Summary of Greg Crabtree's Simple Numbers, Straight Talk, Big Profits! , livre ebook

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36 pages

English

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Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 You must pay yourself a market-based wage in order to have accurate financials. And as long as you don’t pay yourself a market-based wage, your financial data is worthless. You can’t just plug some number into the owner’s salary section of your business plan and assume it’s reasonable. If you’re not willing to pay yourself a reasonable salary, then you don’t own a business—you own an idea. And if you don’t own a business, you probably aren’t an entrepreneur. -> The owner’s salary is a key building block for your business. It is important to understand that you are paid a salary for what you do, and you get a return on what you own. As long as you don’t pay yourself a market-based wage, your financial data is worthless.
#2 If your company is an S corporation, it’s a bad plan to pay low wages to avoid payroll taxes. The IRS will look for this when they audit your tax return.
#3 The owner’s salary is a key building block for your business. You must determine your market-based wage before you plug it into your financials.
#4 You must pay yourself a market-based wage in order to have accurate financials. And as long as you don't pay yourself a market-based wage, your financial data is worthless.

Sujets

Business

Accountancy

Economics

Economie gestion

Accounting

Informations

Publié par	Everest Media LLC
Date de parution	11 octobre 2022
Nombre de lectures	0
EAN13	9798350039245
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0200€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

Insights on Greg Crabtree's Simple Numbers, Straight Talk, Big Profits!
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16 Insights from Chapter 17 Insights from Chapter 18 Insights from Chapter 19 Insights from Chapter 20 Insights from Chapter 21
Insights from Chapter 1

#1

You must pay yourself a market-based wage in order to have accurate financials. And as long as you don’t pay yourself a market-based wage, your financial data is worthless. You can’t just plug some number into the owner’s salary section of your business plan and assume it’s reasonable. If you’re not willing to pay yourself a reasonable salary, then you don’t own a business—you own an idea. And if you don’t own a business, you probably aren’t an entrepreneur. -> The owner’s salary is a key building block for your business. It is important to understand that you are paid a salary for what you do, and you get a return on what you own. As long as you don’t pay yourself a market-based wage, your financial data is worthless.

#2

If your company is an S corporation, it’s a bad plan to pay low wages to avoid payroll taxes. The IRS will look for this when they audit your tax return.

#3

The owner’s salary is a key building block for your business. You must determine your market-based wage before you plug it into your financials.

#4

You must pay yourself a market-based wage in order to have accurate financials. And as long as you don't pay yourself a market-based wage, your financial data is worthless.

#5

Your salary is a key building block for your business. You must determine your market-based wage before you plug it into your financials. And as long as you don't pay yourself a market-based wage, your financial data is worthless.

#6

Pay yourself a market-based salary, and your financials will be accurate. Don't pay yourself a market-based salary if you can't afford it, and you'll have to make up the difference in sweat equity.

#7

First buddy writes a business plan, hires a CFO, then pays himself and his two buddies nothing. Middle Buddy: Hey, I want to start a business too. TL;DR: Middle buddy writes a business plan and hires a CFO, but pays himself and his friend nothing. Last Buddy: I want to start a business too. TL;DR: Last buddy writes a business plan and hires a CFO, but pays himself and his two buddies nothing. -> If you are an S corporation, do not underpay your employees in order to avoid payroll taxes. The IRS will look for this when they audit your tax return.

#8

The leader of a business is its CEO. If no one is seen as the clear leader and director of the business, it will stagnate very quickly because you won’t have a focused leader saying, Here’s the way forward.

#9

You must pay yourself a market-based salary if you want accurate financials.