Book Report “Profits Aren’t Everything, They’re the Only Thing”
I chose the book “Profits Aren’t Everything, They’re The Only Thing.” A basic understanding of the book relates to the authors strict authority towards business operations, and how implementing an attitude of “survival of the fittest” enables the survival of small-medium size businesses. The author provides multiple examples of how he and his company solved each problems relating to businesses that is on the brink of failure. By implementing his ideal, the author believes your company will survive, along with great rewards in the future.
The book starts off in chapter 1 by introducing himself and his company, American ...view middle of the document...
The specific right now is cash equals profit, and positive profit is the main goal of your company.
In Chapter two, the author provides you with red flags that you must catch. You must end the denial that your business will be ok, its only hitting a rough patch now, it will improve later. This is a devastating ideal to implement if you’re the small business that is going under, its one of the first red flag you must catch. If your business has been facing tough means to achieve positive cash flow, quite denying the fact it doesn’t needs to be restructure or change its way of operation because that’s how its been done for the last 20 years. If its not working now, there must be a reason, so look for it and correct it.
In chapter three, the first reminder the author provide is, if you’re not able to pay yourself a sufficient salary, your company is in trouble, that’s a red flag. By reducing you salary so you can pay a outstanding loan, or make ends meet will not do you anything good, because eventually you will lose everything by mortgaging your house, selling your assets, and etc. Your not in the business to help others, its your business and its your risk, take care of yourself first.
Chapter four and five relapse the idea that you must love your business more than your family. Your business is not a part time job; you have to put in the hours to retain its survival. If that means you have to miss your daughter’s recital, staying longer hours, work weekends then so be it. If you don’t put in your effort, you might as well kiss your business goodbye. Also if you feel like your son, daughter, nephew, wife, etc are not capable of their job, don’t be soft, fire them and replace them with someone better. If your worried about how they will survive without the job, parole them for a bit, and gave them time to find another job, but that should be it. In addition, the author also specifies that you shouldn’t work from home because there are too many distractions.
Chapter 6 taught the audience that you shouldn’t delegate your responsibilities or important tasks to others. This is just another way of saying I’m shrinking my responsibilities. If your wondering why your business is not thriving or why thing’s aren’t getting done, its because your not the control, authoritative role model that every leader needs to be. Be that guy that leads others, set your standards, implement your plan of action, and do it. You must micromanage, meaning you should be able to know everything that is happening within your company, even if your far away at a conference or vacation. You have to be all over the important tasks, your company should be at your fingertips, and you should be able to manage it through it. Delegate your responsibilities but verify, have your employees report to you every detailed sales, payrolls, tasks of the week, monthly sales, customers, etc.
Chapter 7 and 8 wants you to live and die by your plan and...