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Last Update: Saturday September 25, 2021

Use Key Ratios to Run Your Business (And Your Government)

Face the facts and face them often.

Know how your numbers work.  Hattie introduces us to Jim Schell and the first of the seven key ideas within this episode.  How do you answer the question, "How's business?"

Jim Schell says that there is no excuse for any business owner to be in the dark about the health of his company.  With the accounting software available today, what Jim had to wait for his CPA to do for him, an owner can now do everyday!  You can produce a financial report at the click of a button if you are consistently adding the data you need to measure yourself.

Not  watching the numbers can get you into more trouble than your tuxedo being too tight.  If you don't run your business with the numbers you must consider the business a hobby or you're rich enough already not to have to make profits.    Homepage...

Learn how to analyze your financial statements

2:07 | Play Now   Financial Statement University.  Here Nani Waddoups, who owns R. Wagner Arts in Portland, Oregon,  admits that her gross margin is too low.  

Study Your Trends

1:46 | Play Now   Chris Schatte and his wife Joni own Texoma Lawn and Garden and use financial management software to watch their trends.

Share Your Financials

5:05 | Play Now       Noel Hanson is a 35-year veteran business owner who uses new software so he can look at his financial information every day.

Make Changes Based Upon Numbers

4:35 | Play Now    Chris Shatte has increased profits by using financial information to change his purchasing patterns.

Create A Key Indicator Report

2:33 | Play Now    JIm Schell wrote the book, "Understanding Your Financial Statements," and he suggests that some numbers, key indicators, are more important to you than other numbers in your business.  

Give Employees Key Indicator Responsibilities

3:06 | Play Now     Jim Schell recommends sharing financial tracking responsibilities for reports identified in "the little green book" with employees.  Here are more insights from Jim:   Staying Power,
On selling the business, and Opportunity Knocks.