Finance Tips for Growth-Minded Business Owners - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #89
Want to boost labor efficiency and scalability while fueling sustainable growth and thriving in a competitive market? Learn essential strategies and insights here! Today’s guest is a speaker, entrepreneur, and financial expert! Welcome Greg Crabtree, Partner at Carr, Riggs & Ingram. Greg joins host Mike Vannoy to share labor efficiency, scalability, and the significance of profit in fueling sustainable growth. Greg also focuses on practical and strategic financial advice for small business owners aiming to succeed in a competitive and evolving economy. It’s an enlightening conversation you don’t want to miss!
Takeaways:
- Businesses seeking efficiency should analyze their models to eliminate unnecessary components, such as having accounts receivable without inventory or vice versa, as this tends to correlate with higher profitability potential.
- Prioritizing the establishment of a fully capitalized business is crucial for fostering positive cash flow growth, with subsequent returns on investment becoming feasible once this foundation is solidified.
- Employing a profitability strategy centered around the gross margin to labor cost ratio is imperative for businesses to uphold a robust balance sheet, serving as a fundamental aspect of financial health.
- In a fast-paced, competitive market, businesses need to stand out by prioritizing active selling techniques. Engaging customers proactively, meeting evolving needs, and demonstrating adaptability through proactive sales strategies are vital for sustaining relevance and competitiveness.
- Businesses aspiring for growth may find it essential to restructure their models, which could involve simplification, scalability improvements, and adjustments aligned with evolving market dynamics to achieve their expansion objectives.
Quote of the Show:
- “We have a flat economy that’s really hard to measure.” - Greg Crabtree
Links:
- Asure: https://www.asuresoftware.com/
- LinkedIn: https://www.linkedin.com/in/greg-crabtree-simple-numbers/
- Company Website: http://www.CRIcpa.com
- Publications: https://www.simplenumberscri.com/books
Ways to Tune In:
- Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
- Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976
- Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null
- Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
- Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
- Transistor: https://missiontogrow.asuresoftware.com/
- YouTube: https://www.youtube.com/@AsureSoftware
Creators and Guests
Host
Mike Vannoy
Mike is a digital-first marketing executive with 25 years dedicated to helping HR companies thrive. As a board member of an AI software company and Chief Marketing Officer at Asure, he's been at the forefront of AI, HR compliance trends, and the changing demographics that shape today's marketplace. Under his leadership at Sales Engine Media, the company predominantly focused on the payroll, HR, and benefits industries, earning multiple spots on the Inc5000 list. Actively involved in multiple small businesses, Mike is a lifelong entrepreneur adept at navigating the changing workforce dynamics. He has held multiple executive roles at industry-leading HR firms, showcasing his expertise and leadership in the sector.
