Part 8/8: Understanding Your Economic Engine: Cash Is King

In the final vlog of our Understanding Your Economic Engine series, Coach Rick Phelps discusses the importance of positive cash flow in businesses. He explains through real-life stories and examples why “Revenue is vanity, profit is sanity, and cash is king.” Watch the vlog to learn more!

Part 7/8: Understanding Your Economic Engine: Inventory

In part 7 of this vlog, ActionCOACH Rick Phelps introduces inventory into the throughput accounting model and suggests focusing on three areas of your business. Watch the vlog to learn more!

Part 6/8: Understanding Your Economic Engine: Productivity

In part 6 of this vlog series, Rick Phelps of ActionCOACH introduces three productivity metrics that should be used as key performance indicators for your business.

Part 5/8: Understanding Your Economic Engine: Product Profitability

Traditional cost accounting is not 100% accurate when trying to determine which products are the most profitable to manufacture in your company. Why? Simply put, it does not factor in your business’s constraints. dollars per minute which will determine each product’s profitability. This form of accounting provides a clearer understanding of issues in your company and a path to solving them quickly so you can gain greater profitability. Watch the vlog to learn more!

Part 4/8: Understanding Your Economic Engine: Quoting to Ensure a Profit

Miscalculating the actual costs of your product or service hurts your bottom line. The good news is there is a formula that you can use to determine the relative profitability of each of your products and services. When applied to your quoting process, this calculation will guarantee your business makes a profit with every sale. Watch vlog 4/8 to learn more!

Part 3/8: Understanding Your Economic Engine: Scheduling Your Profit

Knowing how profitable your business will be each day, week, and month requires you to schedule your throughput dollars per job in advance. Watch part 3 of this 8 part vlog series to learn more!

Part 2/8: Understanding Your Economic Engine: Focusing Improvements

Your business MUST understand where it’s pinch point is on it’s path to profits. Once you understand where your pinch point is, every preceding or proceeding step to that process can be worked on to address that relationship.

Part 1/8: Understanding Your Economic Engine: Reticular Activating System

If you’re like most businesses, you might not be achieving your full profit potential because you aren’t paying attention to your business blind spots.

How to Cope with Stress as a Business Owner

Whether you’re outside of your comfort zone, under a lot of pressure to perform, or speaking in public, stress affects us all in different ways. It’s that clammy-hand, heart-racing, and sweat-dripping reaction to uncomfortable or unfamiliar events. Everyone can relate. While stress is inevitable, it can be handled in a way that is both productive and beneficial. Watch this video from ActionCOACH Mark Phelps for tips on how to cope with stress.

Should You Increase Your Rates During a Recession?

In this blog post, Mark Phelps of ActionCOACH shares his take on a recession, and he answers a question that many business owners struggle with: Should you raise your rate(s) or price(s) during a recession?