{"id":7210,"date":"2018-01-09T00:00:29","date_gmt":"2018-01-09T00:00:29","guid":{"rendered":"http:\/\/henekawatkisporter.com\/?p=7210"},"modified":"2024-08-15T15:17:21","modified_gmt":"2024-08-15T20:17:21","slug":"episode-043-knowing-your-cost-drivers-balancing-the-equation-and-staying-profitable-with-ruth-king","status":"publish","type":"post","link":"https:\/\/henekawatkisporter.com\/episode-043-knowing-your-cost-drivers-balancing-the-equation-and-staying-profitable-with-ruth-king\/","title":{"rendered":"Knowing Your Cost Drivers, Balancing the Equation and Staying Profitable, with Ruth King"},"content":{"rendered":"\n<p>Ruth King is the Profitability Master, Founder and CEO of Profitability Revolution Paradigm. She is also President of Business Ventures Corporation. She has a passion for helping small businesses get and stay profitable. Her #1 Best Selling book, The Courage to be Profitable, explains how to get and stay profitable in less than 30 minutes a month &#8211; in English rather than accounting babble.<\/p>\n\n\n\n<iframe frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=MPNL5581407150\" width=\"100%\"><\/iframe>\n\n\n\n\n<p>Show &nbsp;Notes:<\/p>\n\n\n\n<p>To break the ice, I asked Ruth, whether she\u2019d rather have many acquaintances and no friends, or have only one or two close friends?<\/p>\n\n\n\n<p>Her response, \u201cOne or two close friends.\u201d<\/p>\n\n\n\n<p>We went on to talk about what every entrepreneur needs to have more of, profit, profit ad more profit.<\/p>\n\n\n\n<p>Some questions I asked throughout the interview are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How did it all start for you as the profitability master?<\/li>\n\n\n\n<li>What are the things we need to be looking out for in balancing the equation of profit and cost?<\/li>\n\n\n\n<li>What are some considerations business owners need to be making in order to grasp accounting?<\/li>\n\n\n\n<li>What&#8217;s the reason businesses fail to make profit?<\/li>\n\n\n\n<li>What&#8217;s one of the biggest cost driver in a business?<\/li>\n\n\n\n<li>Why would a once <a href=\"https:\/\/henekawatkisporter.com\/episode-085-money-mission-marketing-strategies-to-grow-your-business-with-shelagh-cummins\/\">profitable business<\/a> start to experience decline in profit?<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Main Take-Aways:<\/strong><strong>&nbsp;<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><br><h3>Understand that financials are not hard. accounting was developed around the 1300s and there were no calculators back then and it was easy.<\/h3><br><\/li>\n\n\n\n<li><br><h3>If you are getting bored with your business, it will decline because you are not paying attention.<\/h3><br><\/li>\n\n\n\n<li><br><h3>Get your financial statements every month; get a profit and loss statement and balance sheet. Get tutored on it, read a book, go to a class.<\/h3><br><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">RESOURCE TO PEAK YOUR PERFORMANCE<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>&nbsp;<\/strong><strong>Connect with Ruth King<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/twitter.com\/RuthKing\">Twitter<\/a><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"https:\/\/www.linkedin.com\/search\/results\/index\/?keywords=ruth%20king&amp;origin=GLOBAL_SEARCH_HEADER\">LinkedIn<\/a><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><a href=\"mailto:rking@profitabilityrevolution.com%20\">Email<\/a><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"http:\/\/bit.ly\/2z9eRBa\">Get Early Bird Tickets for Leadercast Kingston NOW<\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"http:\/\/bit.ly\/2wiHfgo\">Order TEY Virtual Conference Bundle<\/a>&nbsp;NOW<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Support our Sponsors:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.jamstockex.com\/\">Jamaica Stock Exchange<\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.facebook.com\/Bookophilia\/\">Bookophilia<\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.patwaapparel.com\/\">Patwa Apparel<\/a><\/h2>\n\n\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ruth King is the Profitability Master, Founder and CEO of Profitability Revolution Paradigm. She is also President of Business Ventures Corporation. She has a passion for helping small businesses get and stay profitable. Her #1 Best Selling book, The Courage to be Profitable, explains how to get and stay profitable in less than 30 minutes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[255,257,258],"class_list":["post-7210","post","type-post","status-publish","format-standard","hentry","category-podcast","tag-accounting","tag-finance","tag-profitability"],"_links":{"self":[{"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/posts\/7210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/comments?post=7210"}],"version-history":[{"count":0,"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/posts\/7210\/revisions"}],"wp:attachment":[{"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/media?parent=7210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/categories?post=7210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/henekawatkisporter.com\/wp-json\/wp\/v2\/tags?post=7210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}