Unfortunately, many business owners simply worry about profits while ignoring business wealth building, but a successful business needs both. When implementing profit and wealth strategies simultaneously, business owners can avoid costly mistakes and effectively build a solid and sustainable business.
Today's guest, Ruth King, known as the “Profitability Master,” joins us to share why so many small businesses go bankrupt, how they can avoid such a fate, and how they can insulate themselves against economic fallout. She provides insight into why so many businesses fail to track or measure the right financial data, which mistakes start-ups can avoid, and some “easy” ways to grow business wealth and develop a sound debt strategy.
Ruth King is the Profitability Master. She has a passion for helping small business owners get and stay profitable.
For nearly four decades, Ruth has utilized the latest systems/processes/technology to help start-ups, fledgling businesses, or even well-established companies to grow successfully.
She is a serial entrepreneur, having owned 7 businesses in the past 30 years. One of her businesses, Business Ventures Corporation, began operations in 1981. Through Business Ventures Corporation, Ruth coaches, trains, and helps contractors and others achieve the business goals they want to achieve.
She is especially proud of one construction company owner she helped climb out of a big hole. He started with a negative $400,000 net worth 15 years ago and is still in business today...profitably and with a positive net worth.
Ruth has been instrumental in helping business owners understand and profitably use the information generated from the financial segment of their businesses. She has a knack for helping business owners truly understand financials.
Her book, Profit or Wealth?: Simple Rules for Sustainable Business Growth, takes a unique perspective on what really matters in financial statements and gives business owners clear and simple rules to build business wealth, which can translate to personal wealth.