Episode 060 – Let Ruth King Explain How Entrepreneurs Can Have the Courage to be Profitable In Their Business (Part II)

In Episode 059, Jack has invited Ms. Ruth King, who is a serial entrepreneur owning or having owned 8 businesses since 1981, to explain how entrepreneurs can have the courage to be profitable in their businesses.  This will be the Part II of the interview. 

Ruth has a passion for helping businesses get and stay profitable utiliSing the latest technology that makes sense to use. Ruth is also the #1 Best selling author of The Courage to be Profitable and three other award winning books.

What else can you tell where the balance sheet is wrong?

"If you're a company that has inventory but you have no inventory on your balance sheet, it is wrong. Because if you've got inventory in your business and you don't have it on your balance sheet, somebody's playing games.  Let's put it this way. They're not creating proper numbers."

Spending 15 minutes a month on your business' profitability assessment

"I quite frankly don't look at return on equity on a month by month basis. Maybe once a year I looked more at what's called current ratio, which is the thing that says can you pay your bills or not? If you take your current assets, which are things that are cash or turned into cash, like cash receivables and inventory basically, and divide that by current liabilities, which are things that you have to pay within a year and you divide those two numbers is called the current ratio. Your current ratio should be increasing, so if this month your current ratio was two and next month it's two point one and the month after that is two point two. That means your profitability is increasing. If you're current ratio ever falls under one,  you have a problem because you have more bills coming in. Then you have assets to pay them. It's not a good thing."

15 ways employees and vendors steal from you and what can you do about it

[Ruth is sharing a personal story here ...]

Ruth 's Most Favourite Quote
"When tough things happen, pick yourself up, dust yourself off, and keep going." 


Want to know more about Samuel? 
Facebook: https://www.facebook.com/ruthking1650
Twitter: https://twitter.com/ruthking
LinkedIN: https://www.linkedin.com/in/ruthking1
Email: rking@ontheribbon.com
Website: http://www.thecouragetobeprofitable.com/

Did you like what you heard?

If you liked this podcast, please leave a review on iTunes!  Click here to discover the iTunes page.

Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?

  1. Launch Apple's Podcasts app.
  2. Tap the Search tab.
  3. Enter "Cracking the Entrepreneur Code".
  4. Tap the blue Search key at the bottom right.
  5. Tap the album art for the podcast.
  6. Tap Write a Review at the bottom.

If you found value in this episode, assist your friend and share this episode on Social Media.

Like it?  Take a second to Support "Cracking the Entrepreneur Code" on Patreon

Facebook Comments
Please follow and like us:
error

About the Author Jack HM

Jack HM Wong Is an author of his Amazon bestselling book Cracking the Entrepreneur Code: 7 Tips to Build the Business You Always Wanted. He has been featured on CBS News, Fox, ABC News and NBC News. His mission is to improve the quality of lives of over 1 million people worldwide. His message to people who are stuck in the rat race is straightforward - "Anyone can start Any Business, Anyhow, Anywhere and Anytime".

follow me on:
  • Jack HM says:

    You can now join me to discuss specific questions you might have arising from this episode in my new FB Group “Jack HM Wong’s Cracking the Entrepreneur Code Podcast Community”

    https://www.facebook.com/groups/cecpodcast/

  • >