Ruth King - How to Get And Stay Profitable
Ruth King, known as the profitability Master, explains how she helps companies become and remain profitable.
In this episode she explains:
- My background is actually engineering and finance. And when I was in MBA school, I found that I really had a knack for numbers. And that's where helping the small businesses become profitable and build wealth actually came from
- My rule has become even if you're profitable, no more than 80% or no more than 20% of your customers in one industry, or not have any single customer to have more than 20% of your revenues.
- Essentially, we look at their p&l on their balance sheet, and we figure out where they want to go. And number one, we have to make sure that they are profitable and that they're generating enough profits that they are comfortable with at the present time.
- If your employees are not productive, and your customers are not profitable, you don't need them.
- You measure it by what's called net profit per hour and overhead costs per hour. Net profit per hour is for every billable or every revenue producing hour of your that your employees produce their products, how much profit actually drops to the bottom line.
- So if you start tracking time, and you start tracking what they're doing, amazingly, things happen to increase profitability, it just that what everybody's watching
- I do individual consulting, which is the one to one, and then the one to many can be done in many different ways. I've got many videos up which talk about different parts.
- I write to turn on the light bulb and people so that they get it? My goal in life is that people understand how to get and stay profitable and understand their p&l and balance sheets.
- I'm known now as profitability master. There are many of my clients are known for different things, some are known for taking care of exceptional service in the mind of the customer. And your brand has to somebody thinks of you, they have to think
Ruth has a website, Profitability Revolution with hundreds of videos which anyone who buys one of her books, such as the Courage to be Profitable would automatically get access to.
Thank you for listening!
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