V. Basic Economic Principles for Becoming a “Master Business Chief”
There are three key principles of business economics that apply with extra importance in order to meet the challenge of changing economic times. Here are those three principles and three questions related to each.
1. Selling Price Must Be Higher Than Your Cost
a) Do you know what your costs are?
b) How do you set your prices?
c) Do you monitor your “gross profit margin”?
2. Funds Coming In Must Exceed Funds Going Out
a) How do you know what your funds position is? When do you know?
b) Do you confuse “profit” with cash?
c) Do you manage cash? (To borrow a phrase from the popular movie Jerry Maguire, “Can you show me the Money!)
3. You Must Have Enough Funds To See Yourself Through.
a) How do you know how much you need?
b) What is…
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