17 Burst results for "Michael King"

"michael king" Discussed on Yanks Go Yard: A New York Yankees podcast

Yanks Go Yard: A New York Yankees podcast

05:45 min | 2 weeks ago

"michael king" Discussed on Yanks Go Yard: A New York Yankees podcast

"He got himself out of that jam on Tuesday night. Wednesday night, he gave that bomb to Bo Bichette. Shouldn't have been in the game in my opinion. I don't necessarily think it's his fault for giving up a bomb, but that's just a lunatic and a very good player in baseball. Yeah, but bad call by Aaron Boone in my eyes right there. It's tough to bring him into that spot. You saw what he did the night before. He was lucky to get out of that jam with how wild he was. But hey, you look at this. And this was not part of any plan, but it's amazing because now you have guys who can eat innings once again, Michael king and sebrina come in last night. Kluber doesn't last 5. And then you have you have a competent group of guys who can pick up the slack and give you multiple innings and not have you throwing 5 relievers or 6 relievers for the last 5 innings because your four or 5 innings because that's just really untenable. And that's how you get the tired bullpen. And that's how you get Chad green, coughing up a 5 run lead against the Astros in right before the all star break. Don't know how many times we have to stress how important it is to keep these guys rested and utilize them in the proper times. I know it's hard. I know the baseball season is a marathon, but sometimes this isn't the decisions are very obvious in front of your face. We talked about severino coming in. Look, we weren't even confident severino was coming back but we alluded to the fact, hey, if he comes back, that's a multi getting bullpen weapon for the postseason and then at that point we're getting ahead of ourselves looking at the postseason after the Yankees shipped shit away. There are 7 game lead in 12 days..

Bo Bichette sebrina Aaron Boone Michael king Chad green baseball severino Astros Yankees
"michael king" Discussed on The Art of Online Business

The Art of Online Business

05:37 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"And their twelve pays. Is that gonna lead me in a bind in just kind of start to do. Some simple mapping out that to see. Because the i mean the last thing we wanna do is get into a spot with a home on launch and we have no money in the bank right. Because we're waiting for those six pays in twelve bays too slowly drip back and seth why it's really important understand what what's the value of the customer. This seems really import. Was the lifetime value. But also what are they worked in this month compared to my costs and the other thing i want people remembers a lot of times. We get really excited about like a three x return on ad spin writer. A four x return on has been. But don't forget my friends. There are other cash expenses in your business and so when you're trying to forecast out what you need to return on ads bid don't forget all those other expenses make sure. Everything's kinda shaken outright on that net profit. I love this topic because took me so long to understand more of this in the business. Unfortunately but hey we can only move forward right. We can't do anything about the past so this has been so good. I've taken a bunch of notes here. I honestly as recording as can't wait to share this the people because this is information that people i unfortunately. I don't think it's talked about enough but yet it's critical and everybody listening like you guys here. Talk all about gotta know your numbers while this right here. What michael sharing with you is the baseline of the health of your of your business to wrap up michael. Is there anything that i didn't ask you. That should absolutely be mentioned here. Besides where people can connect with you get that in a second like is there anything. I didn't mention that we didn't talk about that is critical discussion. I think there's one key thing that i probably wanna leave everybody with one thought in touch a little bit on what you just said like man. I wish i had known this earlier. I see this might be the number one mistake. I see people make around. Financials i see so many.

seth michael
"michael king" Discussed on The Art of Online Business

The Art of Online Business

04:41 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"On a especially on as on determining. Is this the right time for me without a doubt if the cash flow can't support it then i'm not watching. Espn the other. I that's that's my north star if the cash flows don't work then it's an easy enough for me. I love that. I let's like all right. Does it fit the cash flow. Does it make sense for the cash flow is are we still safe with that amount of money in the bank if you will and then all right what. Kind of our allies are ramey from a both financial perspectives and also emotional perspective. Like getting off my plate. It's gonna make me super happy right. Holiday present another question we get all the time is how much now you mentioned six weeks. I would think that that's minimum that you want saved if you will in the bank to be able cover expenses for the business is there. Another figure of maybe. It's sort of a long-term figure larger number that you advise businesses. How like in savings if you will for the business to make sure that you know what kobe hits or something like that and the business downturn burp period of time. What's that number for you or is there a number for you. Yes oh i always start with six a lot of experts out there so you need six months or something. But let's be honest for most of us. Six months of expenses in our business might as well be a billion dollars right. That's such a far number from where we're at. Today i liked is l. people. Hey if you're just starting out with this let's start with six weeks worth of expenses not revenues but in your business because what that tells us wreck is if we get zero dollars in the business. I can at least keep the door. Open the doors open for six. More weeks Keep at six weeks going. And if you're not there yet then the debates one hundred bucks a week extra in kind of put that into a business savings account until.

ramey Espn kobe
"michael king" Discussed on The Art of Online Business

The Art of Online Business

05:02 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"We're going to sell markers me want to get into the marker selling business amazing okay. Yeah it's hot right now. It's up there with with bitcoin. Everything else right. It's the hottest thing you can do. So in order to sell this marker they were gonna salads. Let's say we're going to sell it for three butts. Okay before we can sell it. We actually have to either make or by the marker from somewhere else. We need a marker in order to sell it in so if we're gonna sell the market for three bucks let's call that revenue case or revenue would be three dollars in the the. Let's say that it cost us a dollar to purchase it or make the marker that's what we call cost of goods sold. Yep so we've got three dollars in revenue a dollar in cost of goods sold. We're left with gross profit of two dollars okay. So cows profit is just revenue Okay all right. Yeah costume Gross profit we know there's other expenses that go along to run up a marker selling business we've got you know Bookkeepers we've got ads been. We've got rent and payroll and all the things. Those are called overhead expenses and when we subtract those overhead expenses from gross profit. We're left with net profit. Okay now. here's here's how to remember. Never forget it okay. Remember gross profits start to the g. comes before net profit on the alphabet. Starting with an end. So you'll always remember you okay. Revenue minus gross profits next is alphabetically next in the net. Profit is last. Which is the last thing you see pl said it's alphabetic order their gross profit than that profit. Gotcha okay you're welcome. You'll never forget that. I know seriously. No i i totally get that now. Because i'm literally actually thinking of my p. and l. right now like how i see it every month and yeah kasich. Goods sold is ready to the top. They're like okay. I got you now for somebody who was listening. Right now is like dude. What the heck is cost cost of goods sold like what goes into that. So let's talk about it especially for those of us that have coaches or course creators or consultants. We don't we don't have a marker it'd be cell in so we will. We will typically not have a cost of goods but we might have what's called a cost of services and so for example in my coaching program. I pay cfo's that are on my team to do work for my students. And as part of what i sell is you get a one on one. Cfo in so the the money that i pay my team to directly. Serve my clients in my students in that. Those are cost services. Okay now what. I'm not talking about is my va. I'm not talking about my ads manager. I'm talking about wind. My people on my team or directly providing.

kasich
"michael king" Discussed on The Art of Online Business

The Art of Online Business

04:41 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"You pay yourself as normally through a distribution distributions. Don't show up on the profit and loss statement in so you could show that you had. Let's say two thousand dollars of net profit last month but if you paid yourself three thousand maybe we'll there's a difference there in austin problems another example that's commonly overlooked is money that you pay toward debts so like if you have a business credit card you pay down your business credit card. You won't see that debt payments on your pin l. but it is a cash expense. And so you know. There's some of those operating expense things it. The cash has to go towards That's the difference in so it's really important. It's a it's a small point but a really important ones to differentiate between passionate audit. I gotcha makes a lotta sense. See you do simplify it down. Take this concept and just break it right out. And i'll be honest like as far as the forecasting goes to be completely transparent. Like i didn't do any of that until literally about a year and a half ago in the business six years in the business. I wasn't doing that at all. It was just kind of like yeah. Let's go right and then like that it just doing this guys. You know as you're listening here. In what what michael sharing this stuff right here is like changes everything when you start like michael said at least six weeks out when you can kind of make some estimates and forecasts about the revenue that you're expecting to to be hitting your bank. It's not like a you know. Okay this is a twelve pay and you're counting seven months ahead. This is really really important here of what you're talking about. What rubik quick. If i did illegally. Why it's so important. Okay is entrepreneurs when we don't have the kinds of insights. This simple tool provides we get into one or two situations normally when we're looking to grow. Okay we say all right. I've been listening to. Rick preached the importance of having a virtual assistant. I'm ready to hire a virtual assistant while. I'm ready to start ads. Ready to hire an ads manager. Boy can i afford that.

austin michael Rick
"michael king" Discussed on The Art of Online Business

The Art of Online Business

04:37 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"You're trying to figure out if you can afford a starbucks allante okay in so you say all right. I've ten dollars in my pocket. Do i have any more money coming into my pocket today. I'm gonna go look under the seat cushions and all those things. Nope no more money coming in today. What money's going out today other than this law tick well in order to get the lots. I gotta put seven dollars with gas in my car right or whatever. I've gotta buy some food or whatever it is and so you think about those required Expenses they're gonna come out and then you look to your left with and you say okay. I'm going to be left with four box. So can afford that seven dollar Probably not you just did a cash flow forecast right. It worked the same exact concept where to your business. How much money do you have at the beginning of the month. What are your projected. Money's coming in about what you're getting invoice but how much cash is going to be hitting your bank. What expenses the you know to be coming out in you. Subtract those numbers out in that leaves you with your cassidy end of the month and then you repeat that for the next two or three months in all of a sudden you have kaslo forecast. That's where i recommend people start is looking at least six weeks into the future with enhanced. That's thing one you get your books and order it. We feel confident. The bookstore thing to start looking at about six weeks into the future on your cash needs okay from there. I like to go to the piano. In those three metrics that i told you about earlier on the piano revenue moffit net profit in this is what i read. I recommend people do take a look at the last thirteen complete months. So if you're you know in the month of may for example you know. Last complete month was april. I would look at april of last year. Through april of this year for revenue. Gross profit in net profit in..

starbucks
"michael king" Discussed on The Art of Online Business

The Art of Online Business

04:58 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"So as entrepreneurs were like where the heck do we even start with. This thing incessant art will what are the real important numbers that is a business. Owner is a decision maker. What are the ones i have to understand wanting to pl it turns out. There's only three out of all those. There's really only three revenue. Gross profit in net profit. Okay and there's an. There's a fourth one. I call the critical or financial metrics. There's a fourth one cash. It doesn't live on the nfl. But unlike if i can just understand how every decision in my business impacts revenue how it impacts bros profit in how it impacts net profit in also cash. That's like ninety five percent of the hard work. Right at yahoo stan. How decisions impact. Those four numbers you can make better decisions and says not a metaphor necessarily but it's like in the simplest form that's really all in a balance sheet are right now. There's more to it that there's important things beyond that but those are important for your accountant. Cpa and tax prepared. Worry about not for you. You know this is you know that simplification process so you bring up these four numbers and i wrote down. I took a note there. Difference between gross profit margin net profit margins. So i wanna get to that if someone is. They're they're making money in their business and there. Maybe they have a bookkeeper but or bookkeeping company. I see this a lot where the bookkeeping companies keeping track of numbers categorizing stuff and then sort of like handing it over to the entrepreneur. Doesn't really know like to your point. Michael like they don't really know what to do with. So how does one get started with gathering these numbers number one and then let's dive into these four four metrics if you will for numbers that people like most people really aren't looking at or they don't understand what they are and actually had to take action from them. Yeah let let me start by saying this. I love bookkeepers..

nfl yahoo Cpa Michael
"michael king" Discussed on The Art of Online Business

The Art of Online Business

05:12 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"How are you. I'm doing great. I see the truck honking. Their horns stopped. That was going on for a little while outside your house. It's it's there's never a dull moment out here. We live close to downtown dallas in this little teeny Pocket in most of the time. It's quiet but every so often you get craziness on your behind you right now because we're on zoom behind you. I see cashflows budgets and projections health and performance. I see whiteboard all kinds of stuff. Like i love what you got going on back there. Murimi talking all about that here today on the show but before we dive into everything. Let's let's have you introduced yourself. Let people know who. Mike king is in what you do and and how you got to where you are now absolutely so minds michael king. I am the ceo of kathy solutions we are. We're in outsource. Cfo firm but we also offer us some executive level financial coaching as well as a course for early stage entrepreneurs and what we're all about as it whatever stage you're in business we want to help you understand your numbers so that you can make better decisions you know real cut and dry. That's that's what we're all about a lot of people say well. How did you get into this so It's it's an interesting story. I actually spent the first eleven years of my career is a nuclear engineer. In the navy is sitting on. submarines yeah. I don't think i knew that. No yeah so yes out. On submarines for eleven years decided that That life wasn't for me anymore. And i transitioned out of the military and got a job is a is an engineer. At a plywood a very large fly wood millet was was doing very high eight figures in through a random change a chain of events. Rick found myself in charge of the facility about eighteen months after having left the navy in that role i had. Pnl accountability and the number. One problem i have with that is i didn't know what the heck pl stood for just to be accountable for it and every couple of weeks i'd get these financial reports you know. Pnl's in balance sheets all these different things. And i didn't know what to make of any of it. In in what i would go talk to the accountants that work for me. That's ladies. I don't what do i do with this I realized that they really struggled to explain to me what to do. With those reports kind of tactical way in without asking. How do i come in to work tomorrow. It make smarter decisions about how i run this place based on these reports at how do i just be a better business leader. They couldn't tell me that in that that was a bless your heart. That's your job not is figuring out. It is my job that do shakes. And i tried to do the youtube in google. But you're not gonna learn. Yeah for business. That large on youtube out manage the finances. And so. I said. I'm gonna go get an mba. I'm gonna learn all the things. And i sat down in my first finance and accounting class in grad school and it was more of the same stuff accounting terms explaining other accounting terms..

Murimi kathy solutions Mike king michael king navy dallas Rick youtube google
"michael king" Discussed on The Art of Online Business

The Art of Online Business

02:33 min | 2 months ago

"michael king" Discussed on The Art of Online Business

"You hear me talk about this all the time here on the show and that is you've got to know your numbers when it comes to your business now. Oftentimes i'm talking about numbers in your sales funnels numbers in leeds numbers in sales etc. Well what are we talking about here. Today is numbers in your business specifically. We're gonna be talking about the critical for financial metrics of your business. Things like revenue gross profit net profit cash and joining me. Talk about all. This is michael king whose business money coach and he also runs a outsourced. Cfo firm got coaching programs etc for us online course creators online entrepreneurs etc. He's also a member of my accelerator program and so he brings the financial education to those of us in accelerator. And so i invite him on the show today because this is a topic that doesn't really get covered a whole lot. Unfortunately and it is critical like i mentioned earlier. Got your numbers right especially when it comes to the financial metrics of your business. Now you're going to hear me to ask a lot of questions today because unfortunately this is just a learning process for me for the first six years of my business. I didn't know a lot of this stuff at. I'm embarrassed to say that. But then i hired Emily who's my bookkeeper. Had her on the show here before and that changed everything looking forecasting and stuff like that. So we're gonna get into all of that here with michael and things like cash flow forecasting. What is what does that mean how to do it you know. What questions does that answer for you when you're able to do cash flow forecasting what to look for in a good bookkeeper the first place to start when it comes to your financial numbers. What your gross profit margin should be and what your net profit margin should be and also the difference between the two so everybody always asked. What's a good profit margin. Well you're going to hear the answer. That question here today with this interview here with michael and then also make financial based decisions in your business whether it's buying a new tool software hiring somebody etc so.

michael king leeds Emily michael
"michael king" Discussed on Yanks Go Yard: A New York Yankees podcast

Yanks Go Yard: A New York Yankees podcast

05:52 min | 4 months ago

"michael king" Discussed on Yanks Go Yard: A New York Yankees podcast

"Do it two innings and nestor. Three or four days of michael king or anyone else opened the game nick nelson throwing inning. Although i guess when they made him an opener he panicked and his body fried apart and he lost his and the yankees threw the ball over the infield foot. Traditionally the eggs openers. They did it lead. They copy the raise in every way they they can't copy the in this one and then michael king in his post game press conference which you i know you. Love was like yeah. I'm trying to get cute. That first time through the order a mess around say not show the guys my best. Try to set them up for the third time through the order. You don't sniff that third time through the order dude and your best outing of the year was attacking every hitter. It was that bullpen game. When you came in against the blue jays boom bang zip six one hit shutout innings or whatever attack people. It's actually fun to attack people. My jaw was on the floor when he said that because he's made it beyond four four and two thirds innings once in his six starts. I know six starts is not defining anybody your i. I'm the first guy to to give people some Some leeway and and a bigger sample size because you simply need more of that look at what twenty twenty s done twenty twenty made us think atta montesinos montesinos sucked and now he's having a good year with the red sox so you need to give guys time. But there's been zero progress on michael kings and i like michael. I like his stuff. He's certainly a nice guy. But you're telling the media that after your starting it's like dude the problem with you this entire year as a starter filling in after the after your team had had issues with the depth in the starting rotation is giving up runs in the first inning..

michael king nick nelson nestor yankees atta montesinos montesinos michael kings red sox michael
"michael king" Discussed on X96

X96

02:31 min | 10 months ago

"michael king" Discussed on X96

"Like Remember the Caine Mutiny que Mutiny I love Michael King. Good night, You princes of sea lab, you kings of the ocean. Captain, You cannot punish the crew like this. They will mutinies slaughter them like a wolf among lambs. Sir, come down, I'll see what I can do about finding your little toy. It's not a toy. It makes real cupcakes with a 40 watt bulb, And there's icing packets, but the secret ingredient His love, Damn it! Just try to calm down. Go have some pudding, putting kid fill the emptiness inside me, but it'll help Spox. Any idea what happened to this happy cake? Oven things? Yeah, I stole it and dumped it out in the ocean. What? Why did you do that? Part of a larger plan to drive him insane. Oh, I also have the orphans wet his bed while he's asleep. Have to hide my dirty sheets. Michael Caine would be so ashamed of me. Follow Carry Jackson on Twitter are FH Carrie, This is radio from hell on X Nigeria. Six, All right. 46 now before we award round one of the boners OK, we've we've emptied the phone lines there now. Wide open for your questions for Dr Kabul. 8776029696 call now get lined up and ask a question of our doctor. He's a real doctor. Unlike a Facebook doctor, he's a new instagram. Doctor YouTube doctor Way would suggest that you ask him questions about Corona virus. That was, Yeah. I mean, just don't call on asking about my rash. If you look at this, doctor Kabul is this all right, 8776029696, All right. Alright, Here we go. We will now announce the winner of the boner voting for the first ground and is brought to you in part by, uh, a nun Iun. Tart, huh? It was so good. I can't a tart. Really? Yeah. It was just absolutely delicious and onion tart and let's clean 2020 out of our carpets. Scheduling no residue carpet cleaning The zero rez this month Get three rooms clean for just 89 95 schedule online zero rez, carpet cleaning. Boner candidate number one. Louis, You are such a Gohmert, representative Louie Gohmert, suggesting violence in the streets.

Michael Caine Kabul Michael King Louie Gohmert Facebook YouTube Spox Twitter representative Jackson Dr Kabul. Nigeria Louis
"michael king" Discussed on ESPN Chicago 1000 - WMVP

ESPN Chicago 1000 - WMVP

02:22 min | 1 year ago

"michael king" Discussed on ESPN Chicago 1000 - WMVP

"In for a strike went backto back change little activity now in the Yankees bullpen, trying to see who that is. 12 now. And the pitch check swing foul. The right Michael King is up, throwing You too. Swing and a miss struck him out. Benintendi is gone, and that is the ball game. I Chris Singleton, who is your player of the game. Well, it has to be geo are shallow with that Grand Slam. In the second inning, and that really That did it. That's the game winner. As it stands, Red Sox, Grable scored two runs and really good job, so I would say by both bullpens Red Sox bullpen. Come in and put the whole much zeros up. In fact, six scoreless against the Yankees after those 1st 2 frames, and the Yankees had some good pitching is well, young Nick Nelson, making his major league debut, solid outing for him. Scoreless over three Good job Yankees win. All right, so your shell or a play of the game brought to you by marathon these days, we have to travel. Smart marathon could help by improving engine performance with quality Top tier gasoline marathon. The American spirit. So the Red Sox fall to the Yankees and New York Tomorrow night, The Yanks will go for the sweep about Nick Nelson debut and he comes up with the Wind safety David Hale. The Yankees win five to Major League Baseball on ESPN Radio is brought.

Yankees Red Sox Nick Nelson Michael King Chris Singleton Grand Slam Major League ESPN American spirit Benintendi Grable David Hale Yanks New York
"michael king" Discussed on WFAN Sports Radio_FM

WFAN Sports Radio_FM

01:36 min | 1 year ago

"michael king" Discussed on WFAN Sports Radio_FM

"O'clock. I'm Mike McCann baseballs back. I know it's only exhibitions but still the closest we've been to really game since all the way back on the 12th of March. Yankees and Mets over its city field and round one goes to the boys from the Bronx. Cheers, Clint Frazier, and he swings and there's a high drive to deep left field. That ball is high. It is far Down town goes Frazier. It's a two run home run, The left and the Yankees take a three Nothing lead stones throwing here on the fan, My talk man, adding three hits tonight Prospect Michael King, pitching well in the Yankees, 93 victory. Down a DC former Yankee Dee Dee Gregorius and Bryce Harper each homered off Max Scherzer. Phil's ripped in at 72 the Indians came from behind. They beat the Pirates 53 Bingo. Her Mod appears to be walking back. Last night's instagram. We seemed to be saying goodbye to baseball. After that message was taken down. Hermann returned today to social media, saying he was sorry for the unsettling post and ask to be forgiven for the mistake. Bonds suspension remains in place. He'll miss all of the 2020 regular season. Blue Jays. They're homeless. Canada's government refused permission to waive its quarantine rules of the Blue Jays will likely play their 2020 home schedule in Buffalo. TJ Tour in Dublin, Ohio. John Graham, your leader at the memorial, he shot a 68 sanity. He's now 12 under par. And Brooklyn Nets owner Joe Side, denying reports that he's joined the Alex Rodriguez group trying to buy the New York Mets..

Yankees Blue Jays Clint Frazier New York Mets Hermann Dee Dee Gregorius Mike McCann Max Scherzer Brooklyn Nets Alex Rodriguez baseball John Graham Ohio Bryce Harper Phil Joe Side Dublin Michael King Canada
"michael king" Discussed on WFAN Sports Radio_FM

WFAN Sports Radio_FM

01:30 min | 1 year ago

"michael king" Discussed on WFAN Sports Radio_FM

"Coalfields ready for opening day against the Nationals. Come Thursday. I'm excited, Guaranteed 2020. I'll take it one day at a time, and hopefully we get there. Because we put a lot of hard work in and has been grinding through summer so excited, excited startup deejay LeMay, who didn't play in the interest squad, but he was back with the club for the first time since testing positive proposed 19 won't play. Tonight's exhibition game against the Mets is well is available for opening day isn't out Bombers one Take it slow with them. Meanwhile, Jake Ground through 17 pictures of the whole pink, you know, feeling good. Now throw a simulated game tomorrow instead of the exhibition game with the bomber's All goes well, you could still throw opening day if you want an assessment, as continues to put his work in manager Louise RoHaas, giving an update on his status. We're definitely getting more confident. Like every time I see him out there moving well, we're hoping to put him in the open in one of the two games against the Yankees. I think I think that will say a lot of the Yankees and Mets exhibition match up tonight. Rick Porcelain Michael King, Your scheduled starters love the covers of the game right here on the fan getting it seven house where God help lead tested positive for covert 19 that is voided his contract with the Braves. NFL Washington announced they hired a law firm to look into the allegations of workplace misconduct, of course, comes after 15 women claimed they were sexually harassed while working for the organization. Bangles wide receiver A. J. Green signed his franchise tender. He'll get 18.2 million for the coming season. Badminton will still be able to hold the games with the.

Bombers Nationals Mets Yankees A. J. Green Rick Porcelain Michael King Braves Badminton Jake Ground Louise RoHaas NFL Washington
"michael king" Discussed on Journey to $100 Million

Journey to $100 Million

05:12 min | 1 year ago

"michael king" Discussed on Journey to $100 Million

"Financial advice to businesses. Like yours he is also the host of the podcast in the trenches which I was recently interviewed on great time on his interview and it was pretty amazing how many similarities he and I have in our stories and how they overlap with one another. Take a listen and enjoy. Hey there Eric Olson in I'm Heaven Days. Join us on our journey to building a one hundred million dollars company. Hey everybody my name is Michael King. I'm the CEO of KFC solutions. Where our sole mission in life to help business owners understand their numbers so they can make better decisions you know after working with over two hundred businesses now and these are businesses that range anywhere from pre revenue startups. Maybe better known as the want preneurs all the way up to mid range businesses and even Into the fortune one hundred companies people. Say Hey with all that experience. What would you say is the number one mistake that executives or business owners? Make relative to business financials. And it's a pretty easy answer for me. In this is true for those pre revenue startups. All the way up to the the big boys the biggest mistake that a business owner or an executive can make is not knowing the four key financial numbers for their business. Now if you've ever looked at PNL's and balance sheet statements of cash flows. You know that there's probably hundreds and hundreds of financial metrics they probably make your eyes gloss over there. There's nothing sexier exciting about them. The good news though is regardless of how big your businesses. There's really only four financial metrics that you absolutely have to know inside and out in the cool thing about these metrics is. These are the only four numbers only four numbers that are going to cause your business to thrive or cause it to die. So you're you might be thinking yourself. Hey I'm not a numbers person. This isn't my thing. I have a bookkeeper. I've an account of a controller. They worry about these things. But I'm going to tell you the four numbers that you absolutely have to. No you can't outsource these. You can't hired away and and have somebody else on your team. Track them if you WANNA be a savvy. Successful business owner. You're going to have to know these numbers in here. They are number. One is revenue revenue is really straightforward. We all know what revenue is. It's the money that comes in the door. Revenues SALES ETCETERA. Everybody follows revenue number two though is gross profit. So let's say that you sell Coffee Cups and you sell this coffee cups for a dollar. You buy them from your supplier for twenty cents. You are left with a gross profit of eighty cents easy enough so revenue on that hypothetical is one dollar. Gross profit is eighty cents all right but as we all know is business owners. There's other costs that go into selling coffee cups you've got rent. You've got shipping. Maybe you have Internet fees. Maybe some employees. Somebody that answers your phone. All those overhead costs. Okay so maybe on a per cup average. That's thirty cents. Thirty Cents Per Cup goes towards overhead. So you sold it for a dollar. You paid twenty cents for the cup. You pay thirty cents an overhead. You're left with fifty cents of net profit so revenue minus gross minus overhead. You're left with net profit the fourth and final number that you have to understand in this is the most critical of all of them is cash. You know one of my favorite sayings is revenue Vanity Prophet is sanity but cash is king. And here's why cash is king caches. The only real number out of all the financials all the financial numbers that you have cash is the only real number. It's the only one that you could actually touch that number in real life. It's cash in the bank in caches. What pays salaries it's what pays rent? It's what pays your vendors. Cash cash is king right in so the reason that that that saying resonates with me revenue is vanity profit is sanity but cash is king is is business owners a lot of times when somebody says hey as your business doing. Oh Yeah we've We doubled revenue this year. We've got this ambitious goal to increase sales thirty percent. And we're on target it's a vanity metric profit is sanity that tells us how efficient the machine is. How much how much does it cost us to generate that revenue that we like to brag about so much but at the end of the day cash is king and as we know that we you know we can have profit on the books but we may not have the cash in the bank yet but cash is? What really pays the bills? It's the thing that's going to be business for it. So if you're a business owner if you're a pre revenue startup if you're Mitt here company doing maybe twenty thirty forty fifty million a year. Or if you're a big executive of a publicly traded company four numbers that you must know revenue gross profit that profiting cash thinks everybody have a great day?.

business owner Michael King Eric Olson executive CEO KFC PNL Mitt
"michael king" Discussed on WBZ NewsRadio 1030

WBZ NewsRadio 1030

01:32 min | 2 years ago

"michael king" Discussed on WBZ NewsRadio 1030

"We is he is always Mike is here as always ever faithful Michael king we appreciate you are at the Super retailers of New England all wheel drive traffic on the three is what do you got well I wish I had better news lord but we've got a terrible right on ninety three above the city overhead as a mock free insurance copter well you could take a pile up by the ninety three north out right before one thirty three in Andover for that it is just crawling up through the Wellington stretch for before read sixty to prevent a lot of fire department activity here the active breakdown lane in the emergency cut outs of you do lose a traveling as well as a curiosity issue here Kristin back of offering insurance copter now behind this ninety three northbound is tough going from his aching bridge up past commerce way and there is a chance these two backups will connect and that'll be one long slow ride out of the city elsewhere the expressway south crawling out of the tunnel as self pay through Savin hill granted after the split that's about forty five minutes Boston to Braintree now north value on the brakes passing over deposit circle and delays up towards the tunnel to it's tough on the pike westbound out of that Allston Brighton stretch out to the state police barracks and for ninety five south is bad from before one seventeen down to two ninety that's a lot worse than usual there miking WBZ's traffic on the three hard thank you both the forecast is sponsored as well by the Massachusetts association of realtors years John fear it with more mostly clear chilly tonight out of thirty seven sun giving way to clouds are up to fifty five rain moves in toward the end of the day a lot of rain tomorrow night but as it turns colder rain could end is a little bit of wet snow that's.

"michael king" Discussed on The Short Porch

The Short Porch

02:19 min | 3 years ago

"michael king" Discussed on The Short Porch

"And stuck with the example of a deal. It's really great for both sides. And it's not like his big injury was like Tommy John towards achilles. Right. Better further as we get further away from the right? But it's also like he conned house, a if you think about it a twenty nine year old arm because he just didn't like a year, whatever. So I I'm a big fan of it. I think he didn't have spring training last year. So that always plays it. So you need a full like month and a half of getting ready into. He just didn't have that. He was rehabbing his injury. And I think having that he really he him and his wife love New York, which is fantastic. He's grumble pitcher give you all the ground poachers in the world in stadium hubs Kristen vents quiz, hit that one on one. Oh well during the regular season Jarod of typewritten held the Red Sox won for fifteen. It's an oath sixty seven batting average. I think I remember that by heart. There's only one hit. Sure, he gave a home run in the postseason happens. You make that fine that that does not scar me people like oh my God. The Yankee fans all my God. Like this guy back. You see what he did in October like well blacks, dude, look with this guy did at the peak of his career. He was the best pitcher in baseball. Yeah. He has the lowest. Years over the past five years the lowest. Yeah, he's awesome. If he he throws a fucking bowling bowl. If he can tap into. He was he didn't give up an earned run September, not one. If you can tap into. He was good last year. But if you can tap into what he was during his sei-yung candidate year. Holy shit thirteen a year. Then you're you're you're talking about seventy nine isn't now Britain, Batanes Chapman. That's awesome. Got that. Chad Greenfell their Tommy Canley. Let's see we can with holder holder. Hopefully, just does the same shit Tarpley think Tarpley's gonna have a nice year. Michael king all about Michael king pick king. He might crack the rotation depending what happens we'll see thing. And we're still looking at AVI know, who if they can bring on veto in your talking like, holy crap. Yes. Back and forth with I'd like him by the what I read is. He we want two years for him. He wants three..

Tommy John Tarpley Michael king achilles Red Sox New York Jarod Kristen bowling baseball Tommy Canley Batanes Chapman Chad Greenfell Britain twenty nine year five years two years