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Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners.   These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.

What has happened to accountability?  Why is all the accountability falling squarely on the shoulders of the business owner?  Why can’t the business owner make their employees accountable?

My name is Michael Barbarita from Next Step CFO with the Know Your Numbers Minute.  

There are 3 main reasons why business owners cannot make their employees accountable:

  1. Lack of communication due to fear of losing the employee
  2. Lack of Proper planning and direction by the business owner 
  3. Not having the proper tools to measure performance starting with accurate and timely financial statements and ending with metrics to evaluate performance

Accountability of employees will appear if you can put these 3 things in place

And remember, the most successful business owners know their numbers.

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Daily Bank Reconciliations

Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners.   These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.

I am a big advocate of daily bank reconciliations.  It only takes 5 minutes. Today there are too many automatic debits and debit card transactions that change bank balances constantly.  With all of these additional hits there is too much room for error and with cash being so tight these days it can cause a chain reaction of bounced checks not to mention it helps cut down employee theft.  

My name is Michael Barbarita from Next Step CFO with the Know Your Numbers Minute.  

One time I had a client where the Mass Dept of Revenue hit his bank account 3 times for one sales tax bill of $5,000.  If daily bank reconciliations were not done many important checks would have bounced, but since we noticed it right away through daily bank reconciliations we nipped the problem in the bud.

And remember, the most successful business owners know their numbers.

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Deciding on a Business Partner

Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners.   These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.

In an article I wrote for examiner.com, I point out several criteria to look for when deciding on a business partner.  

My name is Michael Barbarita from Next Step CFO with the Know Your Numbers Minute.  

The top 4 criteria for what I believe makes a good business partner are:

  • Partners must be logical and unbiased in their thinking.
  • Partners must be equally passionate about the business.
  • Not all partners are created equal with respect to responsibilities, salary and work hours
  • There is no room for a partner who always says “I told you so”.  

And remember, the most successful business owners know their numbers.

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