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The $100K Embezzlement Lesson Every Builder Needs with Ruth King
Manage episode 505528427 series 3672031
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When Ruth King, Founder and CEO of Financially Fit Business, shares the story of a business owner who lost over $100,000 to embezzlement despite sitting through her financial management class, it perfectly illustrates a critical truth in construction and logistics: financial oversight is essential for survival. In this episode of Beyond the Build: Innovation in Construction, Ruth joins hosts Scott Lowman and JP Scott to explore essential financial management practices, productivity metrics, and strategies for sustainable business growth in the construction and logistics industries.
What You’ll Learn:
- How to use the critical productivity ratio to measure labor efficiency
- Why checking bank accounts daily is the simplest yet most effective fraud prevention strategy
- How to calculate true employee costs beyond salary
- The importance of measuring and reducing unbillable time to maximize profitability in logistics operations
- Why third-party hauling can be a strategic advantage rather than just an expense on the P&L
- How to transition from hands-on operator to effective business manager without losing operational excellence
Ruth King is the Founder and CEO of Financially Fit Business, with over forty years of experience helping business owners increase profitability and build wealth. As a renowned profit and wealth guru, she has developed cutting-edge AI-driven tools that enable businesses to analyze their financial health in under ten minutes per month. Ruth is the acclaimed author of best-selling books, including "The Courage to Be Profitable" and "The Ugly Truth About Cash," which have helped countless small business owners make smarter financial decisions.
Tune in for a look at the hidden costs of construction and the unique approaches that can help solve for them!
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