Resources
Guide to Fractional CFO Services
CFO’s Small Business Financial Report Guide
Articles
The Power of Customer Data – Three Considerations for Finding Your System
When I took over Monkey Bizness Franchising, an indoor kids’ play concept, in 2015, I asked our franchisees a question, “How many times do you think our average customer comes each year?”. We had four franchisees at the time and I got for different answers ranging from 6 to “I have no idea”. We had
Young and New Franchisors Should Crunch the Numbers on Online Ordering
While ordering food online through apps such as Grubhub or Uber Eats has only been around for a few years, it has made a huge impact. That impact will only continue to grow, especially for franchisors. According to a survey from orderTalk, 79% of Millennials ordered food last year via an app or a website.
3 Ways to Build a Financial Support System For Franchisees
Success for any franchisor can be measured by their number of healthy franchisees. The statistics bear out that franchises fail about as often as a regular business. This should be somewhat surprising because many franchise concepts are modeled after an existing business that has experienced a certain level of success. Many franchise systems have failure
Five Ways a CFO can Help you Stick Out in a Competitive Franchising Landscape
While it is hard to get an exact count on how many franchise brands are in the United States, the number is somewhere between 3,500 and 4,000. While many of the periodicals dedicated to covering franchising devote most of their efforts to brands that are in the uber-growth phase or have well over 150 units,
Who cares about GAAP? Unfortunately, Franchisors must
GAAP is the four-letter acronym for Generally Accepted Accounting Principles….most non-accountants have other four-letter words they might use to describe it. Most entrepreneurs and business owners I talk to rightfully comment they don’t care about GAAP because it doesn’t apply to their business. Unfortunately, franchisors are not in that category. Most franchisors think of themselves
Strategies and Costs of Franchise Development
When I purchased Monkey Bizness Franchising in December 2015, I thought I was only purchasing a business that franchised indoor active kids play centers. Little did I know the number of friends I was acquiring with the business……after buying a business, everyone wants to be your friend. There is no shortage of people that want
Why Your Income Statement Doesn’t Match You Bank Account
“How can that be my net income?” “I didn’t make that much, check my bank account?” “This income statement makes no sense to me” I have sat with many business owners and heard these lines seem time and again. Their income statements make no sense. It’s no wonder many owners look at what accountants do
Marketing, Customer Value, and Capital Allocation: 3 Things Small Businesses Can Learn from Spotify
Spotify is going through changes. Recently their CFO announced he would be leaving and an in-house candidate was chosen to succeed him. The Company is in a fierce fight with the likes of Amazon and Apple over music streaming. They are also looking at ways to maximize ad-revenue and further monetize the growth of podcasting.
14 Budgeting Season Tips and Tricks
The season is upon us….its that time of year you walk into Hobby Lobby and know exactly what time of year it is without need a calendar. When your significant other comes home, you can tell what is on their mind. While it should be a festive atmosphere, it often gets tense after awhile. Yes,
That Other Statement – What is the Statement of Cash Flows?
Earlier this week I was having coffee with a potential client when I heard two interesting statements from him within 5 minutes. It started with him saying, “My income statement doesn’t make sense to me. It says I have this huge net income, but that cash isn’t in my bank account”. A few minutes later
How to Win in a Fighter Jet and in Business
Many would be surprised to learn that there was little science to flight combat during World War I and II. In fact, the beginning of thinking of how to develop pilots into better pilots didn’t being until the 1950s. If it weren’t for the work of John Boyd, it may not have begun until several
A Quick History on “Paying Yourself First” and Why It Matters
I didn’t learn it on my first go around. I studied a lot about entrepreneurialism and small business. Like many, I read books, articles, and most whatever else I could find on the topics. However, what most missed on was the financial part of operating a business. Sure, most of these books talked about ideation,