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77. Replay: Want a Successful Business? Learn About the Critical 4 Numbers You Need To Know
- 2021/12/07
- 再生時間： 35 分
- ポッドキャスト
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サマリー
あらすじ・解説
Small businesses are the backbone of the economy. In fact, it comprises most of the U.S. GDP!
However, small businesses may not always have the resources and “know how” that some of the largest businesses have.
And the stakes are high. How high? Unfortunately, 60% of businesses fail in the first 5 years. 83% fail due to poor cashflow management, or knowing how and where money should go.
I spoke with Michael King of KFE Solutions, who has devoted his career to instilling small business owners with knowledge and confidence. He acknowledges the importance of small businesses and has pledged to empower them.
What I love about Michael is his teacher’s heart. He has the talent of distilling business concepts into smaller, understandable nuggets. In other words, everyday people can consume and grasp the business acumen he offers.
(In fact, he calls this his “superpower.”)
We talk about his experience in the business world starting out, and how he had to learn to understand accounting and finance. This journey set him on a path to help others in similar situations.
He channels his talents in our conversation and provides helpful tidbits to business owners who are starting out or learning to better understand their operations.
Much of it boils down to knowing your numbers and building a strong financial foundation. It doesn’t matter if your sales and marketing game is strong if you don’t have a strong handle on your finances.
Don’t miss his words of wisdom. I loved hearing from him and benefited greatly, and can’t wait for you to do the same.
Takeaways from this episode:
- The critical 4 numbers an entrepreneur should know: revenue, gross profit, net profit, and cashflow.
- A cashflow forecast helps you think about how much money you have in the business today and how much money will go into the business over time. This helps guide your expenditures.
- Be conservative while estimating your profits; optimism isn’t the goal in cashflow forecasting because you must prepare for worst-case scenarios.
To learn more about Michael King and KFE Solutions please visit:
https://www.linkedin.com/in/iammichaelking/
https://www.kfesolutions.com/
https://www.instagram.com/i.am.michael.king/
To book a free strategy session with Jillian:
https://mariemae.com/consulting
To learn more about Marie Mae :
https://mariemae.com/
Show notes and more resources:
https://mariemae.com/episode/77
Topics discussed:
- Cashflow management
- Cashflow forecasting
- Net profit and gross profit
- Business fundamentals
- Small business growth
- Understanding accounting and finance
- Leaders and financials
However, small businesses may not always have the resources and “know how” that some of the largest businesses have.
And the stakes are high. How high? Unfortunately, 60% of businesses fail in the first 5 years. 83% fail due to poor cashflow management, or knowing how and where money should go.
I spoke with Michael King of KFE Solutions, who has devoted his career to instilling small business owners with knowledge and confidence. He acknowledges the importance of small businesses and has pledged to empower them.
What I love about Michael is his teacher’s heart. He has the talent of distilling business concepts into smaller, understandable nuggets. In other words, everyday people can consume and grasp the business acumen he offers.
(In fact, he calls this his “superpower.”)
We talk about his experience in the business world starting out, and how he had to learn to understand accounting and finance. This journey set him on a path to help others in similar situations.
He channels his talents in our conversation and provides helpful tidbits to business owners who are starting out or learning to better understand their operations.
Much of it boils down to knowing your numbers and building a strong financial foundation. It doesn’t matter if your sales and marketing game is strong if you don’t have a strong handle on your finances.
Don’t miss his words of wisdom. I loved hearing from him and benefited greatly, and can’t wait for you to do the same.
Takeaways from this episode:
- The critical 4 numbers an entrepreneur should know: revenue, gross profit, net profit, and cashflow.
- A cashflow forecast helps you think about how much money you have in the business today and how much money will go into the business over time. This helps guide your expenditures.
- Be conservative while estimating your profits; optimism isn’t the goal in cashflow forecasting because you must prepare for worst-case scenarios.
To learn more about Michael King and KFE Solutions please visit:
https://www.linkedin.com/in/iammichaelking/
https://www.kfesolutions.com/
https://www.instagram.com/i.am.michael.king/
To book a free strategy session with Jillian:
https://mariemae.com/consulting
To learn more about Marie Mae :
https://mariemae.com/
Show notes and more resources:
https://mariemae.com/episode/77
Topics discussed:
- Cashflow management
- Cashflow forecasting
- Net profit and gross profit
- Business fundamentals
- Small business growth
- Understanding accounting and finance
- Leaders and financials