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56 | How to Identify and Solve Operational Issues: Kristen Deese the Virtual CFO for the trades
- 2024/10/14
- 再生時間: 27 分
- ポッドキャスト
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あらすじ・解説
Show Information
Episode Number: 56
Date: October 14, 2024
Duration: 26:36
Host Information
Host: Justin Deese
Website: JustinDeese.com
Contact: Justin@JustinDeese.com
Episode Guest Info
Guest: Kristen Deese
Guest Company:Virtual CFO for the Trades
Guest Contact: Kristen@KristenDeese.com
Guest Website: www.KristenDeese.com
Summary
In this episode of the Freedom Blueprint podcast, Justin Deese and his co-host Kristen discuss the role of a Virtual CFO in small businesses. They explore the importance of financial management, the common challenges faced by business owners, and how a Virtual CFO can help identify operational and sales issues through financial analysis. The conversation also delves into pricing strategies, budgeting for profit, and the significance of awareness in managing finances effectively. Kristen shares insights on how to improve gross profit margins and manage overhead expenses, emphasizing the need for business owners to understand their numbers to drive profitability.
Takeaways
● A Virtual CFO provides high-level financial strategic management without the cost of a full-time CFO.
● Many business owners lack accounting training, which can hinder their financial management.
● Understanding key financial concepts early can significantly impact business growth and profitability.
● Business owners often rely on bank balances, which provides a limited view of their financial health.
● Identifying gross profit margins can reveal areas for improvement in operations and sales.
● Pricing strategies are crucial; many businesses underprice their services, affecting profitability.
● Budgeting for expected profit can shift the mindset of business owners towards better financial management.
● Controlling overhead expenses is essential for maintaining profitability.
● Awareness of financial metrics helps business owners make informed decisions.
● It's important to prepare financials for tax time well in advance.
Chapters
00:00 Introduction to Virtual CFO Services
04:10 The Importance of Financial Management for Small Businesses
07:44 Identifying Operational and Sales Issues through Financial Analysis
12:57 Pricing Strategies and Gross Profit Margins
16:22 Budgeting for Profit and Managing Overhead Expenses
20:23 The Role of Awareness in Financial Management
Keywords
Virtual CFO, financial management, small business, accounting, budgeting, profit margins, operational issues, sales strategies, pricing strategies, overhead expenses, Kristen Deese, Justin Deese, When Your Business Partner Is Your Spouse, Virtual CFO for the Trades