Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks to Ken “Mr. Biz” Wentworth, an on-demand fractional CFO and radio show host. Jason and Ken talk about business cash flow and how you can ensure the profitability of your business.
- Ken talks about how he got started as an entrepreneur.
- What is a fractional CFO and why do you need one?
- Ken provides a macro view on a variety of fractional positions and how they benefit small business.
- He also shares why you need to track cash flow and how this relates to profits.
- There are ways you can tweak cash flow and make it better.
- 82% of businesses fail because of cash flow.
- There are three pillars to financial success: cash flow, budgeting and pricing.
- What's the difference between accrual accounting and cash based accounting?
- As a business owner, ensure maximum profitability through proper budgeting and pricing.
- It's important to know and understand your business net margins – they should be double digits!
- Maximize operational efficiencies by delegating and hiring resources. Ken cautions you should avoid bootstrapping.
- Ken talks about the breakeven point and upselling.
- When is it reasonable for your business to acquire mergers and acquisitions?
3 Key Points
- Making a few tweaks, delaying outgoing money and expediting incoming money can have a significant impact on your business' cash flow.
- Keeping track of your budget and establishing proper pricing is important for business growth.
- Delegating tasks, hiring resources and outsourcing can help improve both yourself and your business.
“If you're losing money, you're probably having some cash flow challenges.” – Ken Wentworth
“If your net margin is less than 10 percent, congratulations! You have a hobby not a business.” – Ken Wentworth
“To be successful, you have to exhibit consistent perseverance, because no matter how successful you are, you will get knocked down.” – Ken Wentworth
Mr. Biz Solutions Radio – https://www.mrbizsolutions.com/mr-biz-radio
Mr. Biz on Youtube – https://www.youtube.com/c/MrBiz
Mr. Biz on Facebook – https://www.facebook.com/Mr-Biz-109564357238009/
Mr. Biz on Instagram – https://www.instagram.com/mrbizsolutions/?hl=en
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