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!
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!
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.
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.
