Revenue Operations Quotes

I spent 33 years and four months in active military service and during that period I spent most of my time as a high class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. I helped purify Nicaragua for the International Banking House of Brown Brothers in 1902-1912. I brought light to the Dominican Republic for the American sugar interests in 1916. I helped make Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents.

The maturing of a woman who has continued to grow is a beautiful thing to behold. Or, if your ad revenue or your seven-figure salary or your privileged sexual status depend on it, it is an operable condition.

Every successful business (1) creates or provides something of value that (2) other people want or need (3) at a price they're willing to pay, in a way that (4) satisfies the purchaser's needs and expectations and (5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.

Whereas gross revenue speaks more to a businesses pricing power and scale, net income speaks more to it's efficiency and operations.

Think of renovating a house like operating the federal government. You start with a budget and the revenue to finance it. Then the special interests keep adding items to the list; you have to end the war between the interior decorator and the electrician, so you pump in more money to buy peace; and by the time you’re done, you’re $16 trillion in debt and having to borrow money from the Chinese.

Entrepreneurs often mistake their business plan as a cookbook for execution, failing to recognize that it is only a collection of unproven assumptions. At its back, a revenue plan blessed by an investor, and composed overwhelmingly of guesses, suddenly becomes an operating plan driving hiring, firing, and spending. Insanity.

Every successful business (1) creates or provides something of value that (2) other people want or need (3) at a price they’re willing to pay, in a way that (4) satisfies the purchaser’s needs and expectations and (5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation. Take away any of

An even more blatant example of the government’s hypocrisy was their role in regulating alcohol. The politicians and bureaucrats pretended to care about alcoholism but allowed minors to drink with adults all day and all night. They just opened more jail cells and operated additional paddy wagons, letting the drunks back out in time for Sam and me to fire cherry bombs at them. As Dad said, “Half the PhDs in the country study Indian alcoholism, but nothing changes. No one in the government really gives a shit. They just want the tax revenue.

The transition from foreign enemies to domestic enemies is a natural sequence when safety is emphasized over liberty. It involves the FISA court, PATRIOT Act authority, out of control NSA surveillance, and enthusiastic presidential use of the Espionage Act of 1917 to suppress and intimidate truth-tellers and whistle-blowers. We have an FBI that participates in and encourages the process by breaking laws in its sting operations and entrapments. Plus, there are illegal seizures of property at all levels of government. Property confiscated is not turned over to general government revenue. Instead, it automatically is put in the treasury of the policing organization that did the confiscating. This process is dangerous; it systematically undermines our liberty while providing funding and perverse incentives for organizations that do the policing. This brings to mind the CIA using drug money to finance secret activities during Iran-Contra.

Every successful business (1) creates or provides something of value that (2) other people want or need (3) at a price they’re willing to pay, in a way that (4) satisfies the purchaser’s needs and expectations and (5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.

Writing software is not a variable cost, but it's not really a fixed cost either. Writing software is an ongoing, revenue-generating operation of the company, and it is not the same as constructing a factory. The expensive craftsmen who build the factory leave and go to work on some other job after the building is erected.

Mass production was aimed at new sources of demand in the early twentieth century’s first mass consumers. Ford was clear on this point: “Mass production begins in the perception of a public need.”73 Supply and demand were linked effects of the new “conditions of existence” that defined the lives of my great-grandparents Sophie and Max and other travelers in the first modernity. Ford’s invention deepened the reciprocities between capitalism and these populations. In contrast, Google’s inventions destroyed the reciprocities of its original social contract with users. The role of the behavioral value reinvestment cycle that had once aligned Google with its users changed dramatically. Instead of deepening the unity of supply and demand with its populations, Google chose to reinvent its business around the burgeoning demand of advertisers eager to squeeze and scrape online behavior by any available means in the competition for market advantage. In the new operation, users were no longer ends in themselves but rather became the means to others’ ends. Reinvestment in user services became the method for attracting behavioral surplus, and users became the unwitting suppliers of raw material for a larger cycle of revenue generation.

The age-old trick of transfer pricing Taking advantage of the fact that they operate in countries with different tax rates, TNCs [transnational corporations] have their subsidiaries over-charge or under-charge each other – sometimes grossly – so that profits are highest in those subsidiaries operating in countries with the lowest corporate tax rates. In this way, their global post-tax profit is maximized. A 2005 report by Christian Aid, the development charity, documents cases of under-priced exports like TV antennas from China at $0.40 apiece, rocket launchers from Bolivia at $40 and US bulldozers at $528 and over-priced imports such as German hacksaw blades at $5,485 each, Japanese tweezers at $4,896 and French wrenches at $1,089. The Starbucks and Google cases were different from those examples only in that they mainly involved ‘intangible assets’, such as brand licensing fees, patent royalties, interest charges on loans and in-house consultancy (e.g., coffee quality testing, store design), but the principle involved was the same. When TNCs evade taxes through transfer pricing, they use but do not pay for the collective productive inputs financed by tax revenue, such as infrastructure, education and R&D. This means that the host economy is effectively subsidizing TNCs.

What have they fixed?” asked former McKinsey consultant Michael Lanning. “What have they changed? Did they take any voice in the way banking has evolved in the past thirty years? They did study after study at GM, and that place needed the most radical kind of change you can imagine. The place was dead, and it was just going to take a long time for the body to die unless they changed how they operated. McKinsey was in there with huge teams, charging huge fees, for several decades. And look where GM came out.”13 In the end, all the GM work did was provide a revenue stream to enrich a group of McKinsey partners, especially those working with the automaker. The last time McKinsey was influential at Apple Computer was when John Sculley was there, and that’s because he’d had a brand-marketing heritage from Pepsi. And Sculley was a disaster. Did McKinsey do anything to help the great companies of today become what they are? Amazon, Microsoft, Google? In short, no.

For the existing enterprise, whether business or public-service institution, the controlling word in the term ‘entrepreneurial management’ is ‘entrepreneurial’. For the new venture, it is ‘management’. In the existing business, it is the existing that is the main obstacle to entrepreneurship. In the new venture, it is its absence. The new venture has an idea. It may have a product or a service. It may even have sales, and sometimes quite a substantial volume of them. It surely has costs. And it may have revenues and even profits. What it does not have is a ‘business’, a viable, operating, organized ‘present’ in which people know where they are going, what they are supposed to do, and what the results are or should be. But unless a new venture develops into a new business and makes sure of being ‘managed’, it will not survive no matter how brilliant the entrepreneurial idea, how much money it attracts, how good its products, nor even how great the demand for them.

Or again, in a plethoric condition of the corn and wine market these fruits of the soil will be so depreciated in value that the particular husbandries cease to be remunerative, and many a farmer will give up his tillage of the soil and betake himself to the business of a merchant, or of a shopkeeper, to banking or money-lending. But the converse is the case in the working of silver; there the larger the quantity of ore discovered and the greater the amount of silver extracted, the greater the number of persons ready to engage in the operation.

It is unlike the industrial era, when corporations depended on people with a wide range of skills: managers and marketers, engineers and technicians, warehouse workers and salespeople. These jobs were often unionized, at least in the manufacturing and energy sectors, so that upper management was compelled at least to consider diverse views on how the business should operate. In contrast, tech firms are rarely unionized, and none of the largest internet-based firms are.7 Crucially, the tech giants employ relatively few people in proportion to their revenues.

Facebook deploys something called a “double Irish” to avoid paying taxes. It’s something Google and Apple do as well. The way the double Irish works is that when one of these companies makes a dollar selling ads (or iPhones in Apple’s case) in Italy or Germany or elsewhere in the European Union, that revenue can be shifted to Ireland for tax purposes, and then on to a tax-haven country like Bermuda that charges no taxes at all. To do this, the companies have to set up subsidiaries in Ireland and transfer their foreign IP rights to those subsidiaries. What Ireland gets out of the deal is big Google and Apple and Facebook operations located on their soil, with thousands of local employees earning good wages.

GET BEYOND THE ONE-MAN SHOW Great organizations are never one-man operations. There are 22 million licensed small businesses in America that have no employees. Forbes suggests 75 percent of all businesses operate with one person. And the average income of those companies is a sad $44,000. That’s not a business—that’s torture. That is a prison where you are both the warden and the prisoner. What makes a person start a business and then be the only person who works there? Are they committed to staying small? Or maybe an entrepreneur decides that because the talent pool is so poor, they can’t hire anyone who can do it as well as them, and they give up. My guess is the latter: Most people have just given up and said, “It’s easier if I just do it myself.” I know, because that’s what I did—and it was suicidal. Because my business was totally dependent on me and only me, I was barely able to survive, much less grow, for the first ten years. Instead I contracted another company to promote my seminars. When I hired just one person to assist me out of my home office, I thought I was so smart: Keep it small. Keep expenses low. Run a tight ship. Bigger isn’t always better. These were the things I told myself to justify not growing my business. I did this for years and even bragged about how well I was doing on my own. Then I started a second company with a partner, a consulting business that ran parallel to my seminar business. This consulting business quickly grew bigger than my first business because my partner hired people to work for us. But even then I resisted bringing other people into the company because I had this idea that I didn’t want the headaches and costs that come with managing people. My margins were monster when I had no employees, but I could never grow my revenue line without killing myself, and I have since learned that is where all my attention and effort should have gone. But with the efforts of one person and one contracted marketing company, I could expand only so much. I know that a lot of speakers and business gurus run their companies as one-man shows. Which means that while they are giving advice to others about how to grow a business, they may have never grown one themselves! Their one-man show is simply a guy or gal going out, collecting a fee, selling time and a few books. And when they are out speaking, the business terminates all activity. I started studying other people and companies that had made it big and discovered they all had lots of employees. The reality is you cannot have a great business if it’s just you. You need to add other people. If you don’t believe me, try to name one truly great business that is successful, ongoing, viable, and growing that doesn’t have many people making it happen. Good luck. Businesses are made of people, not just machines, automations, and technology. You need people around you to implement programs, to add passion to the technology, to serve customers, and ultimately to get you where you want to go. Consider the behemoth online company Amazon: It has more than 220,000 employees. Apple has more than 100,000; Microsoft has around the same number. Ernst & Young has more than 200,000 people. Apple calls the employees working in its stores “Geniuses.” Don’t you want to hire employees deserving of that title too? Think of how powerful they could make your business.

When it comes to the Obama administration, we have observed how it has operated by implementing the “Chicago Way,” an approach to government Obama learned in his days serving the Daley Machine in Chicago. It’s a “my way or the highway” style that combines unaccountability and illegal secrecy with brazen favoritism toward allies and the punishment of political enemies. Despite the idealism with which he promised he would govern, President Obama has proven quite comfortable operating in the morally bankrupt idiom of the urban politico. We have detailed shady dealings with cronies, clear and present dangers to our national security, cozy relationships with union bosses, ethically questionable appointments, abuse of power in the use of executive orders, double talk on ethics reform, politicization of government agencies such as the Internal Revenue Service, and, of course, the widespread practice of “crony capitalism,” which rewards friends of the president and the Democratic Party.

THE GLOBE | Unlocking the Wealth in Rural Markets Mamta Kapur, Sanjay Dawar, and Vineet R. Ahuja | 151 words In India and other large emerging economies, rural markets hold great promise for boosting corporate earnings. Companies that sell in the countryside, however, face poor infrastructure, widely dispersed customers, and other challenges. To better understand the obstacles and how to overcome them, the authors—researchers with Accenture—conducted extensive surveys and interviews with Indian business leaders in multiple industries. Their three-year study revealed several successful strategies for increasing revenues and profits in rural markets: Start with a good distribution plan. The most effective approaches are multipronged—for example, adding extra layers to existing networks and engaging local partners to create new ones. Mine data to identify prospective customers. Combining site visits, market surveys, and GIS mapping can help companies discover new buyers. Forge tight bonds with channel partners. It pays to spend time and money helping distributors and retailers improve their operations. Create durable ties with customers. Companies can build loyalty by addressing customers’ welfare and winning the trust of community leaders.

Maj. Gen. Smedley D. Butler, often regarded as the most famous decorated US army officer of the early twentieth century, wrote a book after World War I aptly called War Is a Racket. Upon retirement in the 1930s, he gave speeches around the country to spread his message—a message that sheds light upon the hidden internal dialogue underlying US military history. In 1935, Butler boldly stated: I spent 33 years and four months in active military service and during that period I spent most of my time as a high class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. I helped purify Nicaragua for the International Banking House of Brown Brothers in 1902–1912. I brought light to the Dominican Republic for the American sugar interests in 1916. I helped make Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents.

To observe the kingdom of Scotland in 1513 in terms of the strength of the Crown, its relations with its magnates, the quality and administration of its justice, its economy, foreign relations, culture and religious life, is to see a community at some remove from the leaderless country inherited by James I in 1424; yet it is also to see a country still strongly tied to its ancient traditions, customs and ethnic divisions which it either could not, or would not, abandon. By 1513 the Crown was strong, popular, its position in society unassailable. It had both sought and obtained the co-operation of its nobility who were themselves closely bound together by bonds of alliance, and whose status in society was recognised by the strength and closeness its kin groups. It had introduced some useful, constructive statutes and had strengthened its legal procedures. It had sought to inform its legal officers of the body of the law. New and more efficient methods of land registration and of royal revenue collection had been the direct result of the reorganisation of the Chancery, the Exchequer, and of the Secretariat of the Privy Seal. Its economy was buoyant enough to enable a protected merchant class to trade modestly with the Baltic states through Denmark, with Southern Europe through its Staple in Flanders, with England and France. Through its many embassies abroad it pursued, as far as possible, constructive peace treaties with the major European powers.

The importance of ethical governance, exemplified by the Norwegian Pension Fund, is highlighted by a deplorable UK government proposal in 2016 to set up a Shale Wealth Fund.38 The fund would receive up to 10 per cent of the revenue generated by fracking (hydraulic fracturing) for shale gas, which could amount to as much as £1 billion over twenty-five years. This would be paid out to communities hosting fracking sites, which could decide to use the money for local projects or distribute it to households in cash. It is hard to avoid the conclusion that this is a bribe to secure local approval of environmentally threatening fracking operations, to which there has been considerable public opposition. Beyond that, there are many equity questions. Why should only people who happen to live in areas with shale gas be beneficiaries? How would the recipient community be defined? Would the payments go only to those living in the designated community at the time the fracking started? Would they be paid as lump sums or on a regular basis, and how long would they last? What about future generations? Can cash payments compensate for the risk of harm to the air, water, landscape and livelihoods? All these questions cast doubt on the equity and ethics of any selective scheme. They underline the need for the principles of wealth funds and dividends from them to be established before they are implemented, and for a governance structure that is independent from government and business. But

On August 21, 1931, invited to address an American Legion convention in Connecticut, he made the first no-holds-barred antiwar speech of his career. It stunned all who heard it or read it in the few papers that dared report it in part: I spent 33 years . . . being a high-class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer for capitalism. . . . I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912. I helped make Mexico and especially Tampico safe for American oil interests in 1916. I brought light to the Dominican Republic for American sugar interests in 1916. I helped make Haiti and Cuba a decent place for the National City [Bank] boys to collect revenue in. I helped in the rape of half a dozen Central American republics for the benefit of Wall Street. . . . In China in 1927 I helped see to it that Standard Oil went its way unmolested. . . . I had . . . a swell racket. I was rewarded with honors, medals, promotions. . . . I might have given Al Capone a few hints. The best he could do was to operate a racket in three cities. The Marines operated on three continents. . . . We don’t want any more wars, but a man is a damn fool to think there won’t be any more of them. I am a peace-loving Quaker, but when war breaks out every damn man in my family goes. If we’re ready, nobody will tackle us. Give us a club and we will face them all. . . . There is no use talking about abolishing war; that’s damn foolishness. Take the guns away from men and they will fight just the same. . . . In the Spanish-American War we didn’t have any bullets to shoot, and if we had not had a war with a nation that was already licked and looking for an excuse to quit, we would have had hell licked out of us. . . . No pacifists or Communists are going to govern this country. If they try it there will be seven million men like you rise up and strangle them. Pacifists? Hell, I’m a pacifist, but I always have a club behind my back!

The City of México, situated on a lake that had been gradually drying for a thousand years, had begun to experience serious flooding as early as the administration of the first Velasco. The problem was that the Spanish had deforested the ocote- and cypress-covered slopes of the three central lakes, Xaltocán, Texcoco, and Zumpango; now water cascaded off the mountains and soil erosion began to silt up the lakes. The lakes in Anáhuac had never drained to any sea; and during seasons of unusually heavy rains the water level lapping against the capital rose dangerously. After an inundation in the 1550s, the viceroy had rebuilt the old Mexica dikes; by 1604 no dams or levees could hold off the rising water. The second Velasco set the engineer Enrico Martínez to solving the problem. Martínez dug a tunnel four miles through the encircling mountains to drain off the excess water. Many thousands of local indios were dragooned into this task and driven harshly to complete the job within a year. The task was done in eleven months, at an enormous cost in Amerindian hardship and lives. Unfortunately, while the idea was sound, the construction was shaky. The tunnel tended to cave in, and it was not large enough to handle a serious flood. For some twenty years, huge numbers of indios were kept laboring to clear the tunnel and shore it up; then, in 1629, a simultaneous rise in all the lakes choked the tunnel. The destruction was enormous, and some parts of the city remained flooded for four years. The engineer Martínez was again called upon. Now, he converted his disastrous tunnel into an open ditch about thirteen miles long and about two hundred feet deep. This ditch, called the Tajo de Nochistongo, required ten years to put in operation, and work continued on it for more than a century. The draining of the Valley occupied a whole series of viceroys, used up most of their revenues, and laid terrible burdens on the surviving Anáhuac Indians. Nor was the drainage problem really solved, though the Capital was kept out of the mire. Drainage, and the subsequent sinking and shifting of the porous lake-bottom soil is still a monstrous engineering, architectural, and financial problem for México.

The MTA had become increasingly reliant on borrowing money against its future revenue rather than on funding from the state and city. The State of New York had contributed $1.8 billion for the MTA’s first five-year capital program, but nothing for the 2000–2004 program. Meanwhile, successive mayors cut New York City’s contributions to the MTA’s capital programs. The public did not understand the MTA’s predicament. A citywide survey indicated that most New Yorkers thought the MTA earned a profit on its subway service. In fact, subway riders paid only 44 percent of the authority’s operating costs, with taxes and tolls making up the rest. In 2004, the fastest-growing portion of the MTA’s budget was the interest expenses on its debt. The MTA’s outstanding debt had skyrocketed from $9 billion in the early 1990s to nearly $20 billion by 2004, and its annual interest payments were over $800 million.95

The original flagship for the company was the MS City of New York, commanded by Captain George T. Sullivan, On March 29, 1942, she was attacked off the coast of Cape Hatteras, North Carolina, by the German submarine U-160. The torpedo struck the MS City of New York at the waterline under the ship’s bridge, instantly disabling her. After allowing the survivors to get into lifeboats the submarine sunk the ship. Almost two days after the attack, a destroyer, the USS Roper, rescued 70 survivors, of which 69 survived. An additional 29 others were picked up by USS Acushnet, formerly a seagoing tugboat and revenue cutter, operated by the U.S. Coast Guard. All these survivors were taken to the Naval Base in Norfolk, Virginia. Almost two weeks later, on April 11, 1942, a U.S. Army bomber on its way to Europe spotted a lifeboat drifting in the Gulf Stream. The boat contained six passengers: four women, one man and a young girl plus thirteen crew members. Tragically two of the women died of exposure. The eleven survivors picked up by the U.S. Coast Guard Cutter CG-455 and were brought to Lewes, Delaware. The final count showed that seven passengers died as well as one armed guard and sixteen crewmen. Photo Caption: the MS City of New York Hot books by Captain Hank Bracker available at Amazon.com “Salty & Saucy Maine,” is a coming of age book that recounts Captain Hank Bracker’s formative years. “Salty & Saucy Maine – Sea Stories from Castine” tells many sea stories of Captain Hank’s years at Maine Maritime Academy and certainly demonstrates that life should be lived to the fullest! In 2020 it became the most talked about book Down East! “The Exciting Story of Cuba -Understanding Cuba’s Present by Knowing Its Past” ISBN-13: 978 1484809457. This multi-award winning history of Cuba is written in an easy-to-read style. Follow in the footsteps of the heroes, beautiful movie stars and sinister villains, who influenced the course of a country that is much bigger than its size! This book is on the shelf as a reference book at the American Embassy in Havana and most American Military and Maritime Academies.

By subtracting your practical operating expenses from the gross revenue at 90 percent occupancy and market rate, you arrive at the potential NOI, also referred to as pro forma numbers. The potential NOI projects the increase in revenues that you can reasonably expect in the future.

Let us turn now to a study of a small Newfoundland fishing village. Fishing is, in England at any rate – more hazardous even than mining. Cat Harbour, a community in Newfoundland, is very complex. Its social relationships occur in terms of a densely elaborate series of interrelated conceptual universes one important consequence of which is that virtually all permanent members of the community are kin, ‘cunny kin’, or economic associates of all other of the 285 permanent members. The primary activity of the community is cod fishing. Salmon, lobster, and squid provide additional sources of revenue. Woodcutting is necessary in off-seasons. Domestic gardening, and stints in lumber camps when money is needed, are the two other profitable activities. The community's religion is reactionary. Women assume the main roles in the operation though not the government of the churches in the town. A complicated system of ‘jinking’ – curses, magic, and witchcraft – governs and modulates social relationships. Successful cod fishing in the area depends upon highly developed skills of navigation, knowledge of fish movements, and familiarity with local nautical conditions. Lore is passed down by word of mouth, and literacy among older fishermen is not universal by any means. ‘Stranger’ males cannot easily assume dominant positions in the fishing systems and may only hire on for salary or percentage. Because women in the community are not paid for their labour, there has been a pattern of female migration out of the area. Significantly, two thirds of the wives in the community are from outside the area. This has a predictable effect on the community's concept of ‘the feminine’. An elaborate anti-female symbolism is woven into the fabric of male communal life, e.g. strong boats are male and older leaky ones are female. Women ‘are regarded as polluting “on the water” and the more traditional men would not consider going out if a woman had set foot in the boat that day – they are “jinker” (i.e., a jinx), even unwittingly'. (It is not only relatively unsophisticated workers such as those fishermen who insist on sexual purity. The very skilled technicians drilling for natural gas in the North Sea affirm the same taboo: women are not permitted on their drilling platform rigs.) It would be, however, a rare Cat Harbour woman who would consider such an act, for they are aware of their structural position in the outport society and the cognition surrounding their sex….Cat Harbour is a male-dominated society….Only men can normally inherit property, or smoke or drink, and the increasingly frequent breach of this by women is the source of much gossip (and not a negligible amount of conflict and resentment). Men are seated first at meals and eat together – women and children eating afterwards. Men are given the choicest and largest portions, and sit at the same table with a ‘stranger’ or guest. Women work extremely demanding and long hours, ‘especially during the fishing season, for not only do they have to fix up to 5 to 6 meals each day for the fishermen, but do all their household chores, mind the children and help “put away fish”. They seldom have time to visit extensively, usually only a few minutes to and from the shop or Post Office….Men on the other hand, spend each evening arguing, gossiping, and “telling cuffers”, in the shop, and have numerous “blows” (i.e., breaks) during the day.’ Pre-adolescents are separated on sexual lines. Boys play exclusively male games and identify strongly with fathers or older brothers. Girls perform light women's work, though Faris indicates '. . . often openly aspire to be male and do male things. By this time they can clearly see the privileged position of the Cat Harbour male….’. Girls are advised not to marry a fisherman, and are encouraged to leave the community if they wish to avoid a hard life. Boys are told it is better to leave Cat Harbour than become fishermen....

What happens inside the WBR is critical execution not normally visible outside the company. A well-run WBR meeting is defined by intense customer focus, deep dives into complex challenges, and insistence on high standards and operational excellence. One may wonder, at what level is it appropriate for executives to shift focus to output metrics? After all, companies and their senior executives are routinely judged by output metrics like revenue and profit. Jeff knows this well, in part based on his time spent working at a Wall Street investment firm. The simple answer is that the focus does not shift at any level of management. Yes, executives know their output metrics backward and forward. But if they don’t continue to focus on inputs, they lose control over and visibility into the tools that generate output results.

Operating Expenses Operating expenses are the costs required to keep the business going from day to day. They include salaries, benefits, and insurance costs, among a host of other items. Operating expenses are listed on the income statement and are subtracted from revenue to determine profit.

Five Essential Components of an Income Statement 1. Operating revenues. 2. Operating expenses. 3. Net operating income. 4. Debt service. 5. Reserve requirements.

Bookkeepers in Charleston SC In today's time, every business owner is busy in the operating operations to get more profitable revenue. Current Accounting, Bookkeeping in Charleston, SC involves preparing docs for all money transactions, operations, and other matters for a business. We also guide you about where you can cut costs and streamline your business for more savings.

Uber had to get creative to unlock the hard side of their network, the drivers. Initially, Uber’s focus was on black car and limo services, which were licensed and relatively uncontroversial. However, a seismic shift occurred when rival app Sidecar innovated in recruiting unlicensed, normal people as drivers on their platform. This was the “peer-to-peer” model that created millions of new rideshare drivers, and was quickly copied and popularized by Lyft and then Uber. Jahan Khanna, cofounder/chief technology officer of Sidecar, spoke of its origin: It was obvious that letting anyone sign up to be a driver would be a big deal. With more drivers, rides would get cheaper and the wait times would get shorter. This came up in many brainstorms at Sidecar, but the question was always, what was the regulatory framework that allows this to operate? What were the prior examples that weren’t immediately shut down? After doing a ton of research, we came onto a model that had been active for years in San Francisco run by someone named Lynn Breedlove called Homobiles that answered our question.22 It’s a surprising fact, but the earliest version of the rideshare idea came not from an investor-backed startup, but rather from a nonprofit called Homobiles, run by a prominent member of the LGBTQ community in the Bay Area named Lynn Breedlove. The service was aimed at protecting and serving the LGBTQ community while providing them transportation—to conferences, bars and entertainment, and also to get health care—while emphasizing safety and community. Homobiles had built its own niche, and had figured out the basics: Breedlove had recruited, over time, 100 volunteer drivers, who would respond to text messages. Money would be exchanged, but in the form of donations, so that drivers could be compensated for their time. The company had operated for several years, starting in 2010—several years before Uber X—and provided the template for what would become a $100 billion+ gross revenue industry. Sidecar learned from Homobiles, implementing their offering nearly verbatim, albeit in digital form: donations based, where the rider and driver would sit together in the front, like a friend giving you a ride. With that, the rideshare market was kicked off.

Bundling eventually stopped working for Microsoft. After the antitrust investigation, the company maintained its dominance on the PC operating systems market, but it lost control of many other markets. Eventually the industry jumped from PC to mobile. Microsoft tried to exactly replicate the network effects it had before—an ecosystem of hardware manufacturers who paid a licensing fee to run Windows Mobile, and app developers and consumers to match—but this time it didn’t work. Instead, Google gave away its Android mobile OS for free, driving adoption for phone makers. The massive reach of Android attracted app developers, and a new network effect was built, derived from a business model where the OS was free but the ecosystem was monetized using search and advertising revenue. Microsoft has also lost the browser market to Google Chrome, and is being challenged in its Office Suite by a litany of startup competitors large and small. It continued to use bundling as a strategy, adding workplace chat via Teams to its suite—but it hasn’t achieved a clear victory against Slack. If bundling hasn’t been a sure thing for Microsoft, it’s an even weaker strategy for others. The outcome seems even less assured when examining how Google bundled Google+ into many corners of its product, including Maps and Gmail, achieving hundreds of millions of active users without real retention. Uber bundled Uber Eats across many touchpoints within its rideshare app, but still fell behind in food delivery versus DoorDash. Bundling hasn’t been a silver bullet, as much as the giants in the industry hope it is.

Identify Your Strengths With Strengths Finder 2.0 One tool that can help you remember your achievements is the ‘Strengths Finder’ "assessment. The father of Strengths Psychology, Donald O. Clifton, Ph.D, along with Tom Rath and a team of scientists at The Gallup Organization, created StrengthsFinder. You can take this assessment by purchasing the Strengths Finder 2.0 book. The value of SF 2.0 is that it helps you understand your unique strengths. Once you have this knowledge, you can review past activities and understand what these strengths enabled you to do. Here’s what I mean, in the paragraphs below, I’ve listed some of the strengths identified by my Strengths Finder assessment and accomplishments where these strengths were used. “You can see repercussions more clearly than others can.” In a prior role, I witnessed products being implemented in the sales system at breakneck speed. While quick implementation seemed good, I knew speed increased the likelihood of revenue impacting errors. I conducted an audit and uncovered a misconfigured product. While the customer had paid for the product, the revenue had never been recognized. As a result of my work, we were able to add another $7.2 million that went straight to the bottom line. “You automatically pinpoint trends, notice problems, or identify opportunities many people overlook.” At my former employer, leadership did not audit certain product manager decisions. On my own initiative, I instituted an auditing process. This led to the discovery that one product manager’s decisions cost the company more than $5M. “Because of your strengths, you can reconfigure factual information or data in ways that reveal trends, raise issues, identify opportunities, or offer solutions.” In a former position, product managers were responsible for driving revenue, yet there was no revenue reporting at the product level. After researching the issue, I found a report used to process monthly journal entries which when reconfigured, provided product managers with monthly product revenue. “You entertain ideas about the best ways to…increase productivity.” A few years back, I was trained by the former Operations Manager when I took on that role. After examining the tasks, I found I could reduce the time to perform the role by 66%. As a result, I was able to tell my Director I could take on some of the responsibilities of the two managers she had to let go. “You entertain ideas about the best ways to…solve a problem.” About twenty years ago I worked for a division where legacy systems were being replaced by a new company-wide ERP system. When I discovered no one had budgeted for training in my department, I took it upon myself to identify how to extract the data my department needed to perform its role, documented those learnings and that became the basis for a two day training class. “Sorting through lots of information rarely intimidates you. You welcome the abundance of information. Like a detective, you sort through it and identify key pieces of evidence. Following these leads, you bring the big picture into view.” I am listing these strengths to help you see the value of taking the Strengths Finder Assessment.

The former head of this operation, Gary Wendt, who is credited with much of the enormous success of GEFS, used his personal agenda as a simple but inordinately powerful tool for growing the business into ever new entrepreneurial arenas. Over the years, he used his personal agenda to make it unequivocally clear that he expected entrepreneurial business growth from every member of management. At every major meeting, the topic of business development was on the agenda (usually in the number one spot). In every annual review, managers were asked to demonstrate the revenues they had created from businesses that did not exist five years before. From division heads to newly hired analysts, everyone was held accountable for some set of activities having to do with creating entrepreneurial revenue and profit streams. In short, no one who worked in the organization could avoid the unremitting focus on new business development. You need to make sure that you are similarly consistent, predictable, and focused, and that you sustain this emphasis over a long period. Pressure applied only once is soon forgotten, and alternating pressure (as in flavor-of-the-month management) will cause people to be confused, disillusioned, or angry. Wendt’s consistent, visible, and predictable attention to business development created a pressure in GEFS for entrepreneurial business growth that took it from the $300 million installment loan portfolio we looked at in chapter 6 to a financial services behemoth with $250 billion in assets under management when he left in 1998. Examples of Wendt’s single-minded determination to drive growth through entrepreneurial transformation at GEFS are numerous. Years ago, for instance, he was asked whether his agenda would change if someone rushed in and told him that the computer room was on fire (implying that his business could be completely destroyed). Wendt replied that he employed firefighters to handle such emergencies. As the leader, his most important job was to keep people focused on business development. Since business development is an uncomfortable and unpredictable process, Wendt knew that if he allowed it to appear to be a low priority for him, all those working for him would heave a sigh of relief and go back to business as usual, with new businesses struggling to find a place on the priority list. In fact, as he remarked, even if he did try to get involved in putting out the fire, he would probably only interfere with the efforts of the highly competent people employed to do so.

Joseph J. Jedlowski is a leader in senior housing, and his expertise spans across vital areas like new construction, acquisitions, and revenue development. His work has not only enhanced operational efficiencies but also fostered strategic relationships that have propelled the sector forward. He is the Chairman & CEO of Distinctive Living headquartered in Freehold, New Jersey. He holds his M.B.A. in Business & Healthcare Administration from American University and is a CDP through the National Council of Dementia Practitioners.

The Importance of Bookkeeping Services for Doctors Managing the financial side of a medical practice can be challenging for doctors, as they are often focused on providing quality patient care. However, maintaining accurate financial records is essential for the success of any healthcare practice. Bookkeeping services tailored specifically for doctors help ensure that their financial transactions are organized, compliant, and manageable, allowing them to focus on what they do best—caring for patients. Why Doctors Need Specialized Bookkeeping Services Doctors face unique financial complexities, such as billing for medical services, managing insurance claims, handling payroll for staff, and keeping track of medical supplies and equipment. Additionally, they must ensure compliance with healthcare regulations and tax laws. Professional bookkeeping services designed for doctors take these unique needs into account, helping physicians streamline their financial operations. As a result, they can avoid errors, reduce administrative burdens, and improve cash flow. Accurate Billing and Cash Flow Management One of the key challenges doctors face is managing billing and cash flow. With a constant flow of patients and complex insurance claims, maintaining an accurate record of all transactions is essential. Bookkeeping services ensure that billing is handled efficiently, minimizing delays in receiving payments. This service also helps manage insurance claims, reducing errors that could lead to delayed reimbursements. By keeping track of revenue and expenses, bookkeepers ensure that doctors maintain a healthy cash flow. Tax Compliance and Planning Doctors often qualify for specific tax deductions related to medical equipment, staff salaries, and office expenses. However, navigating the complexities of healthcare tax regulations can be difficult. Bookkeeping services help doctors stay compliant by keeping their financial records organized and accurate, making it easier to file taxes and take advantage of available deductions. Additionally, bookkeepers can assist in planning for tax obligations throughout the year, ensuring that there are no surprises during tax season. Financial Reporting for Growth Bookkeeping services also provide doctors with valuable financial reports that offer insights into their practice’s performance. By analyzing income, expenses, and cash flow trends, doctors can make more informed decisions about expanding services, hiring staff, or investing in new equipment. These reports give a clear picture of the financial health of the practice, enabling better long-term planning. In conclusion, specialized bookkeeping services for doctors are essential for maintaining accurate financial records, ensuring tax compliance, and improving cash flow. By outsourcing bookkeeping tasks, doctors can focus more on patient care while gaining peace of mind that their financials are in order.

Operating expenses are listed on the income statement and are subtracted from revenue to determine profit.

EARNINGS McDonald's Plans Marketing Push as Profit Slides By Julie Jargon | 436 words Associated Press The burger giant has been struggling to maintain relevance among younger consumers and fill orders quickly in kitchens that have grown overwhelmed with menu items. McDonald's Corp. plans a marketing push to emphasize its fresh-cooked breakfasts as it battles growing competition for the morning meal. Competition at breakfast has heated up recently as Yum Brands Inc.'s Taco Bell entered the business with its new Waffle Taco last month and other rivals have added or discounted breakfast items. McDonald's Chief Executive Don Thompson said it hasn't yet noticed an impact from Taco Bell's breakfast debut, but that the overall increased competition "forces us to focus even more on being aggressive in breakfast." Mr. Thompson's comments came after McDonald's on Tuesday reported that its profit for the first three months of 2014 dropped 5.2% from a year earlier, weaker than analysts' expectations. Comparable sales at U.S. restaurants open more than a year declined 1.7% for the quarter and 0.6% for March, the fifth straight month of declines in the company's biggest market. Global same-store sales rose 0.5% for both the quarter and month. Mr. Thompson acknowledged again that the company has lost relevance with some customers and needs to strengthen its menu offerings. He emphasized Tuesday that McDonald's is focused on stabilizing key markets, including the U.S., Germany, Australia and Japan. The CEO said McDonald's has dominated the fast-food breakfast business for 35 years, and "we don't plan on giving that up." The company plans in upcoming ads to inform customers that it cooks its breakfast, unlike some rivals. "We crack fresh eggs, grill sausage and bacon," Mr. Thompson said. "This is not a microwave deal." Beyond breakfast, McDonald's also plans to boost marketing of core menu items such as Big Macs and french fries, since those core products make up 40% of total sales. To serve customers more quickly, the chain is working to optimize staffing, and is adding new prep tables that let workers more efficiently add new toppings when guests want to customize orders. McDonald's also said it aims to sell more company-owned restaurants outside the U.S. to franchisees. Currently, 81% of its restaurants around the world are franchised. Collecting royalties from franchisees provides a stable source of income for a restaurant company and removes the cost of operating them. McDonald's reported a first-quarter profit of $1.2 billion, or $1.21 a share, down from $1.27 billion, or $1.26 a share, a year earlier. The company partly attributed the decline to the effect of income-tax benefits in the prior year. Total revenue for the quarter edged up 1.4% to $6.7 billion, though costs rose faster, at 2.3%. Analysts polled by Thomson Reuters forecast earnings of $1.24 a share on revenue of $6.72 billion.

Many talk of the Beast as if it is a greedy, unthinking creature, insistent and beyond our control. But in fact, any group that produces a product or drives revenue could be considered to be part of the Beast, including marketing and distribution. Each group operates according to its own logic, and many have neither the responsibility for the quality of what is produced nor a good understanding of their own impact on that quality. It simply isn’t their problem; keeping the process going and the money flowing is. Each group has its own goals and expectations and acts according to its own appetites.

At the height of Russia’s tsarist empire in the eighteenth and nineteenth centuries, alcohol revenues constituted fully one-third of the entire operating budget of the Russian state—enough to cover the full costs of fielding and maintaining the largest standing army in Europe with enough left over to construct the royal family’s opulent Winter Palace in St. Petersburg.39 Even into the late twentieth century—when alcohol revenues were at best an afterthought to state finance in most European states—Soviet Russia was still reaping in the neighborhood of 170 billion rubles every year from vodka—over one-quarter of all the income to the Soviet state.40

The one-year pilot program could be broadened if successful. City officials expect to pick winners by early summer, and public hearings will be held. The bids are expected to bring in new revenue for the city. But City Hall officials say the primary goal is to encourage more people to ditch their cars, eventually opening up more spaces. In weighing the bids, the Walsh administration will consider geographic factors, in part to put some of the designated spaces in places without good rapid transit options. “For certain neighborhoods and certain areas of the city . . . car-sharing could be a more affordable option than owning a car and finding a place to park it,’’ City Councilor Michelle Wu said. “The question is, where are these spots coming from and what does the parking situation look like for residents in those neighborhoods already?’’ Boston-based Zipcar, a subsidiary of Avis Budget Group, and Enterprise Holdings are likely to bid for the designated spaces as a way to expand their substantial local operations. Zipcar, for example, already has approximately 1,200 vehicles in and around the city. Nearly all of those cars are now parked on private property.

After January 1, 1959, the Castro Revolution changed the way business was done in Cuba. Abruptly, supplies for Cubana were no longer available, most routes were altered or suspended, and many of the pilots deserted their jobs or were exiled. In May of 1960, the new Castro administration merged all of the existing Cuban airlines and nationalized them under a drastically restructured Cubana management. At the time, many of Cubana’s experienced personnel took advantage of their foreign connections, and left for employment with other airlines. During the Bay of Pigs Invasion in April of 1961, two of the remaining Cubana DC-3’s were destroyed in the selective bombing of Cuba’s airports. Actually the only civil aviation airport that was proven to be bombed was the Antonio Maceo Airport in Santiago de Cuba. During the following years, the number of hijackings increased and some aircraft were abandoned at American airports, as the flight crews sought asylum in the United States. This corporate instability, as well as political unrest, resulted in a drastic reduction of passengers willing to fly with Cubana. Of course, this resulted in a severe reduction in revenue, making the airline less competitive. The Castro régime reacted by blaming the CIA for many of Cubana’s problems. However, slowly, except to the United States, most of the scheduled flights were restored. Not being able to replace their aging fleet with American manufactured aircraft, they turned to the Soviet Union. Currently Cubana’s fleet includes Ukrainian designed and built Antonov An-148’s and An-158’s. The Cubana fleet also has Soviet designed and built Illyushin II-96’s and Tupolev TU-204’s built in Kazan, Russia. Despite daunting difficulties, primarily due to the United States’ imposed embargo and the lack of sufficient assistance from Canada, efforts to expand and improve operations during the 1990’s proved successful. “AeroCaribbean” originally named “Empresa Aero” was established in 1982 to serve as Cuba’s domestic airline. It also supported Cubana’s operations and undertook its maintenance. Today Cubana’s scheduled service includes many Caribbean, European, South and Central American destinations. In North America, the airline flies to Mexico and Canada. With Cuban tourism increasing, Cubana has positioned itself to be relatively competitive. However much depends on Cuba’s future relations with the United States. The embargo imposed in February of 1962 continues and is the longest on record. However, Cubana has continued to expand, helping to make Cuba one of the most important tourist destinations in Latin America. A little known fact is that although Cubana, as expected, is wholly owned by the Cuban government, the other Cuban airlines are technically not. Instead, they are held, operated and maintained by the Cuban military, having been created by Raúl Castro during his tenure as the Minister of the Revolutionary Armed Forces.

In 1954, then-Senator (later Vice President, then President) Lyndon Baines Johnson wrote a piece of legislation, the Johnson Amendment, which would go a long way to silence the churches and synagogues who were not yet asleep at the switch. He would threaten the clergy with a response from the Internal Revenue Service if they were to take up social and political issues from their pulpits. This law, or threat, still stands today, and anyone holding a 501(c)(3) tax-exempt status with the United States government knows that it has teeth that will bite hard should you test its veracity. The action taken by LBJ has effectively removed the voice of righteousness from the marketplace, and essentially it enables government to operate without a conscience.

As a result, the most important recommendation for organizations of all shapes and sizes moving forward is to anticipate worst case scenarios at a minimum. Even in cases where organizations cannot or will not make some of the operational changes recommended below, the exercise of focusing on nonsoftware areas of a given business can help identify under-realized or -appreciated assets within an organization. Particularly ones for whom the sale of software has been low effort, brainstorming about other potential revenue opportunities is unlikely to be time wasted. One vendor in the business intelligence and analytics space has privately acknowledged doing just this; based on current research and projecting current trends forward, it is in the process of building out a 10-year plan over which it assumes that the upfront licensing model will gradually approach zero revenue. In its place, the vendor plans to build out subscription and data-based revenue streams. Even if the plan ultimately proves to be unnecessary, the exercise has been enormously useful internally for the insight gained into its business.

For the purpose of this discussion, it is useful to think about technology acquisitions in three categories: 1. Talent and/or technology, when a company is acquired purely for its technology and/or its people. These kinds of deals typically range between $5 million and $50 million. 2. Product, when a company is acquired for its product, but not its business. The acquirer plans to sell the product roughly as it is, but will do so primarily with its own sales and marketing capability. These kinds of deals typically range between $25 million and $250 million. 3. Business, when a company is acquired for its actual business (revenue and earnings). The acquirer values the entire operation (product, sales, and marketing), not just the people, technology, or products. These deals are typically valued (at least in part) by their financial metrics and can be extremely large (such as Microsoft’s $30 billion–plus offer for Yahoo).

Greenfield DevOps projects are often pilots to demonstrate feasibility of public or private clouds, piloting deployment automation, and similar tools. An example of a greenfield DevOps project is the Hosted LabVIEW product in 2009 at National Instruments, a thirty-year-old organization with five thousand employees and $1 billion in annual revenue. To bring this product to market quickly, a new team was created and allowed to operate outside of the existing IT processes and explore the use of public clouds. The initial team included an applications architect, a systems architect, two developers, a system automation developer, an operations lead, and two offshore operations staff. By using DevOps practices, they were able to deliver Hosted LabVIEW to market in half the time of their normal product introductions.

Few records exist to establish a definitive date as to when the first ships were built in the Piscataqua region. Fishing vessels were probably constructed as early as 1623, when the first fishermen settled in the area. Many undoubtedly boasted a skilled shipwright who taught the fishermen how to build “great shallops”as well as lesser craft. In 1631 a man named Edward Godfrie directed the fisheries at Pannaway. His operation included six large shallops, five fishing boats, and thirteen skiffs, the shallops essentially open boats that included several pairs of oars, a mast, and lug sail, and which later sported enclosed decks.5 Records do survive of the very first ship built by English settlers in the New World. In 1607, at the mouth of the Kennebec River in Maine, the Plymouth Company erected a short-lived fishing settlement. A London shipwright named Digby organized some settlers to construct a small vessel with which to return them home to England, as they were homesick and disenchanted with the New England winters. The small craft was named, characteristically, the Virginia. She was evidently a two-master and weighed about thirty tons, and she transported furs, salted cod, and tobacco for twenty years between various ports along the Maine coast, Plymouth, Jamestown, and England. She is believed to have wrecked somewhere along the coast of Ireland.6 By the middle of the seventeenth century, shipbuilding was firmly established as an independent industry in New England. Maine, with its long coastline and abundant forests, eventually overtook even Massachusetts as the shipbuilding capital of North America. Its most western town, Kittery, hovered above the Piscataqua. For many years the towns of Kittery and Portsmouth, and upriver enclaves like Exeter, Newmarket, Durham, Dover, and South Berwick, rivaled Bath and Brunswick, Maine, as shipbuilding centers, with numerous shipyards, blacksmith shops, sawmills, and wharves. Portsmouth's deep harbor, proximity to upriver lumber, scarcity of fog, and seven feet of tide made it an ideal location for building large vessels. During colonial times, the master carpenters of England were so concerned about competition they eventually petitioned Parliament to discourage shipbuilding in Portsmouth.7 One of the early Piscataqua shipwrights was Robert Cutts, who used African American slaves to build fishing smacks at Crooked Lane in Kittery in the 1650s. Another was William Pepperell, who moved from the Isle of Shoals to Kittery in 1680, where he amassed a fortune in the shipbuilding, fishing, and lumber trades. John Bray built ships in front of the Pepperell mansion as early as 1660, and Samuel Winkley owned a yard that lasted for three generations.8 In 1690, the first warship in America was launched from a small island in the Piscataqua River, situated halfway between Kittery and Portsmouth. The island's name was Rising Castle, and it was the launching pad for a 637-ton frigate called the Falkland. The Falkland bore fifty-four guns, and she sailed until 1768 as a regular line-of-battle ship. The selection of Piscataqua as the site of English naval ship construction may have been instigated by the Earl of Bellomont, who wrote that the harbor would grow wealthy if it supplemented its export of ship masts with “the building of great ships for H.M. Navy.”9 The earl's words underscore the fact that, prior to the American Revolution, Piscataqua's largest source of maritime revenue came from the masts and spars it supplied to Her Majesty's ships. The white oak and white pine used for these building blocks grew to heights of two hundred feet and weighed upward of twenty tons. England depended on this lumber during the Dutch Wars of the

the reason companies spend so much time managing people, holding them accountable and running a permission-based system, is because nobody knows where they’re going. They don’t even know the revenue goal or the operating budget. Everyone is doing an individual job without understanding its ultimate purpose and how that role ties into the bigger picture.

that U.S. corporate taxes are now, thanks to a recent rollback in rates in Japan, the highest in the world. He didn’t mention that in 1950 in this country, corporate taxes accounted for about 30% of all federal revenue. But in 2012, corporate taxes will account for less than 7% of all federal revenue. Think maybe we’re doing something wrong … that Obama should be addressing? Fact is, no U.S. company has an incentive to keep operations in this country—particularly in a time when two-thirds of their global sales are in overseas markets. Our government

PRIME Prime is an ever-changing condition, a segment of a journey, not a haven at the end of the road. Companies in Prime are recognizable: All aspects work well together, all operations thrive, and all members of the organization know where it is going and how to stay on track. Prime is a state of balance: Flexibility and control, function and form, imagining and producing, innovation and administration. But companies in that exultant equilibrium — so hard to achieve, so easy to lose — continually risk sliding back to childish habits or stumbling into the rigidity of old age. An organization is no less vulnerable in Prime than it is at any other stage of its lifecycle. The cash shortage of Infancy, the founder’s heavy hand in Go-Go, the infighting of Adolescence — those are challenges it has overcome. Now the complacency that comes with a surfeit of success looms as a potential and significant threat. I have a rule of thumb by which I judge an adult company: If it does not produce significant new products or spin off promising start-ups within any three-year period, it is either decaying or on the brink of decline. Ask yourself what percentage of your revenues come from products you were not selling three years ago? Be honest. There are enhancements, changes that are cosmetic in nature that make old products look new. Pharmaceutical manufacturers are well known for

Cash flows from operating activities are the cash effects of revenue and expense transactions that are included in the income statement. 4 Cash flows from investing activities are the cash effects of purchasing and selling assets, such as land and buildings. Cash flows from financing activities are the cash effects of the owners investing in the company and creditors loaning money to the company and the repayment of either or both.

A strong statement of financial position is one that shows relatively little debt and large amounts of liquid assets relative to the liabilities due in the near future. A strong income statement is one that shows large revenues relative to the expenses required to earn the revenues. A strong statement of cash flows is one that not only shows a strong cash balance but also indicates that cash is being generated by operations. Demonstrating that these positive characteristics of the company are ongoing and can be seen in a series of financial statements is particularly helpful in creating confidence in the company on the part of investors and creditors. Because of the importance of the financial statements, management may take steps that are specifically intended to improve the company’s financial position and financial performance. For example, cash purchases of assets may be delayed until the beginning of the next accounting period so that large amounts of cash will be included in the statement of financial position and the statement of cash flows. On the other hand, if the company is in a particularly strong cash position, liabilities due in the near future may be paid early, replaced with longer-term liabilities, or even replaced by additional investments by owners to communicate that future negative cash flows will not be as great as they might otherwise appear.

During the recent depression many companies have been able to offset their operating losses by including in income profits arising from repurchases of their own bonds at a substantial discount from par. Unfortunately the credit of U. S. Steel Corporation has always stood so high that this lucrative source of revenue has not hitherto been available to it. The Modernization Scheme will remedy this condition.

GOOD PRODUCT MANAGER/BAD PRODUCT MANAGER Good product managers know the market, the product, the product line, and the competition extremely well and operate from a strong basis of knowledge and confidence. A good product manager is the CEO of the product. Good product managers take full responsibility and measure themselves in terms of the success of the product. They are responsible for right product/right time and all that entails. A good product manager knows the context going in (the company, our revenue funding, competition, etc.), and they take responsibility for devising and executing a winning plan (no

ahead of ICAO audit By Tarun Shukla | 527 words New Delhi: India's civil aviation regulator has decided to restructure its safety board and hire airline safety professionals ahead of an audit by the UN's aviation watchdog ICAO (International Civil Aviation Organization). The Directorate General of Civil Aviation (DGCA) announced its intent, and advertised the positions on its website. ICAO told the Indian regulator recently that it would come down to India to conduct an audit, its third in just over a decade, Mint reported on 12 February. Previous ICAO audits had highlighted the paucity of safety inspectors in DGCA. After its 2006 and 2012 audits, ICAO had placed the country in its list of 13 worst-performing nations. US regulator Federal Aviation Authority followed ICAO's 2012 audit with its own and downgraded India, effectively barring new flights to the US by Indian airlines. FAA is expected to visit India in the summer to review its downgrade. The result of the ICAO and FAA audits will have a bearing on the ability of existing Indian airlines to operate more flights to the US and some international destinations and on new airlines' ability to start flights to these destinations. The regulator plans to hire three directors of safety on short-term contracts to be part of the accident investigation board, according to the information on DGCA's website. This is first time the DGCA is hiring external staff for this board, which is critical to ascertain the reasoning for any crashes, misses or other safety related events in the country. These officers, the DGCA said on its website, must have at least 12 years of experience in aviation, specifically on the technical aspects, and have a degree in aeronautical engineering. DGCA has been asked by international regulators to hire at least 75 flight inspectors. It has only 51. India's private airlines offer better pay and perks to inspectors compared with DGCA. The aviation ministry told DGCA in January to speed up the recruitment and do whatever was necessary to get more inspectors on board, a government official said, speaking on condition of anonymity. DGCA has also announced it will hire flight operations inspectors as consultants on a short-term basis for a period of one year with a fixed remuneration of `1.25 lakh per month. "There will be a review after six months and subsequent continuation will be decided on the basis of outcome of the review," DGCA said in its advertisement. The remuneration of `1.25 lakh is higher than the salary of many existing DGCA officers. In its 2006 audit, ICAO said it found that "a number of final reports of accident and serious incident investigations carried out by the DGCA were not sent to the (member) states concerned or to ICAO when it was applicable". DGCA had also "not established a voluntary incident reporting system to facilitate the collection of safety information that may not otherwise be captured by the state's mandatory incident reporting system". In response, DGCA "submitted a corrective action plan which was never implemented", said Mohan Ranganthan, an aviation safety analyst and former member of government appointed safety council, said of DGCA. He added that the regulator will be caught out this time. Restructuring DGCA is the key to better air safety, said former director general of civil aviation M.R. Sivaraman. Hotel industry growth is expected to strengthen to 9-11% in 2015-16: Icra By P.R. Sanjai | 304 words Mumbai: Rating agency Icra Ltd on Monday said Indian hotel industry revenue growth is expected to strengthen to 9-11% in 2015-16, driven by a modest increase in occupancy and small increase in rates. "Industry wide revenues are expected to grow by 5-8% in 2014-15. Over the next 12 months, Icra expects RevPAR (revenue per available room) to improve by 7-8% driven by up to 5% pickup in occupancies and 2-3% growth in average room rates (ARR)," Icra said. Further, margins are expected to remain largely flat for 2014-15 while

Gary Aldrich would later write: Mrs. Clinton [used] security agencies as a hammer to attack and punish those who stood in her way. The FBI, the Secret Service and the Internal Revenue Service hounded and then prosecuted seven innocent men who worked for the White House travel office simply because they were standing in the way of Mrs. Clinton’s political interests and ambitions. She knew federal investigations would destroy those good men, but she wanted her friends in those slots, and that was all that mattered.*

Despite the refusal of the Obama Justice Department to prosecute anyone at the IRS, it is clear that what happened was an epic clampdown on any conservative voices speaking or advocating against the president’s disastrous policies and in favor of patriotism and adherence to the Constitution and the rule of law. Over the course of twenty-seven months leading up to the 2012 election, not a single Tea Party–type organization received tax-exempt status. Many were unable to operate; others disbanded because donors refused to fund them without the IRS seal of approval; some organizations and their donors were audited without justification; and many incurred legal fees and costs fighting the unlawful conduct by Lerner and other IRS employees. The IRS suppressed the entire Tea Party movement just in time to help Obama win reelection. And everyone in the administration involved in this outrageous conduct got away with it without being punished or prosecuted. Was it simply a case of retribution against the perceived “enemies” of the administration? No, this was much bigger than political payback. It was a systematic and concerted effort to squash the Tea Party movement—one of the most organic and powerful political movements in recent memory—during an election season. [See Appendix for select IRS documents uncovered by Judicial Watch.] This was about campaign politics. It was a scandal for the ages. President Obama obviously wanted this done even if he gave no direct orders for it. In 2015, he told Jon Stewart on The Daily Show that “you don’t want all this money pouring through non-profits.” But there is no law preventing money from “pouring through non-profits” that they use to achieve their legal purposes and the objectives of their members. Who didn’t want this money pouring through nonprofits? Barack Obama. In the subsequent FOIA litigation filed by Judicial Watch, the IRS obstructed and lied to a federal judge and Judicial Watch in an effort to hide the truth about what Lois Lerner and other senior officials had done. The IRS, including its top political appointees like IRS Commissioner John Koskinen and General Counsel William J. Wilkins, have much to answer for over their contempt of court and of Congress. And the Department of Justice lawyers and officials enabling this cover-up in court need to be held accountable as well. If the Tea Party and other conservative groups had been fully active in the critical months leading up to the 2012 election, would Mitt Romney have been elected president? We will, of course, never know for certain. But we do know that President Obama’s Internal Revenue Service targeted right-leaning organizations applying for tax-exempt status and prevented them from entering the fray during that period. That is how you steal an election in plain sight. Accountability is not something we will get from the Obama administration. But Judicial Watch will continue its independent investigation and certainly any new presidential administration should take a fresh look at this IRS scandal.

The Chicago boys and their mentors had the good sense to maintain the highly efficient, nationalized copper producer Codelco, the world’s largest. That’s, of course, a radical violation of market principles, of neoliberal principles, but worthwhile since the company was the source of much of Chile’s export earnings and the basis of the state’s fiscal revenues. In general, it was close to a perfect experiment. It looked like a great success, if you ignored the human costs. In 1982, Friedman published the second edition of his manifesto, Capitalism and Freedom, celebrating the triumph of the cause. The timing was auspicious. In 1982 the Chilean economy crashed and had to be bailed out by state intervention. The state then controlled more of the economy than it had under Allende. Analysts who had their eyes open called it “the Chicago road to socialism.” The prominent OECD (Organisation for Economic Co-operation and Development) economist Javier Santiso described the “paradox [that] able economists committed to laissez-faire showed the world yet another road to a de facto socialized banking system

Every successful business (1) creates or provides something of value that (2) other people want or need (3) at a price they’re willing to pay, in a way that (4) satisfies the purchaser’s needs and expectations, and (5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.

Sea World was treading carefully. Park officials stated repeatedly how essential and valuable Tilikum had been to their operations. This is true. Zoos and circuses are a business, and Blackstone paid 2.3 billion dollars for its purchase. The most productive employees in that business, in terms of labor and revenue, are the orcas themselves. Tilikum has performed for almost nineteen years in Orlando, sired thirteen calves, and produced in the range of a billion dollars in revenue. Nevertheless, Sea World did not believe that Tilikum had earned the right to retire. None of that billion dollars would be used to build an ocean sanctuary for older captive orcas. They do not deserve it.

Privatisation of government-owned enterprises is crucial to the project [neoliberalism]. One of the appealing features of tax cuts for neoliberal governments is that reduced revenue provides them with an excuse to sell state assets to meet the sudden budget shortfalls. The sale of state assets creates more lucrative business opportunities for the corporations that can afford to buy such things as power stations, water treatment plants, telecommunications providers, government banks and airlines. It's something of a windfall for a business to acquire an asset that will always deliver a return so long as citizens still need things like water or power supplied to their homes, a bus to catch from one place to another, or a telephone connection. And - unlike a state-owned asset - a private corporation never has to adjust its services due to democratic prompting from the electorate. Why do power prices keep going up across Australia? Because most of the power supply is now owned and operated by private corporations. They're free to price gouge on the supply of an essential service, because they can't be voted out of office. p.58-9

Privatisation of government-owned enterprises is crucial to the project [neoliberalism]. One of the appealing features of tax cuts for neoliberal governments is that reduced revenue provides them with an excuse to sell state assets to meet the sudden budget shortfalls. The sale of state assets creates more lucrative business opportunities for the corporations that can afford to buy such things as power stations, water treatment plants, telecommunications providers, government banks and airlines. It's something of a windfall for a business to acquire an asset that will always deliver a return so long as citizens still need things like water or power supplied to their homes, a bus to catch from one place to another, or a telephone connection. And - unlike a state-owned asset - a private corporation never has to adjust its services due to democratic prompting from the electorate. Why do power prices keep going up across Australia? Because most of the power supply is now owned and operated by private corporations. They're free to price gouge on the supply of an essential service, because they can't be voted out of office.

A good metric changes the way you behave. This is by far the most important criterion for a metric: what will you do differently based on changes in the metric? Drawing a line in the sand is a great way to enforce a disciplined approach. A good metric changes the way you behave precisely because it’s aligned to your goals of keeping users, encouraging word of mouth, acquiring customers efficiently, or generating revenue. Unfortunately, that’s not always how it happens. At one company, Alistair saw a sales executive tie quarterly compensation to the number of deals in the pipeline, rather than to the number of deals closed, or to margin on those sales. Salespeople are coin-operated, so they did what they always do: they followed the money. In this case, that meant a glut of junk leads that took two quarters to clean out of the pipeline—time that would have been far better spent closing qualified prospects. Of course, customer satisfaction or pipeline flow is vital to a successful business. But if you want to change behavior, your metric must be tied to the behavioral change you want. If you measure something and it’s not attached to a goal, in turn changing your behavior, you’re wasting your time. Worse, you may be lying to yourself and fooling yourself into believing that everything is OK. That’s no way to succeed.

I believe that there is a Maslovian hierarchy of fires that applies to most rapidly growing start-ups, where the top of the list is the most important fire to fight first: Distribution Product Revenue model Operations Competition What’s next? What this means is that for most consumer Internet start-ups, the most important fire is distribution; if your distribution goes up in flames, your company is doomed. If you are able to contain that fire, however, it will make fighting the other fires a whole lot easier. Acquiring users gives you feedback on how to improve your product. Acquiring millions of users or thousands of customers makes it a lot easier to generate revenue. Generating revenue makes it easier to pay for the infrastructure and personnel to scale up your operations, either out of cash flow or by raising investment. And if you have a successful and growing business, then it makes sense to worry about the competition.

operational scalability is one of the primary growth limiters that scale-ups need to address. When a business can grow users, customers, and revenues faster than the number of employees without collapsing under the weight of its own growth, the business can achieve greater profitability and keep growing without being as tightly constrained by the need for financial or human capital.

Revenue Operations comprises two components. First, the management system – our EQ – aligns the people in your revenue teams. Second, the operating system – our IQ – combines technology, processes, and data assets to generate more sustainable and scalable growth. Revenue Operations weaves these two together to grow revenues, profits, and firm value.

Simple Fast Funnels VS Hubspot There are 2 primary factors to consider when exploring Simple Fast Funnels VS Hubspot… Available Features. Price. Hubspot is a powerful platform, there’s no denying that, but they lack a few features that Simple Fast Funnels offers: 2 way SMS so you can send one way messages to your clients OR interactive messages. You can automate answers or have your customers reach you or customer service directly. Unified messaging. Housing all messages for particular customers in one place lets you simplify customer service. They can text, email, schedule calls or FB message you and you’ll see it all in one location. Simple Fast Funnels customer service has 24/7 chat support and guides you through any hiccups you may experience as you build your funnel. Simplified funnel building. No tech knowledge required. The biggest factor comparing these two platforms however is price: Hubspot charges a small fortune for their good features. Their price is over 10X the cost of Simple Fast Funnels. Simple Fast Funnels saves you thousands, or even tens of thousands yearly and you don’t get less features, you get MORE… We believe you should be able to run your business without paying rates like these. Call us old fashioned if you like. For Hubspot’s premium service, you’ll pay $3,600/month. That’s a lot of revenue to come up with each month just to pay for your operating platform. For Simple Fast Funnel’s premium service, you’ll get the same features and more for $297/month. If you haven’t tried Simple Fast Funnels out yet, we offer a 14 day free trial, that’s how sure we are you’re going to love this service.

When eBay entered the Chinese market in 2002, they did so by buying the leading Chinese online auction site—not Alibaba but an eBay impersonator called EachNet. The marriage created the ultimate power couple: the top global e-commerce site and China’s number one knockoff. eBay proceeded to strip away the Chinese company’s user interface, rebuilding the site in eBay’s global product image. Company leadership brought in international managers for the new China operations, who directed all traffic through eBay’s servers back in the United States. But the new user interface didn’t match Chinese web-surfing habits, the new leadership didn’t understand Chinese domestic markets, and the trans-Pacific routing of traffic slowed page-loading times. At one point an earthquake under the Pacific Ocean severed key cables and knocked the site offline for a few days. Meanwhile, Alibaba founder Jack Ma was busy copying eBay’s core functions and adapting the business model to Chinese realities. He began by creating an auction-style platform, Taobao, to directly compete with eBay’s core business. From there, Ma’s team continually tweaked Taobao’s functions and tacked on features to meet unique Chinese needs. His strongest localization plays were in payment and revenue models. To overcome a deficit of user trust in online purchases, Ma created Alipay, a payment tool that would hold money from purchases in escrow until the buyer confirmed the receipt of goods. Taobao also added instant messaging functions to allow buyers and sellers to communicate on the platform in real time. These business innovations helped Taobao claw away market share from eBay, whose global product mentality and deep centralization of decision-making power in Silicon Valley made it slow to react and add features. But Ma’s greatest weapon was his deployment of a “freemium” revenue model, the practice of keeping basic functions free while charging for premium services. At the time, eBay charged sellers a fee just to list their products, another fee when the products were sold, and a final fee if eBay-owned PayPal was used for payment. Conventional wisdom held that auction sites or e-commerce marketplace sites needed to do this in order to guarantee steady revenue streams.

CRM (Customer Relationship Management) is a marketing strategy that focuses on managing interactions and relationships with customers. CRM enables businesses to improve customer satisfaction, loyalty, and retention by providing personalized experiences that meet their needs. CRM is an essential aspect of modern marketing as it enables businesses to understand their customers' behavior, preferences, and needs and develop targeted marketing campaigns that resonate with them. In Go High Level, CRM (Customer Relationship Management) is a core component of the platform. The CRM functionality in Go High Level enables businesses to manage their customer interactions and relationships more effectively, improving customer satisfaction, loyalty, and retention. The CRM functionality in Go High Level includes a range of features and tools designed to help businesses automate and streamline their customer-facing processes, as well as provide them with insights into their customers' behavior, preferences, and needs. In essence, CRM is a set of practices, technologies, and strategies that businesses use to manage their customer interactions and relationships. The goal of CRM is to build stronger, more meaningful relationships with customers by providing them with personalized experiences and tailored solutions. CRM in marketing can be divided into three main categories: operational CRM, analytical CRM, and collaborative CRM. Operational CRM focuses on automating and streamlining customer-facing processes, such as sales, marketing, and customer service. This type of CRM is designed to improve efficiency and productivity by automating repetitive tasks and providing a centralized database of customer information. Operational CRM includes features such as sales pipeline management, lead nurturing, and customer service management. Analytical CRM focuses on analyzing customer data to gain insights into their behavior, preferences, and needs. This type of CRM enables businesses to make data-driven decisions by providing them with a better understanding of their customers' needs and preferences. Analytical CRM includes features such as customer segmentation, data mining, and predictive analytics. Collaborative CRM focuses on enabling businesses to collaborate and share customer information across different departments and functions. This type of CRM helps to break down silos within organizations and improve communication and collaboration between different teams. Collaborative CRM includes features such as customer feedback management, social media monitoring, and knowledge management. CRM is important for marketing because it enables businesses to build stronger, more meaningful relationships with customers. By understanding their customers' behavior, preferences, and needs, businesses can develop targeted marketing campaigns that resonate with them. This results in higher customer satisfaction, loyalty, and retention. CRM can also help businesses to improve their sales and marketing processes by providing them with better visibility into their sales pipeline and enabling them to track and analyze their marketing campaigns' effectiveness. This enables businesses to make data-driven decisions to improve their sales and marketing strategies, resulting in increased revenue and growth. Another benefit of CRM in marketing is that it enables businesses to personalize their marketing campaigns. Personalization is essential in modern marketing as it enables businesses to tailor their marketing messages and solutions to meet their customers' specific needs and preferences. This results in higher engagement and conversion rates, as customers are more likely to respond to marketing messages that resonate with them. Lead Generation: Go High Level provides businesses with a range of tools to generate leads, including customizable landing pages, web forms, and social media integrations.

rule of thumb, fixed expenses should be managed to around 20 percent of net revenue and variable costs around the same level, around 20 percent, depending on the industry and how long the business has been operating

But because the timing issues are inherently linked to revenue model and operating issues, it’s worth your while, as you think about analogs, antilogs, and leaps of faith in those arenas, to add timing to your questioning early in your dashboarding process. Changing the timing of cash flows can shake up an industry, as the Costco story indicates. And, as the Dow Jones story indicates, getting subscription money up front is another good way to go. Could your business offer subscriptions for what you or your competitors now sell in another

Further, unlike traditional retailers for which rent typically had a fixed cost component regardless of sales, Zoom proposed a profit-sharing model, paying the property owner a portion of the revenues (between 5 and 10 percent) for the physical space it used.39 While the profit-sharing model didn’t necessarily decrease Zoom’s operating costs, it did lessen Zoom’s risk and its breakeven point. By moving a potential fixed cost (rent) to variable cost (the landlord’s share of revenue) Zoom reduced the costs of testing its leaps of faith too. If the Zoom store didn’t generate enough revenue, Zoom could simply move it to a more promising location.

The five elements of the business model—your revenue, gross margin, operating, working capital, and investment models—contain the key to whether your idea and your planned strategy really hold water in economic terms. You will examine how the lifeblood of every business, cash—from customers, suppliers, investors, or all three—can be transformed into a potentially thriving and sustainable venture.

Too often aspiring entrepreneurs and managers in established firms confine their focus to only one part of their company’s business model. The sales force worries about the revenue model, or if they are incentivized on gross margin, about the gross margin model as well. The procurement team focuses on the gross margin and operating models, by keeping costs down, whether for COGS or operations. And so on. But, ultimately, if everyone thinks about the business in business model terms, decisions are made differently.

two explicit connections among the five business model elements we’d like you to make. • Your revenue model, gross margin model, and operating model directly affect your working capital model. • In turn, these four models directly affect your investment model.

The Implications of Your Revenue, Gross Margin, and Operating Models for Your Working Capital Model: Timing Is Key By now it should be clear that the timing with which you ask your customers to pay for whatever it is that you sell them lies at the heart of your working capital model.

As we’ve seen in the Celtel story, a favorable working capital model—in tandem with thoughtful decisions about your revenue, gross margin, and operating models—can take lots of pressure off your investment model. In some cases, it can sharply reduce the investment you’ll need, or even eliminate it entirely.

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P&G switched from market TSR to operating TSR. Operating TSR is an amalgamated measure of three real operating performance measures—sales growth, profit margin improvement, and increase in capital efficiency. This measure more accurately captures P&G’s true performance across the most critical operational metrics and, moreover, measures things that business-unit presidents and general managers can actually influence, unlike the market-based TSR number. The operating TSR measure integrates revenue growth, margin growth, and cash productivity and it does so regardless of the type of assets being managed—whether you have hard assets like tissue/towel paper converting machines or inventory like cosmetics and fragrance products. In other words, the measure could be equitably and usefully applied to all of P&G’s diverse businesses. And it isn’t utterly unconnected to stock performance—there is a high correlation over the medium and long term between operating TSR and market TSR. But unlike the stock price, the operating TSR measures are ones over which P&G managers have real influence in the short and medium term.

An entrepreneur doesn’t really make decisions about her profit formula. Rather, the choices she makes about the other three elements of the venture’s opportunity—its Customer Value Proposition, Technology & Operations, and Marketing—dictate revenue and costs. These decisions collectively determine who the venture will serve and in what numbers, how it will price its product, how it will attract new customers, whether it will employ a “high-touch” service approach and incur commensurate costs, and so forth.

While the case for long-term investment has tended to centre around simple mathematical advantages such as reduced (frictional) costs and fewer decisions leading (hopefully) to fewer mistakes, the real advantage to this approach, in our opinion, comes from asking more valuable questions. The short-term investor asks questions in the hope of gleaning clues to near-term outcomes: relating typically to operating margins, earnings per share and revenue trends over the next quarter, for example. Such information is relevant for the briefest period and only has value if it is correct, incremental, and overwhelms other pieces of information. Even when accurate, the value of the information is likely to be modest, say, a few percentage points in performance. In order to build a viable, economically important track record, the short-term investor may need to perform this trick many thousands of times in a career and/ or employ large amounts of financial leverage to exploit marginal opportunities. And let’s face it, the competition for such investment snippets is ferocious. This competition is fed by the investment banks. Wall Street relies heavily on promoting client myopia to earn its crust. Why

Railroads were extremely capital intensive: Public financing, bond guarantees, and land grants were required to build the actual tracks. For the telegraph the pattern was the opposite. The initial grant to develop a commercial version came from the government, but the rest came from private capital with little government support, local, state, or federal. The reason was simple: The copper wire and wooden poles needed to build a mile of telegraph cost less than $200 in many cases, one hundredth of the cost of a mile of track. A line from Philadelphia to New York could be built for less than $20,000. Private investors could easily afford to speculate at these levels. Additionally, unlike a single mile of track, two hundred miles of telegraph could be operational quickly and start producing immediate revenue, charged by the letter or word.

Distribution Product Revenue model Operations Competition What’s next?

But the Bellagio’s fountain, often mocked as a symbol of water excess in the arid Southwest, may in fact represent some of the highest-value water around. The 12 million gallons a year needed to keep it topped up starts as water too salty to drink, drawn from an old well that once irrigated the Dunes Hotel golf course. Twelve million gallons sounds like a lot, but it’s really just enough to irrigate eight acres of alfalfa in the Imperial Valley.3 Total revenue at the seven giant casino–resort hotels contiguous to the fountain, at the corner of Flamingo Road and South Las Vegas Boulevard—the heart of the famed Las Vegas Strip—is an estimated $3.6 billion.4 Include all of the hotel/casino operations in the greater Las Vegas metro area, and the total rises to $21 billion.5 That compares with total agricultural revenue of $1.9 billion in all of Imperial County.6 Imperial County’s farmers get ten times the water Las Vegas gets. Las Vegas makes ten times the money Imperial County farming does. Given the crowds lining the sidewalks for each one of the fountain’s dancing-water shows, the fountains must represent one of the most economically productive uses of water you’ll find in the West.

Profit is the amount left over after expenses are subtracted from revenue. There are three basic types of profit: gross profit, operating profit, and net profit. Each one is determined by subtracting certain categories of expenses from revenue.

We put all the assets required at about 15 percent of sales. Spontaneous liabilities (meaning accounts payable, accrued wages and taxes, and other non-interest-bearing obligations) finance a third of the assets.* That leaves capital requirements at around 10 percent of sales. With operating margins at 12–13 percent, the pretax return on capital amounts to 120–130 percent. Even if the investments requirements were twice our estimate, the pretax return on capital would be 60 percent or more. Given the steadiness of the revenues, the networks could easily finance their operations with half debt, half equity. The debt would provide a tax shield to keep the after-tax return on equity capital in the stratosphere. TABLE 10.2 Estimated balance

The bankruptcy plan had three principal components: It would boost revenue, largely because a new fleet would enable it to serve more markets with newer airplanes. AA would rid itself of restrictive scope provisions in the pilot contract, so that it could operate more regional jets and engage in more codesharing, particularly with JetBlue at New York Kennedy Airport. And it would reduce labor costs through 13,000 layoffs—including 9,000 among TWU workers. Combined, the improvements were valued at $3 billion by 2017, including $1.25 billion in employee cost savings, resulting from a 20 percent reduction in costs for each work group.

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