Profit Mastery Workshops for Jewelers
fraud true story
are goals, & then there are BHAGS!
- Tip of the Month:
fraud true story:
Let his pain be your gain
A couple of months ago, we ran a story on the 13 Red Flags to Bookkeeping Fraud. Since then several people have told
me their stories of internal theft. Several shared that they realized only after the fact that several of the red
flags we listed were present.
Recently, one of our retail clients agreed to share his story in the hopes that it will help you from experiencing the same
situation in your company. The client, whom I'll call Eric, recently held a large sales
event as part of a location move. As is typical during a big sale, things got hectic. "There was lots of cash
coming in, and so many cash transactions that we couldn't run them all through the computer system," said
bookkeeper was counting the cash daily, reconciling sales and then going down to the bank to deposit the money."
There are goals, and
then there are BHAGS!
For this month's coaches corner I'd like to share a story about setting goals. But not just any goal, a BHAG, or Big Hairy Audacious Goal (an expression invented by Jim Collins in his excellent business book "Built to Last").
Our own BRS facilitator, business coach and uber
athlete, Urs Koenig, has set a BHAG for himself for 2006: Competing solo in the
Race Across America
the Month: P&L Spring Makeover
month's tip "Debit or Credit?" was
Jamie Peghiny, Southborough Jewelers
Give your P&L a spring makeover. I can't tell you how many Profit and Loss statements I've
seen that have about a million different expenses listed in alphabetical
order - in dollar amount only. What's that tell you?
Instead, think about consolidating some of those expenses and grouping them into like categories, such as salaries and benefits, marketing expenses,
In addition to the dollars, in the next column over, have the expense amount listed as
a percentage of sales. Called a common-sized statement, it helps you see when an
expense is increasing as a percentage, and not just going up because your sales are
increasing. Important to know if you want to watch those creepers. You still might not
like what's on the bottom line, but at least you'll have a better idea of what's
Mastery Performance Groups for
Pharmacy Owners and
There's still room in our 2006 Profit Mastery Workshops and Plus Day series
for Jewelers. Check out the calendar for dates and locations. These will be
the only dates available this year, so don't miss out!
to improve your bottom line, BRS Profit Mastery Groups
work! Our members are taking their businesses to a new
level. Get peer support, focused meetings, and
help in making and keeping goals. Find out if you're
ready by taking our Profit Mastery assessment
Over 97% of the people who attend our workshops say they've
substantially increased their understanding of the health, strengths and
weaknesses of their companies. Change the way you manage your
business, increase your cash flow, and find profits you never knew
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