Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential by Crabtree Greg

Author:Crabtree, Greg [Crabtree, Greg]
Language: eng
Format: mobi, epub, pdf
Published: 2012-02-07T15:56:55.630000+00:00

Chapter 6 Keys

1. Your gross profit per labor dol ar is the second most important key performance indicator for your business. Al labor must be productive, and you must establish your labor efficiency ratio so you can hit your profit target.

2. Culture, productivity, and profitability must al live in harmony. Culture becomes extinct without profitability. Profitability becomes extinct without productivity.

3. Set wages based on the market, not on cost of living. Wages should change only on the basis of market forces or on performance, such as moving to a new level.

4. Evaluate talent based on productivity, not on years of experience.

5. Use performance appraisals to set honest expectations of your employees and give them real feedback. Identify the top three to five core competencies you need for each role in your business.

6. Know what numbers you can share and defend, or just keep your books closed.

7. Design incentive plans that guarantee net profit increases. Forecast the financial impact of incentive plan payouts, and have a fal back plan in case the market changes.

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