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.
Overhead profusion, otherwise known as spending on non revenue generating activities. Overhead profusion must be countered with discipline, and consistent monitoring. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. If your company grew 20% last year while your overhead spending grew by 50%, you probably have some profusion in your overhead. Now I’m not suggesting you don’t invest in systems, infrastructure, people and technology, but I am suggesting that some entrepreneurs have a tendency to allow their overhead growth get a little ahead of what it should be. Watch your overhead, even when sales are growing. 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.
How do you know if you’re over or under staffed? If sales are increasing, are you hiring too many people, or not enough? If sales are decreasing, are you cutting too many people, or not enough? My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Revenue per employee is the quantitative measure one uses to determine if they have the right number of employees. The metric is calculated by taking your revenue, and dividing it by the number of full-time employees or full-time equivalents, which basically means counting a half-time person as a half a person, and then comparing this result to your historical numbers or industry averages. 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 Movie Wall Street, Gordon Gecko said to Bud Fox: “First rule in business–Never get emotional about stock, it clouds your judgment.” I’d like to add another rule of business. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. The rule of business I would like to add is there’s simply no state of neutrality. Business doesn’t stagnate. Your business is either going up, or it’s going down, and if your strategic plan is to seek neutrality, you’re likely to go down. Today, the business owner has to be proactive to keep gaining momentum. Consider growth strategies like selling existing products or services through new distribution channels, selling information or education about your products or services online, or offering a wider selection of your existing products or services. 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.
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!
