Mike AndesFounder, Augusta Lawn Care and Homeworks · Founder of Homeworks and Augusta Lawn Care

Share your Finances 📊 with Everyone...😑 #lawncare #smallbusiness #numbers

11 Nov 2024 · 1 min

Watch on YouTube

0:48

Mike Andes (creator) argues small-business owners should share financials with employees to correct assumptions about wealth and to solicit cost-saving ideas. He describes a team-meeting exercise where he brought one $1 bill for every $10,000 (110 $1 bills) to visually represent profit, asked the team to propose ways to reduce expense line-items, and the winning idea was that the estimator (Mike at the time) should switch from driving a truck to a car to save fuel expenses. The example ties financial transparency to practical, employee-driven expense reductions that fund raises/benefits.

Questions this video answers

110 $1 bills.

He used one $1 bill for every $10,000.

Chapters

To your employees. They just assume because you got two new trucks that you're making money hand over fist. Just share the numbers with them. They don't like math, they don't like numbers, and all of it just seems like a bunch of Chinese to them. And we took $1 bill for every $10,000. So it was 110 $1 bills that we brought to the team meeting. This is the profit and this is how we grow the business from. This is how we actually are able to afford raises, more benefits, etc. But what we need to figure out is how to get more of this money from all of these different line items on our profit and loss statement. These expenses, the profit pile, and the very next team meeting, they had to come back to the team meeting with an idea of how to reduce the expenses. In that category, we voted on the best one. It ended up being the estimator, which was me at the time, should not be driving a truck. Instead they should be driving a car to have better fuel economy.