Financial Management

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.

An injection of capital into a business can be as temporary as an injection of sugar from a snickers bar if proper financial management is not in place.  

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

Proper financial management starts with managing cash flow.  One of the basic things that you can do to get clarity on cash flow is invoice on time and have an accounts receivable collection policy.  

Click on the “Learn More” link right inside this video for another video of one of the strategies I use in collecting accounts receivable.  If consistently applied you will find that over time your collection of accounts receivable will be faster.

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

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Financial Information Infrastructure

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.

Think about this: If you expect to beat your competition, you must have better financial information than your competition does!  

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

If you have better financial information than your competition then you will make better business decisions than your competition and you will know things they don’t know.

But Having accurate and better financial information not only includes having an accurate income statement and balance sheet. It means having what is called financial information infrastructure which includes things like a business and cash flow forecast, accurate product and service costs and complete sales information. It’s Financial information Infrastructure that will give you a competitive edge.

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

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Factoring Accounts Receivable

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.

Selling your accounts receivable today, at a discount before the receivables are collected is called factoring.

There are 3 things that need to be present before it is a good idea to factor

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

Those 3 things are:

First, The Company has growth opportunities that they have identified

Second, The Company has solid and consistent profit margins; and
Third, the company has customers who pay on time.

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

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Expanding Your Business

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.

One of the things we business owners need to pay more attention to is doing what we do best and capitalizing on it.  All too often we see other opportunities and they look great and they might even be for big bucks but we don’t do them well or our employees do not have the proper skill set and it ultimately it turns into a loss or much more trouble than it was worth.

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

There is no question you can grow your business by expanding your horizons and getting into new product or service lines, but you need to make sure that you are good at it and that you have the proper skill set and strategy to beat the competitors who are already doing it well. 

If you can’t be great at it, continue to strengthen what you do well and be the best.  Because there’s always a market for someone who is going to be the best.

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

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