E178: Business Finances 101 - Greg Crabtree

<p>The most important part of starting a business is getting the finances right but many young entrepreneurs are screwing this up. So let’s dive in and find out why. 👉👉Learn About Investing Together at<a href="https://www.youtube.com/redirect?q=https%3A%2F%2Ftheinvestormindset.com%2Finvest&event=video_description&v=InyxVp6JEco&redir_token=QUFFLUhqbWVsYkRXQVd6NkpEbWlPZjRSZGZhYzJ0LUdiZ3xBQ3Jtc0ttQm5pa2NKMzZDTnQ5clIxMlRNUlR0VnlsWWdwdWRKbDBWdW1ReEZ3SDMxTkxkYkVlRVRkSE5Jb2ZXY3JyeHlrMHZUSC1McWR5RVBSOFI3Mkw1QksxSE5SWGhfbXBuLWFRVTdVYTJYVUE0cDdOSkt3cw%3D%3D"> https://theinvestormindset.com/invest</a></p><p>This week Greg Crabtree and I dive into why so many business owners get finances wrong and how you can avoid making the same mistakes and turn your business into a wealth building engine. We talk about taking your data and breaking it into a simple and usable model. Think of it as a vehicle - there's an engine and a chassis. The engine of the business has 3 core components: revenue, direct cost and labour and the chassis of the business is all the operating expenses. If you're not making an ROI of 50% or more from your business, then somewhere there's a problem that you need to solve.</p><p>Greg Crabtree is a speaker, author, entrepreneur and financial expert.  Crabtree has used his entrepreneurial skills to develop Crabtree, Rowe & Berger, PC, a CPA firm focused solely on the needs of entrepreneurs, helping them build the economic engine of their businesses. Working with entrepreneurs all over the country in a broad range of industries, Crabtree has simplified financial reporting and empowered all entrepreneurs to take ownership of their finances.  He has pioneered a revolutionary metric for driving business profitability: measuring labor efficiency and developing simple benchmarks for company, team and individual performance.</p><p>In 2011, Crabtree published his first book “Simple Numbers, Straight Talk, Big Profits,” in which he shares his core principles of how to turn your business into a wealth building engine.</p