Greg Crabtree joins Steve Major on the podcast.
Greg Crabtree is a speaker, author, entrepreneur and financial expert. Greg has used his entrepreneurial skills to develop Crabtree, Rowe & Berger, PC, a CPA firm focused solely on the needs of entrepreneurs, helping them build the economic engine of their businesses. Working with entrepreneurs all over the country in a broad range of industries, Greg Crabtree has simplified financial reporting and empowered all entrepreneurs to take ownership of their finances.
In 2011, Crabtree published his first book “Simple Numbers, Straight Talk, Big Profits,” in which he shares his core principles of how to turn your business into a wealth building engine.
Greg Crabtree is a frequent speaker at EO Chapter events, EO’s Accelerator Money Day program and the U.S. State Department’s New Beginnings program for international entrepreneurs.
Greg wanted to know enough that people would call to ask questions about business.
It was not about generating billable time. It is about analysing what is and looking ahead. Greg is constantly intrigued as to why business works.
Greg’s involvement with Entrepreneur Organisation lead him to 3 critical things :-
- business owners did not want no tax day surprises
- no billing by hour which is accountants giving away expertise and charging for ignorance
- accountants see 100’s of business and as a result see’s what works and what does not. Accountants see the pulse of economic activity of the country.
Accountants speak a different language. We must have a common language. Solve the picture of how a business works.
Accountants & bookkeepers use compelling data to change behaviour.
Privately owned business – get salary for what you do and a return for what you own.
Business modelling is imperative.
Gross margin reflects a subset of business model.
Margin = gross revenue – direct cost. It does not include direct labor.
Accounting – must have belief that can make a difference rather than selling what you do.
Put consulting at the front and not at the back end.
Have to create a rhythm – break it down to a weekly mindset.
The demand for this advisory service is crushing.
Takes 6-9 months to train clients.
Marketplace – finding ways to automate and eliminate.
Core capital concept – 2 months of cash for operating expenses.
Return on investment – those businesses with core capital will have ROI.
Focus on margin production or contribution margin dollars.
Key Point – make consulting the lead offering. Figure out what you believe.
Website – SimpleNumbers.me
Twitter – @gregcrabtreecpa
Linkedin – Greg Crabtree