Always Have A Predictable Profit

By Mike Wolf

This book highlights the stories of ten local business owners who have not only excelled in their respective fields but have also managed to operate their businesses as high-performing entities. It addresses the common statistic published by the Small Business Administration (SBA) regarding small busines

• Language: English
• Publisher: AuthorUnit
• Release date: May 20, 2024
• ISBN: 9798890302816

Mike Wolf

Mike Wolf opened and established the bar program at Husk in Nashville, Tennessee and spent the next five years developing a hyper-seasonal and dynamic style of cocktails and non-alcoholic drinks, utilizing on-site gardens, the bounty of Middle Tennessee and a home garden where he grew upwards of 30 different varieties of herbs and vegetables all for the purpose of making cocktails and elixirs. His drinks have been featured in Imbibe Magazine, Local Palette Magazine, the Tennessean, Foodable TV Network and more.

Book preview

ALWAYS HAVE PREDICTABLE PROFIT

Copyright © 2024 Mike Wolf.

No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in reviews and certain other non-commercial uses permitted by copyright law.

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Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in the work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Any people depicted in stock imagery provided by Getty images are models, and such images are being used for illustrative purposes only.

ISBN 979-8-89030-333-2 (Paperback)

ISBN 979-8-89030-334-9 (Ebook)

Printed in the United States of America

Contents

Forethought

Always Have A Predictable Profit

Keep Fixed Costs for Stability

Semi-variable Costs for Flexiblity

Margin Protects Profit

Manage Cost of Goods Sold

Costs of Quality

Manage Your Business with a Scorecard

Create Silo Marketing Business Services

Build a House of Value

Folllow the Money Map

Wisconsin Tax Benefits for 2024

PUTTING IT ALL TOGETHER

About the Author

Dedicated to the twelve million broken and displaced Ukrainian families scattered throughout the world

who everyday put everything on the line to have

the freedom to choose, the freedom to thrive, the freedom to be.

And to all the courageous small business owners everywhere who, at any moment, are willing to give up everything that brought them to the present moment, for what they might become

85% of all small business owners in the US. fail within the first 60 months for one of three reasons:

They are doing something they shouldn’tdo

They are not doing something they shoulddo

There is something they don’t know

Forethought

I am honored to be able to write these forwarding comments. This book acknowledges ten local business owner entrepreneurs, not only for their expertise in their field, but for their ability to rise above the crowd in an effort to always operate their businesses as high-performing compa nies.

Each year there is a commonly published statistic by the SBA showing small business failure rates. In over 30,000 small businesses with one to thirty employees within 100 square miles of your front door at this moment, over 85% of them will not be around in five years to enjoy the fruits of all of their hard work or the full benefits of owning a company. Some will fall very short of their financial goals. Others will bear a great deal of stress and bring hardship to themselves and to their families. Most will rely on some guess work, and poor advice from unqualified sources. A high-performing business owner covers four key areas of a business landscape.

Structural integrity demonstrates full legal compliance with all IRS, State and Federal laws. The result is good risk management practices that protect assets and owner retirement. Structural integrity will put the owner into the driver’s seat of financial freedom, working by choice, not from need.

Financial management is the smooth and efficient money management. Good financial practices ensures that all bills are paid on time. With a balanced budget good financial management will avoid unexpected market shifts that challenge businesses: unforeseen swings in social, technological, economic, environmental, political, legal, ethical, and demographic change in age education and income that interrupt business progress and profitability.

Operational efficiency is the shortest amount of time to design and develop a product or service and deliver it to a customer’s complete satisfaction. Operational efficiency is measured by product cost and vendor management, error-free production, velocity (speed and efficiency of delivery) and HR practices (employee engagement and retention).

Tax management obeys every tax law, yet allows a business to exercise every legal right and thus pay the least possible amount of tax. In nearly all cases every business overlooks and overpays unnecessarily because they do not fully research the law.

Out of fear, and/or pure disinterest, they turn their books over to their accountants expecting that the accountants will do all the work. The truth is that accountants simply are not able nor equipped to do all the work.

Paying the least tax allowed by law requires several different skillsets beyond accounting, seeing different parts of a company through different lenses at different levels – all working in concert to fully accomplish the best possible outcome.

High performing business owners understand that they must stay in control of their business, treat it with the utmost respect and care and fully own it or someone else will. They understand that they are not their business, and they break through the barrier of having a job vs. owning a company that they can eventually sell, lease, gift or continue to operate for long term income.

The Toki Yoki LOOK BOOK

This is a Kanketa Toki Yoki (high speed learning) LOOK BOOK. No extraneous reading. Only basic visualized concepts with necessary words to put the points across, with more pics, for better, faster results.

To achieve an efficient and effective educational outcome, I am relying on concise images to tell stories.

The Goal of This Book is to condense 150 university classroom hours of high-level strategic finance used in global companies into 150 pages of easy to read, easy to understand practical money management concepts for every-day use. From over a hundred US. universities, I have selected four for a comparison to this information.

None teach or offer all of it. All teach some of it. When combining all financial and related courses of these institutions, we still come up significantly short of the education in these pages.

All Universities use GAAP (General Accepted Accounting Principles), a financial system of the US government that is proven to be ineffective for everyday decision- making in small business management.

Kanketa, Journey in balance, is an eastern- based business management philosophy that has been proven over decades. Kanketa Profit Budgeting is a uniquely formed, highly crafted, time-tested, proven system.

Kanketa is the Science of