Marketing Strategy

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.

A marketing strategy starts, ends, lives and dies with the customer. Forget your dreams, forget about everything except the customer. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Demographics and psychographics are essential pillars supporting a successful marketing strategy. Demographics are who the customer is, psychographics are why the customer buys. When knowing the demographics and psychographics, you can construct a prototype identifying the customers’ needs and wants and also who your best customers really are. And remember, the most successful business owners know their numbers!

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Leadership

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.

Lately, I’ve been thinking about humility and its role in effective business leadership. Being open about our weaknesses seems counter-intuitive to many and yet it is often one of the main difference makers between effective and ineffective leadership. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Some Leadership thoughts to consider are: Number one, to show you are human by selectively revealing your weaknesses. Two, care passionately about your employees and their work. Three, dare to be different, capitalizing on your uniqueness. Think about applying these thoughts in your day to day management and remember: The most successful business owners know their numbers!

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KPIs

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 the world of sports, a score is kept to monitor whether a team is winning or losing. In business, what are you using to determine whether your business is winning or losing? My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. They’re called Key Performance Indicators, and they’re the scoreboard of your business. KPIs as they’re sometimes called are financial parameters that evaluate the performance and productivity of your business. One simple example is gross profit margin percent. This is an essential number for you to know and it is simply your gross profit divided by your sales. How do you know if this number is good or bad? It’s called bench marking, where you need to find the industry averages. One source I use to find industry averages is bizminer.com. Remember, the most successful business owners know their numbers!

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Inventory Suppliers

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 type of support are you getting from your inventory suppliers to help sell their products? Many business owners don’t understand that they are helping suppliers create a market for their supplier’s products. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. I used to make sure I got from every supplier number 1, advertising money, number 2 manufacture’s rep at big sales events, number 3 special close out purchases to help promote the product line, 4, mark down money to remove small merchandise and 5, special terms to stretch cashflow. Communication is the key with your vendor. You don’t get what you don’t ask for. And so remember, the most successful business owners know their numbers.

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Inventory 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.

Roger Buchika, a great ski retailer from Buchika’s Ski Shop in the Boston area used to say, the less inventory you buy, the more money you make. What Roger meant was is over buying inventory will kill you because you end up having to take more unplanned mark downs in order to move the over bought stock. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. One of the things that I do is gather an inventory purchase and payables plan to ensure my clients don’t over buy. Through this plan, one client increased cashflow by six figures in just one year! Affective inventory management to maximize profiting cashflow is critical in this new economy, and so remember: the most successful business owners know their numbers.

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Good Financial Numbers

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.

It’s very simple, if you’re going to make good business decisions, you must establish and maintain good financial numbers.  My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Making business decisions without good numbers is like a doctor making a decision to operate on your ankle without the benefit of x-rays. It simply shouldn’t be done.   The first thing I do when I get a new client is to make sure they have good financial numbers so that better decisions can be made. Many business owners place a low priority on book keeping.  Please make book keeping a high priority, it is the only way to keep score and help you make the best business decisions.  And remember, the most successful business owners know their numbers.


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Fundamentals of 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.


Blocking and tackling are the basic fundamentals of football, but what are the basic fundamentals of business? My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute.  Fundamental business strategy answers four basic questions: Number one, what business are we in?, Two, who is the customer?, Three, How does the customer define value?, and then Four, how do we deliver that value?  When we business owners get off track, answering these fundamental questions will put us right back on track.  Sometimes we need to go back to the blocking and tackling of business.  And remember, the most successful business owners know their numbers. 

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Old Phone Numbers

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.

Here is a play that I make in order to obtain more revenue and profit.  I have been doing it for years and it has worked for me.My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute.  The play that I make that is very simple is I find telephone numbers of competitors that have gone out of business and I call the telephone company and have them forward those phone numbers to my main number. I think it costs about $20 per month.You get calls from people who have older yellow page books or simply from internet searches that have the old information.  When the customer says they thought they were calling the defunct company you simply say that you took them over.  The result is you do more business.And remember, the most successful business owners know their numbers.

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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 providing outsourced CFO Services with your 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 providing outsourced CFO Services with your 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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