What if Scenarios

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.

Most cfos say when you forecast, you should plan two forecasts: a plan A and a plan B. I ask if you, if neither plan A or plan B occurs, what then? My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Today’s business owner needs to be prepared for multiple what-if scenarios and they need a CFO who can provide what-if capability. In addition to providing multiple what-if scenarios, I’m able to update those scenarios on a continuous basis, adapting to changing business conditions, because we don’t know what tomorrow will bring. And that’s why we forecast. And remember, the most successful business owners know their numbers!

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Value of Business Owners

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 is the value of acquiring a new customer? We business owners need to understand the lifetime value of a new customer because it helps us make better decisions in marketing and advertising–not to mention, help with forecasting. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Generally, in determining the lifetime value of a customer, you need to take the average sale per customer and add a factor for repeat business and/or referral to another customer. There are present value calculations as well. With knowledge of this metric, we can make better decisions on how aggressively we can spend on marketing and advertising. And remember, the most successful business owners know their numbers!

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Traits of Successful Business Owners

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.

Today the world of sports and the world of business have a lot in common, but there’s one thing in particular that a sporting event and a successful business owner definitely have in common. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Like in a sporting event, a successful business owner is always keeping score. A successful business owner knows their numbers. They know things like their operating costs per hour, they understand their cash cycle, they know their overhead rate, and they track all their numbers on an on going basis. If you want to make better business decisions, and you want to evaluate the performance and productivity of your business you must know your numbers. Having financial dashboards will facilitate this process. And remember, the most successful business owners know their numbers!

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Traits Of Good Employees

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 former NBA basketball coach identified three things that all of his players must have in order for the team to be successful and it just so happens that business owners need the exact same things from their employees. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Those three must haves are, number one: the employee wants to be there. When an employee wants to be there it creates a positive inertia that rubs off on other employees and customers. Two: the employee wants to be coached. Sure they can bring certain skills to the table, but are they willing to learn more? Number three: the employees want s to be great. Employees with personal motivation and drive will always try to find ways to contribute and add value. Do your employees have these qualities? Because remember, the most successful business owners know their numbers!

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Trademarked Names

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.

Beechwood aged. I know what you’re thinking, and you’re right: Beechwood aged is a trademarked term from none other than Budweiser. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Did you know that the vast majority of beers are beechwood aged, but only Budweiser can say that. What is beechwood aging? I don’t have a clue, and you probably don’t either, but it sounds good and makes you think of Budweiser and that’s all that counts. We business owners need to think of these types of trademark-able names in our businesses, whether others do the same thing or not. It builds value in your business. And remember, the most successful business owners know their numbers!

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Tracking Numbers and Metrics

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.

Have you ever noticed when you want to bring more understanding to something, you explain it in numbers? For example, on a scale of one to ten, how did you like that movie? What do you think the percent probability is that you’ll get that client? How was the turn out at your webinar? A numerical answer to these questions brings a greater understanding than if you answered the questions without numbers. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Numbers bring clarity to all things, especially in business. Numbers create a greater understanding of why certain business conditions exist, or the mere discovery of a problem in a certain area of business. Tracking metrics is the perfect tool to bring clarity and understanding to your business. Metrics are financial parameters that evaluate the performance and productivity of a business. And remember, the most successful business owners know their numbers!

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Tips for Manufacturers

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 many business owners of manufacturing companies don’t realize is that you have to sell the same ONE unit of product THREE times, or you won’t be successful. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Many business owners of manufacturing companies think all you have to do is sell that big order to a distributor or a big box store and it’s time to strike up the band. Nothing could be further from the truth. A manufacturer has to sell that same unit of product to the distributor, they have to sell it to the retailer, and they have to sell it to the consumer. If they don’t, that big order will come right back to them. The distributor will not take responsibility to sell your product, nor will the retailer. Which means, your business has to be properly funded so you can market and advertise to all THREE of these customers. And remember, the most successful business owners know their numbers!

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Three Keys to Starting a 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.

If you’re in business, or thinking of starting a business, you must possess three things, otherwise you will be wasting a lot of time. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Those three requirements are, number one, a strong passion and love for what you are doing. Second, a discipline to do the things you need to do. And third, an undying faith that what you deliver to the customer is valuable. I had a potential client last week, and after speaking to them for five minutes I could tell there was no passion, no discipline, and very little faith. Building a business is hard enough, so please check on these three requirements, otherwise it will be near impossible. And remember, the most successful business owners know their numbers!

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Strategic Planning

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.

Strategic planning is simply the process of deciding how to allocate your existing resources in the most productive, profitable way. Many business owners don’t take the time to do strategic planning, nor do they have a sounding board to do it with. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Just one hour a month with strategic planning will make a big difference in your business’s profitability and competitive edge. A good CFO with business ownership experience can be an excellent sounding board. And so remember, the most successful business owners know their numbers!

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Strategic Partners

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 thing that a CFO does that is a great business strategy is helping clients find strategic partners so that they can share resources and generate more business. This is a powerful growth strategy. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Strategic partnerships are when two or more companies share resources and collectively improve results. I’ve helped my clients with strategic partnerships to get access to equipment they would have never had access to otherwise, I also helped them to reduce expenses that they never would have been able to otherwise, and helped them increase sales in ways they would have never been able to do without their strategic partner. Click on the “learn more” link right inside this video for another video on strategic partners, and remember, the most successful business owners know their numbers!

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