AUDIO: Move your business to the next level by getting out of the way
October 23, 2011
• Management consultant says your business is no different than an NFL team
• ‘Most entrepreneurs don’t have a clear understanding of what true profitability is’
For a small business to grow to the next level, in many cases it boils down to the founder getting out of the way and hiring key people, says author, entrepreneur and financial expert Greg Crabtree.
“From our research in working with our clients, the key step that we started discovering was the first thing we always had to fix was most entrepreneurs don’t have a clear understanding of what true profitability is,” says Mr. Crabtree.
He says there is actually a formula that business owners ought to follow to find that true profit. “We believe that 10 percent pretax profit is the new ‘break-even,’” he says. “That is the number we want every business to maintain.”
Mr. Crabtree says that while small business owners wear many hats -- customer service, sales, marketing, HR, and more – at a point in the company’s growth they have to delegate.
“All of us can be replaced and some of us can be improved upon,” he says.
(Greg Crabtree explains his formula for small business success, how businesses can reach that number – and why most businesses are no different than an NFL team -- in today’s CVBT Audio Interview via Skype. Please left-click on the link below to listen now or right-click on the link to download the MP3 audio file.
After more than 30 years in finance and affiliation with the Entrepreneur's Organization, Mr. Crabtree has identified eight key areas to reach financial success and has detailed them in a new book, “Simple Numbers, Straight Talk, Big Profits!”
Mr. Crabtree is founder of the Huntsville, Ala., business consulting and CPA firm of Crabtree, Rowe & Berger PC.