GPS on Your Vehicle Fleet (Where It Is Legal to Do So) -- 31 Ignoring Ruth's Rule 1: How Much Revenue Has to Be Generated by a Direct Cost Employee? | |
| 505 | 8 | |a 32 Ignoring Ruth's Rule 2: Are You Generating Enough Revenue to Break Even on an Overhead Expense? -- 33 Ignoring Ruth's Rule 3: Are You Generating Enough Revenue to Make a Profit on an Overhead Expense? -- 34 Not Having a Buy-Sell Agreement with Partners- Even If the Partners Are Family Members -- 35 Not Knowing Why You Are in Business -- Dumb Mistakes: Pricing -- 36 Pricing Incorrectly -- 37 Not Realizing That Growth Masks Pricing Issues -- 38 Thinking Cash and Profits Are the Same Thing -- 39 Pricing Using Markups -- 40 Not Understanding Direct Costs -- 41 Assuming Each Project Should Have the Same Overhead -- 42 Allocating Overhead Incorrectly -- 43 Not Knowing Your Overhead Cost per Hour -- 44 Comparing Business Bottom Lines on Percentages Rather Than Net Profit per Hour -- 45 Paying Commissions on Based on Gross Margins -- 46 Unprofitable Pricing Discounts -- 47 Not Including Parts Waste/Shrinkage in Pricing -- 48 Not Realizing Labor Is Like a Hotel Room -- 49 Not Considering Unbillable Hours in Pricing -- 50 Forgetting Warranty Costs in Pricing -- 51 Different Employees Pricing Differently -- 52 Not Raising Prices When Costs Increase -- Dumb Mistakes: Balance Sheet -- 53 Not Recognizing That Your Balance Sheet Is More Important Than Your P& -- L -- 54 Having a Balance Sheet That Doesn't Balance -- 55 Having Negative Cash on Your Balance Sheet -- 56 Having No Inventory or the Same Inventory Number on Your Balance Sheet -- 57 Not Looking at Inventory Days Trends -- 58 Putting Long-Term Assets/Liabilities in Current Assets/Liabilities -- 59 Not Collecting Your Accounts Receivable -- 60 Having Negative Accounts Receivable on Your Balance Sheet -- 61 Not Comparing the Accounts Receivable Aging Report to the Accounts Receivable Balance on Your Balance Sheet -- 62 Ignoring Your Accounts Receivable and Accounts Payable Aging Reports | |
| 505 | 8 | |a 63 Not Comparing the Accounts Payable Aging Report to the Accounts Payable Value on Your Balance Sheet -- 64 Having Negative Loan Payments on Your Balance Sheet -- 65 Having Negative Payroll Taxes on Your Balance Sheet -- 66 Incorrectly Accounting for Asset Purchases on Your Balance Sheet -- 67 Incorrectly Accounting for Recurring Revenue on Your Balance Sheet -- 68 Ignoring Current Ratio Trends -- 69 Ignoring Acid Test Trends -- 70 Ignoring Debt Trends -- 71 Ignoring Receivable Days Trends -- 72 Not Checking Journal Entries -- 73 Not Saving Cash -- 74 Not Reconciling Vendor and Credit Card Bills Each Month -- 75 Not Reconciling Bank Statements Each Month -- Dumb Mistakes: Profit and Loss Statements -- 76 Thinking That Your P& -- L Tells You If Your Company Is Profitable -- 77 Not Realizing That Your P& -- L Starts Over Each Month -- 78 Counting Non-Operational Revenues and Expenses as Operational Revenues and Expenses -- 79 Recognizing Sales as Revenue -- 80 Thinking That Gross Profit Is Net Profit -- 81 Having a Negative Gross Margin on Your P& -- L -- 82 Ignoring Changes in Gross Margins -- 83 Not Tracking Materials Taken for a Job against Materials Estimated for a Job -- 84 Thinking That All Payroll Expenses Are Company Expenses -- 85 Counting Overhead Expenses in Direct Costs or Direct Costs in Overhead -- 86 Counting Inventory as Cost of Goods Sold -- 87 Having Financial Statement Fruit Salad -- 88 Reporting No Rent or Double Rent on a Monthly P& -- L Statement -- 89 Not Job Costing -- 90 Not Looking at Labor Productivity Ratio Trends -- 91 Ignoring Your Profit and Loss Trends -- Dumb Mistakes: Theft -- 92 Trusting Your Bookkeeper -- 93 Giving Your Bookkeeper Check-Signing Authority -- 94 Not Looking at Your Bank Accounts Every Day -- 95 Signing Checks without Looking at What You Are Signing -- 96 Having a Signature Stamp | |
| 505 | 8 | |a 97 Not Checking Vendor Lists Once a Quarter -- 98 Not Tracking Electronic Payments -- 99 Allowing the Same Person Who Creates the Deposits to Go to the Bank -- 100 Ignoring the Internal Revenue Service Theft Reporting Form -- 101 Not Putting the Thieves in Jail -- Implement, Please! -- Your Business Financial Health Checkup -- Acknowledgments -- About the Author | |
| 520 | |a A sequel to The Courage to Profitable and Profit or Wealth?, Ruth King's 101 Dumb Financial Mistakes and How to Avoid Them reveals the financial mistakes that business owners make-and how to avoid them | ||
| 650 | 4 | |a Business enterprises-Finance | |
| 650 | 4 | |a Managerial economics | |
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| author | King, Ruth |
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| bvnumber | BV049409134 |
| collection | ZDB-30-PQE |
| contents | Intro -- Title -- Copyright -- Table of Contents -- Figures and Tables -- Read This First -- Foreword -- Introduction -- The Three Types of Businesses and How to Thrive in Each Type -- Dumb Mistakes: General -- 1 Believing That Profit Is a Bad Word -- 2 Abdicating the Responsibility for the Financial Side of Your Company -- 3 Having Mercedes-Benz Syndrome -- 4 Blindly Accepting What Your CPA Reports on Your Taxes -- 5 Having Only One Bank -- 6 Not Copying Checks and Deposits before Making the Deposit -- 7 Being on a Cash Basis for Accounting -- 8 Ignoring Your Weekly Cash Flow Report -- 9 Not Understanding the Difference between Cash, Profits, and Profitability -- 10 Running Out of Money Because You Grew Too Fast -- 11 Not Billing -- 12 Focusing on the Top Line Rather Than the Bottom Line -- 13 Refusing to Share the Wealth -- 14 Not Asking Employees to Participate in the Company Financial Goals -- 15 Running Your Business by the Seat of Your Pants -- 16 Not Giving Employees KPIs -- 17 Having a Warehouse Supermarket -- 18 Ignoring Mistakes and Warranty Problems -- 19 Operating on the Sell-Produce Curve -- 20 Running Out of Materials -- 21 Not Tracking Revenue-Producing (Billable) Hours -- 22 Having an Advertising Budget That Isn't Based on Results -- 23 Implementing a Marketing Program before You Know It Is Profitable to Do So -- 24 Not Building a Recurring Revenue Program -- 25 Not Having a Referral Program -- 26 Not Knowing Where Your Leads Are Coming From -- 27 Not Tracking Revenue-Producing Employees' Average Sale -- 28 Not Tracking Salespeople's Closing Rate -- 29 Not Firing a Customer -- 30 Not Putting GPS on Your Vehicle Fleet (Where It Is Legal to Do So) -- 31 Ignoring Ruth's Rule 1: How Much Revenue Has to Be Generated by a Direct Cost Employee? 32 Ignoring Ruth's Rule 2: Are You Generating Enough Revenue to Break Even on an Overhead Expense? -- 33 Ignoring Ruth's Rule 3: Are You Generating Enough Revenue to Make a Profit on an Overhead Expense? -- 34 Not Having a Buy-Sell Agreement with Partners- Even If the Partners Are Family Members -- 35 Not Knowing Why You Are in Business -- Dumb Mistakes: Pricing -- 36 Pricing Incorrectly -- 37 Not Realizing That Growth Masks Pricing Issues -- 38 Thinking Cash and Profits Are the Same Thing -- 39 Pricing Using Markups -- 40 Not Understanding Direct Costs -- 41 Assuming Each Project Should Have the Same Overhead -- 42 Allocating Overhead Incorrectly -- 43 Not Knowing Your Overhead Cost per Hour -- 44 Comparing Business Bottom Lines on Percentages Rather Than Net Profit per Hour -- 45 Paying Commissions on Based on Gross Margins -- 46 Unprofitable Pricing Discounts -- 47 Not Including Parts Waste/Shrinkage in Pricing -- 48 Not Realizing Labor Is Like a Hotel Room -- 49 Not Considering Unbillable Hours in Pricing -- 50 Forgetting Warranty Costs in Pricing -- 51 Different Employees Pricing Differently -- 52 Not Raising Prices When Costs Increase -- Dumb Mistakes: Balance Sheet -- 53 Not Recognizing That Your Balance Sheet Is More Important Than Your P& -- L -- 54 Having a Balance Sheet That Doesn't Balance -- 55 Having Negative Cash on Your Balance Sheet -- 56 Having No Inventory or the Same Inventory Number on Your Balance Sheet -- 57 Not Looking at Inventory Days Trends -- 58 Putting Long-Term Assets/Liabilities in Current Assets/Liabilities -- 59 Not Collecting Your Accounts Receivable -- 60 Having Negative Accounts Receivable on Your Balance Sheet -- 61 Not Comparing the Accounts Receivable Aging Report to the Accounts Receivable Balance on Your Balance Sheet -- 62 Ignoring Your Accounts Receivable and Accounts Payable Aging Reports 63 Not Comparing the Accounts Payable Aging Report to the Accounts Payable Value on Your Balance Sheet -- 64 Having Negative Loan Payments on Your Balance Sheet -- 65 Having Negative Payroll Taxes on Your Balance Sheet -- 66 Incorrectly Accounting for Asset Purchases on Your Balance Sheet -- 67 Incorrectly Accounting for Recurring Revenue on Your Balance Sheet -- 68 Ignoring Current Ratio Trends -- 69 Ignoring Acid Test Trends -- 70 Ignoring Debt Trends -- 71 Ignoring Receivable Days Trends -- 72 Not Checking Journal Entries -- 73 Not Saving Cash -- 74 Not Reconciling Vendor and Credit Card Bills Each Month -- 75 Not Reconciling Bank Statements Each Month -- Dumb Mistakes: Profit and Loss Statements -- 76 Thinking That Your P& -- L Tells You If Your Company Is Profitable -- 77 Not Realizing That Your P& -- L Starts Over Each Month -- 78 Counting Non-Operational Revenues and Expenses as Operational Revenues and Expenses -- 79 Recognizing Sales as Revenue -- 80 Thinking That Gross Profit Is Net Profit -- 81 Having a Negative Gross Margin on Your P& -- L -- 82 Ignoring Changes in Gross Margins -- 83 Not Tracking Materials Taken for a Job against Materials Estimated for a Job -- 84 Thinking That All Payroll Expenses Are Company Expenses -- 85 Counting Overhead Expenses in Direct Costs or Direct Costs in Overhead -- 86 Counting Inventory as Cost of Goods Sold -- 87 Having Financial Statement Fruit Salad -- 88 Reporting No Rent or Double Rent on a Monthly P& -- L Statement -- 89 Not Job Costing -- 90 Not Looking at Labor Productivity Ratio Trends -- 91 Ignoring Your Profit and Loss Trends -- Dumb Mistakes: Theft -- 92 Trusting Your Bookkeeper -- 93 Giving Your Bookkeeper Check-Signing Authority -- 94 Not Looking at Your Bank Accounts Every Day -- 95 Signing Checks without Looking at What You Are Signing -- 96 Having a Signature Stamp 97 Not Checking Vendor Lists Once a Quarter -- 98 Not Tracking Electronic Payments -- 99 Allowing the Same Person Who Creates the Deposits to Go to the Bank -- 100 Ignoring the Internal Revenue Service Theft Reporting Form -- 101 Not Putting the Thieves in Jail -- Implement, Please! -- Your Business Financial Health Checkup -- Acknowledgments -- About the Author |
| ctrlnum | (ZDB-30-PQE)EBC7289183 (ZDB-30-PAD)EBC7289183 (ZDB-89-EBL)EBL7289183 (OCoLC)1397572818 (DE-599)BVBBV049409134 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | DE-604.BV049409134 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T23:05:38Z |
| indexdate | 2024-07-10T10:06:18Z |
| institution | BVB |
| isbn | 9781636980478 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034736218 |
| oclc_num | 1397572818 |
| open_access_boolean | |
| owner | DE-2070s |
| owner_facet | DE-2070s |
| physical | 1 Online-Ressource (176 Seiten) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE |
| publishDate | 2023 |
| publishDateSearch | 2023 |
| publishDateSort | 2023 |
| publisher | Morgan James Publishing |
| record_format | marc |
| spelling | King, Ruth Verfasser aut 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them La Vergne Morgan James Publishing 2023 ©2024 1 Online-Ressource (176 Seiten) txt rdacontent c rdamedia cr rdacarrier Description based on publisher supplied metadata and other sources Intro -- Title -- Copyright -- Table of Contents -- Figures and Tables -- Read This First -- Foreword -- Introduction -- The Three Types of Businesses and How to Thrive in Each Type -- Dumb Mistakes: General -- 1 Believing That Profit Is a Bad Word -- 2 Abdicating the Responsibility for the Financial Side of Your Company -- 3 Having Mercedes-Benz Syndrome -- 4 Blindly Accepting What Your CPA Reports on Your Taxes -- 5 Having Only One Bank -- 6 Not Copying Checks and Deposits before Making the Deposit -- 7 Being on a Cash Basis for Accounting -- 8 Ignoring Your Weekly Cash Flow Report -- 9 Not Understanding the Difference between Cash, Profits, and Profitability -- 10 Running Out of Money Because You Grew Too Fast -- 11 Not Billing -- 12 Focusing on the Top Line Rather Than the Bottom Line -- 13 Refusing to Share the Wealth -- 14 Not Asking Employees to Participate in the Company Financial Goals -- 15 Running Your Business by the Seat of Your Pants -- 16 Not Giving Employees KPIs -- 17 Having a Warehouse Supermarket -- 18 Ignoring Mistakes and Warranty Problems -- 19 Operating on the Sell-Produce Curve -- 20 Running Out of Materials -- 21 Not Tracking Revenue-Producing (Billable) Hours -- 22 Having an Advertising Budget That Isn't Based on Results -- 23 Implementing a Marketing Program before You Know It Is Profitable to Do So -- 24 Not Building a Recurring Revenue Program -- 25 Not Having a Referral Program -- 26 Not Knowing Where Your Leads Are Coming From -- 27 Not Tracking Revenue-Producing Employees' Average Sale -- 28 Not Tracking Salespeople's Closing Rate -- 29 Not Firing a Customer -- 30 Not Putting GPS on Your Vehicle Fleet (Where It Is Legal to Do So) -- 31 Ignoring Ruth's Rule 1: How Much Revenue Has to Be Generated by a Direct Cost Employee? 32 Ignoring Ruth's Rule 2: Are You Generating Enough Revenue to Break Even on an Overhead Expense? -- 33 Ignoring Ruth's Rule 3: Are You Generating Enough Revenue to Make a Profit on an Overhead Expense? -- 34 Not Having a Buy-Sell Agreement with Partners- Even If the Partners Are Family Members -- 35 Not Knowing Why You Are in Business -- Dumb Mistakes: Pricing -- 36 Pricing Incorrectly -- 37 Not Realizing That Growth Masks Pricing Issues -- 38 Thinking Cash and Profits Are the Same Thing -- 39 Pricing Using Markups -- 40 Not Understanding Direct Costs -- 41 Assuming Each Project Should Have the Same Overhead -- 42 Allocating Overhead Incorrectly -- 43 Not Knowing Your Overhead Cost per Hour -- 44 Comparing Business Bottom Lines on Percentages Rather Than Net Profit per Hour -- 45 Paying Commissions on Based on Gross Margins -- 46 Unprofitable Pricing Discounts -- 47 Not Including Parts Waste/Shrinkage in Pricing -- 48 Not Realizing Labor Is Like a Hotel Room -- 49 Not Considering Unbillable Hours in Pricing -- 50 Forgetting Warranty Costs in Pricing -- 51 Different Employees Pricing Differently -- 52 Not Raising Prices When Costs Increase -- Dumb Mistakes: Balance Sheet -- 53 Not Recognizing That Your Balance Sheet Is More Important Than Your P& -- L -- 54 Having a Balance Sheet That Doesn't Balance -- 55 Having Negative Cash on Your Balance Sheet -- 56 Having No Inventory or the Same Inventory Number on Your Balance Sheet -- 57 Not Looking at Inventory Days Trends -- 58 Putting Long-Term Assets/Liabilities in Current Assets/Liabilities -- 59 Not Collecting Your Accounts Receivable -- 60 Having Negative Accounts Receivable on Your Balance Sheet -- 61 Not Comparing the Accounts Receivable Aging Report to the Accounts Receivable Balance on Your Balance Sheet -- 62 Ignoring Your Accounts Receivable and Accounts Payable Aging Reports 63 Not Comparing the Accounts Payable Aging Report to the Accounts Payable Value on Your Balance Sheet -- 64 Having Negative Loan Payments on Your Balance Sheet -- 65 Having Negative Payroll Taxes on Your Balance Sheet -- 66 Incorrectly Accounting for Asset Purchases on Your Balance Sheet -- 67 Incorrectly Accounting for Recurring Revenue on Your Balance Sheet -- 68 Ignoring Current Ratio Trends -- 69 Ignoring Acid Test Trends -- 70 Ignoring Debt Trends -- 71 Ignoring Receivable Days Trends -- 72 Not Checking Journal Entries -- 73 Not Saving Cash -- 74 Not Reconciling Vendor and Credit Card Bills Each Month -- 75 Not Reconciling Bank Statements Each Month -- Dumb Mistakes: Profit and Loss Statements -- 76 Thinking That Your P& -- L Tells You If Your Company Is Profitable -- 77 Not Realizing That Your P& -- L Starts Over Each Month -- 78 Counting Non-Operational Revenues and Expenses as Operational Revenues and Expenses -- 79 Recognizing Sales as Revenue -- 80 Thinking That Gross Profit Is Net Profit -- 81 Having a Negative Gross Margin on Your P& -- L -- 82 Ignoring Changes in Gross Margins -- 83 Not Tracking Materials Taken for a Job against Materials Estimated for a Job -- 84 Thinking That All Payroll Expenses Are Company Expenses -- 85 Counting Overhead Expenses in Direct Costs or Direct Costs in Overhead -- 86 Counting Inventory as Cost of Goods Sold -- 87 Having Financial Statement Fruit Salad -- 88 Reporting No Rent or Double Rent on a Monthly P& -- L Statement -- 89 Not Job Costing -- 90 Not Looking at Labor Productivity Ratio Trends -- 91 Ignoring Your Profit and Loss Trends -- Dumb Mistakes: Theft -- 92 Trusting Your Bookkeeper -- 93 Giving Your Bookkeeper Check-Signing Authority -- 94 Not Looking at Your Bank Accounts Every Day -- 95 Signing Checks without Looking at What You Are Signing -- 96 Having a Signature Stamp 97 Not Checking Vendor Lists Once a Quarter -- 98 Not Tracking Electronic Payments -- 99 Allowing the Same Person Who Creates the Deposits to Go to the Bank -- 100 Ignoring the Internal Revenue Service Theft Reporting Form -- 101 Not Putting the Thieves in Jail -- Implement, Please! -- Your Business Financial Health Checkup -- Acknowledgments -- About the Author A sequel to The Courage to Profitable and Profit or Wealth?, Ruth King's 101 Dumb Financial Mistakes and How to Avoid Them reveals the financial mistakes that business owners make-and how to avoid them Business enterprises-Finance Managerial economics Success in business Erscheint auch als Druck-Ausgabe King, Ruth 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them La Vergne : Morgan James Publishing,c2023 |
| spellingShingle | King, Ruth 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them Intro -- Title -- Copyright -- Table of Contents -- Figures and Tables -- Read This First -- Foreword -- Introduction -- The Three Types of Businesses and How to Thrive in Each Type -- Dumb Mistakes: General -- 1 Believing That Profit Is a Bad Word -- 2 Abdicating the Responsibility for the Financial Side of Your Company -- 3 Having Mercedes-Benz Syndrome -- 4 Blindly Accepting What Your CPA Reports on Your Taxes -- 5 Having Only One Bank -- 6 Not Copying Checks and Deposits before Making the Deposit -- 7 Being on a Cash Basis for Accounting -- 8 Ignoring Your Weekly Cash Flow Report -- 9 Not Understanding the Difference between Cash, Profits, and Profitability -- 10 Running Out of Money Because You Grew Too Fast -- 11 Not Billing -- 12 Focusing on the Top Line Rather Than the Bottom Line -- 13 Refusing to Share the Wealth -- 14 Not Asking Employees to Participate in the Company Financial Goals -- 15 Running Your Business by the Seat of Your Pants -- 16 Not Giving Employees KPIs -- 17 Having a Warehouse Supermarket -- 18 Ignoring Mistakes and Warranty Problems -- 19 Operating on the Sell-Produce Curve -- 20 Running Out of Materials -- 21 Not Tracking Revenue-Producing (Billable) Hours -- 22 Having an Advertising Budget That Isn't Based on Results -- 23 Implementing a Marketing Program before You Know It Is Profitable to Do So -- 24 Not Building a Recurring Revenue Program -- 25 Not Having a Referral Program -- 26 Not Knowing Where Your Leads Are Coming From -- 27 Not Tracking Revenue-Producing Employees' Average Sale -- 28 Not Tracking Salespeople's Closing Rate -- 29 Not Firing a Customer -- 30 Not Putting GPS on Your Vehicle Fleet (Where It Is Legal to Do So) -- 31 Ignoring Ruth's Rule 1: How Much Revenue Has to Be Generated by a Direct Cost Employee? 32 Ignoring Ruth's Rule 2: Are You Generating Enough Revenue to Break Even on an Overhead Expense? -- 33 Ignoring Ruth's Rule 3: Are You Generating Enough Revenue to Make a Profit on an Overhead Expense? -- 34 Not Having a Buy-Sell Agreement with Partners- Even If the Partners Are Family Members -- 35 Not Knowing Why You Are in Business -- Dumb Mistakes: Pricing -- 36 Pricing Incorrectly -- 37 Not Realizing That Growth Masks Pricing Issues -- 38 Thinking Cash and Profits Are the Same Thing -- 39 Pricing Using Markups -- 40 Not Understanding Direct Costs -- 41 Assuming Each Project Should Have the Same Overhead -- 42 Allocating Overhead Incorrectly -- 43 Not Knowing Your Overhead Cost per Hour -- 44 Comparing Business Bottom Lines on Percentages Rather Than Net Profit per Hour -- 45 Paying Commissions on Based on Gross Margins -- 46 Unprofitable Pricing Discounts -- 47 Not Including Parts Waste/Shrinkage in Pricing -- 48 Not Realizing Labor Is Like a Hotel Room -- 49 Not Considering Unbillable Hours in Pricing -- 50 Forgetting Warranty Costs in Pricing -- 51 Different Employees Pricing Differently -- 52 Not Raising Prices When Costs Increase -- Dumb Mistakes: Balance Sheet -- 53 Not Recognizing That Your Balance Sheet Is More Important Than Your P& -- L -- 54 Having a Balance Sheet That Doesn't Balance -- 55 Having Negative Cash on Your Balance Sheet -- 56 Having No Inventory or the Same Inventory Number on Your Balance Sheet -- 57 Not Looking at Inventory Days Trends -- 58 Putting Long-Term Assets/Liabilities in Current Assets/Liabilities -- 59 Not Collecting Your Accounts Receivable -- 60 Having Negative Accounts Receivable on Your Balance Sheet -- 61 Not Comparing the Accounts Receivable Aging Report to the Accounts Receivable Balance on Your Balance Sheet -- 62 Ignoring Your Accounts Receivable and Accounts Payable Aging Reports 63 Not Comparing the Accounts Payable Aging Report to the Accounts Payable Value on Your Balance Sheet -- 64 Having Negative Loan Payments on Your Balance Sheet -- 65 Having Negative Payroll Taxes on Your Balance Sheet -- 66 Incorrectly Accounting for Asset Purchases on Your Balance Sheet -- 67 Incorrectly Accounting for Recurring Revenue on Your Balance Sheet -- 68 Ignoring Current Ratio Trends -- 69 Ignoring Acid Test Trends -- 70 Ignoring Debt Trends -- 71 Ignoring Receivable Days Trends -- 72 Not Checking Journal Entries -- 73 Not Saving Cash -- 74 Not Reconciling Vendor and Credit Card Bills Each Month -- 75 Not Reconciling Bank Statements Each Month -- Dumb Mistakes: Profit and Loss Statements -- 76 Thinking That Your P& -- L Tells You If Your Company Is Profitable -- 77 Not Realizing That Your P& -- L Starts Over Each Month -- 78 Counting Non-Operational Revenues and Expenses as Operational Revenues and Expenses -- 79 Recognizing Sales as Revenue -- 80 Thinking That Gross Profit Is Net Profit -- 81 Having a Negative Gross Margin on Your P& -- L -- 82 Ignoring Changes in Gross Margins -- 83 Not Tracking Materials Taken for a Job against Materials Estimated for a Job -- 84 Thinking That All Payroll Expenses Are Company Expenses -- 85 Counting Overhead Expenses in Direct Costs or Direct Costs in Overhead -- 86 Counting Inventory as Cost of Goods Sold -- 87 Having Financial Statement Fruit Salad -- 88 Reporting No Rent or Double Rent on a Monthly P& -- L Statement -- 89 Not Job Costing -- 90 Not Looking at Labor Productivity Ratio Trends -- 91 Ignoring Your Profit and Loss Trends -- Dumb Mistakes: Theft -- 92 Trusting Your Bookkeeper -- 93 Giving Your Bookkeeper Check-Signing Authority -- 94 Not Looking at Your Bank Accounts Every Day -- 95 Signing Checks without Looking at What You Are Signing -- 96 Having a Signature Stamp 97 Not Checking Vendor Lists Once a Quarter -- 98 Not Tracking Electronic Payments -- 99 Allowing the Same Person Who Creates the Deposits to Go to the Bank -- 100 Ignoring the Internal Revenue Service Theft Reporting Form -- 101 Not Putting the Thieves in Jail -- Implement, Please! -- Your Business Financial Health Checkup -- Acknowledgments -- About the Author Business enterprises-Finance Managerial economics Success in business |
| title | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_auth | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_exact_search | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_exact_search_txtP | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_full | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_fullStr | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_full_unstemmed | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_short | 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them |
| title_sort | 101 dumb financial mistakes business owners make and how to avoid them |
| topic | Business enterprises-Finance Managerial economics Success in business |
| topic_facet | Business enterprises-Finance Managerial economics Success in business |
| work_keys_str_mv | AT kingruth 101dumbfinancialmistakesbusinessownersmakeandhowtoavoidthem |