In this article, I wanted to open up about some little-known facts and behind-the-scenes things that I know I have never shared before about Profit Strategies, me, and how this business came to be.
Who creates the financial numbers in your company? Odds are if you asked employees this question most of them would say, "The accounting department." You understand employees create the numbers on the financial statements through the decisions they make and actions they take. But do your employees understand this? Read how to get employees more involved with impacting "the numbers" and financial success of the company!
The Labor Efficiency Ratio measures the productivity of your labor force through time and can be used to optimize your economic engine for maximum profitability. However, most leaders are unfamiliar with this concept and instead pay more attention to total labor costs—which is a flawed measure because it does not account for how productive labor actually is at generating profits.
We live in an era of disruption, and one thing is certain: the success or failure of your strategy hinges on what your competitors choose to do. Play a war game with your team to uncover blind spots, think like the competition, anticipate what they might do next, and plan your next moves to win in the market.