Chapter Overview
Chapter 1:
Change Your Mindset
- Think creatively like a buyer.
- Think critically and analyze every facet of your business from every angle.
- Focus on Return On Investment (ROI).
- Think in terms of “Leverage.”
Chapter 2:
Set The Target
- Set the value of your business today, which answers the question, “Where am I?”
- Set the value of your business tomorrow, which answers the question, “Where am I going?”
- Set the timeframe of when you want to be there, which answers the question, “When will I get there?”
- Apply the Rule of 3%. Understand leverage = time + money
Chapter 3:
Key Performance Indicators (KPIs)
- Analyze your P&L (profit & loss) by revenue or product stream.
- Identify 4-5 critical items that drive your business value.
- Ask your financial team to translate data into information.
Chapter 4:
Rate Your People
- Each person makes a difference and plays a key role
- Rate the players on your team
- Who to keep, coach or lose
Chapter 5:
Lead Your People
- Leverage you!
- Balance tasks and people
- Hold your team accountable
Chapter 6:
Hire, Train, and Retain
- Hire your people
- Train your people
- Retain your people
Chapter 7:
Everything Is a Process
- Everything is a process
- Constantly ask "How can we make this product more effective?”
- Identify and remove bottlenecks
Chapter 8:
Evaluate Technology
- To do more with less
- To map it out
- Aggregate information
- Build or buy
Chapter 9:
Increase Profitable Sales (Part 1)
- Increase price.
- Diversify product offering.
- Sell value, not cost.
- Focus on Gross Profit.
Chapter 10:
Increase Profitable Sales (Part 2)
- Take the lid off.
- Variable over Fixed.
- Pay on Gross Profit.
- Pay when paid.
- Charge back write-offs.
Chapter 11:
Manage COGS, COSS
- Know the difference between COGS and COSS.
- Include correct costs.
- Measure capacity and throughput.
- Make information dynamic.
Chapter 12:
Benchmark SG&A Expenses
- Benchmark SG&A expenses.
- Dig for gold!
- Hold expenses accountable.
- Grow your way into more value.
Chapter 13:
Get Liquid!
- Understand working capital.
- Measure A/R, inventory, A/P.
- Accelerate collections, ask nicely.
- Slow down payments, ask nicely.
- Manage inventory like it is gold!
Chapter 14:
Debt is a Tool
- Understand how bankers work, and don't work.
- Calculate your collateral ability.
- Communicate with your banker
- Get to know the "right" banker.
- No surprises.
Chapter 15:
Reduce Risk
- Understand between internal and external risk.
- Understand the Fraud Triangle.
- Identify internal risks and solutions.
- Identify external risks and solutions.
- Take steps to reduce or mitigate risk.
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