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!
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!
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!
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!
