How to Control Your Largest Business Expense

Рет қаралды 27,291

4 ай бұрын

Today we’ll hear about:
• How delegation is the key to scaling your business
• The best way to establish bonus structures that don’t rob you of your profits
• How Dave Ramsey pays his executive board
• How there’s no way around being taxed on retained earnings
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Пікірлер: 25

@lawyerdhop 3 ай бұрын

I've always respected how Dave has been able to change with the times. This podcast and the things he talks about shows that he is still locked into the current trends in the business world.

@jonb1590 4 ай бұрын

Second caller might want to be a bit careful how he treats that salesman. I agree that's not a smart way to structure bonuses, find a way to change that, but precision ag products are mostly a loss leader to sell your tractors/equipment. If the guy is actually good with the product, customers will follow him to another dealer.

@JessieBaker-tk9xl 4 ай бұрын

Caller #1, this will vary regionally, but consider hiring a bookkeeper! Ours handles all the sales and payroll taxes and payroll for $230/month and that includes our online QB expense.

@Terminator550 4 ай бұрын

That is a reasonable price for all of that service.

@Exitnextright2 3 ай бұрын

That is a great price. Mine is $345.00 month for only keeping the registers categorized and organized. QuickBooks Online Full Service Payroll is what we use for payroll and we have to do it ourselves. Might be time to shop this out. Have a blessed day.

@cm01 Ай бұрын

that is a suspiciously low price that most people will not be able to match, I hope you got a real pro who's just undercharging you instead of a yeehaw.

@axolotlplays1974 4 ай бұрын

Learnt so much. Good show

@WanderCampesino Ай бұрын

This is like old Ramsey Show, just the Dave.

@danielwierman1121 3 ай бұрын

Caller #2: You should try making an offer instead of selling a product. In other words see what you can pair with the product to be able to raise the price and turn the product into an wholistic offer tackling more needs of the customer. This can come in a lot of different forms… Example: Digital content (How To Guides, Videos, Documents, Blueprints, Video Trainings, Coaching Calls, etc…) or even other products in your lineup paired together in a bundle or package that would better serve the customer’s wholistic needs. Anyone a bit tough when I don’t know what you’re selling… Good luck brother!

@georgec.9068 4 ай бұрын

Really love this!

@NightOwl-uw7yq 4 ай бұрын

Dave always has the best looking shirts

@ninjarooster9258 4 ай бұрын

Yeah he does.

@frenchyalicea649 2 ай бұрын

When robert called in around min 29 and asked "how to structure the partnership" its understandable why dave would say well ya need each other so 50/40 split works BUT leave yourself an out so the comp structure can change once it starts to grow. That is a double edged sword, because the place wont grow without the other partner that clearly they're stating they would want to compensate less because more people will be hired and there to handle what partner #2 will be doing by himself. THAT basically de-incentivises the #2 guy because the more persons he trains the less he'll eventually make. That is a slippery slope and can cause him to say "start your own bubba" and because HE ACTUALLY KNOWS THE WORK, he can go hire an admin guy which partner #1 is and go bout it himself. Partner #1 shouldnt be to high up on the horse thinking hes the brains and can outsource eventually telhe braun and pay #2 less. No bueno bud.

@MisteRRYouTuby 4 ай бұрын

Is it wrong to set the retained earnings account in a money market savings account or is there regulations/laws against such action? Keep in mind, wherever dividends or earnings from that account will only go back into the account. It must also be reported as well to the IRS.

@USMC6976 4 ай бұрын

There is no such thing as a retained earnings account. It is not an asset. Any money market savings account will be considered a cash asset. Accounting lives by the Equation Assets = Liabilities + Capital. The only thing that exists for use are Assets.

@MisteRRYouTuby 4 ай бұрын

@@USMC6976 So that’s a “No.”

@davidallen5490 4 ай бұрын

Hello all

@armouredryan 4 ай бұрын

Great Video

@USMC6976 4 ай бұрын

He's going to be the office side and his co-worker will be the production side. If he thinks he's going to own the company, he might want to rethink his role. After his co-worker demonstrates to himself that he can make bids and see projects completed, he can just move on and hire an office manager.

@sb2261 4 ай бұрын

Creating a bonus structure that doesn't make the company money and then pulling it from the employee after the product has market familiarity is a total scam. That's what happened here for sure. The business had a product that no one knew and people weren't buying but was a " unquote hot product and they incentivized their best guys to sell it and now that the product is selling itself a bit they're pulling the bonus program absolute scam artists shame on Dave for supporting this

@kvdairy Ай бұрын

Agreed, it's not the employees problem the product he was put in charge of became a top seller and now the company isn't making any money on it. I wouldn't give up my original agreement company. Keep it as is or fire me.