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It's really thrilling when a Numberphobic reader asks questions. It means something important got through. Accounting for the Numberphobic is changing mindsets. Accounting for the Numberphobic is changing lives. This just in from Martin L., M.D.
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Thank you for writing "Accounting for the Numberophobic". I purchased it on Kindle a few weeks ago, finished reading it in a matter of days, and couldn't agree more with all the positive reviews on Amazon! it has certainly helped my thinking with regards to the small business I run.
You mention some important percentages/ratios in some chapters, for example, selling price should be COGS + 45%, gross margin should be at least 30% of net revenue, fixed and variable expenses should be kept at no more than 20% of net revenue, EBT should be at least 10% of net revenue, net income should be at least 5% of revenue. I have a question... Where do these figures come from?
Please be assured, I'm not questioning your facts! I am a doctor by training, so I like to know the evidence behind stated facts. I also admit that I have no formal financial/accounting training, so please pardon me if all these figures are common knowledge for those in the industry!
These figures come from 17 years of personal research as well as concurrence with industry experts like Craig Crabtree, CPA (www.simplenumbers.me). They are provided as simply benchmarks. Every industry, like fast food restaurants, will have thinner margins and higher volume to generate adequate total gross margin to pay the bills with some left over.
There will be industry standard ratios for medical practices as well. Companies like Habanero Inc. will have these numbers and I encourage you to reach out to them if that is the question beneath your question. -us
All businesses in the U.S. have trade associations and local chambers of commerce. They too might have some of these key benchmarks. Your local librarian at any business and science library or affiliated with a local university should also be able to help you research your industry standards for some or all of these measures.
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