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Guide to Fractional CFO Services
CFO’s Small Business Financial Report Guide
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Your Accounting and Finances Could Be Better
Some might look at the title of this article and say “Oh ya, how do you know?” Odds are, you fall in one of those groups. How do I know…because as a number’s geek, odds say that the above statistics cover about 95% of private business owners. However, I get it…I really do. First, accounting
Crash Course: Budgeting for Profit
The last time you budgeted for your business, I am sure you did it the way 99% of owners do. You projected your revenue based on what your expectations were and prior history. You then moved on to expenses and again, projected this based on the history of the business. In the end, you scrolled
3 Keys to Reviewing Your Financial Statements
Let me get this off my chest right away….most business owners stink at reviewing their financial statements. It’s not an intelligence thing or even a lack of effort. The cause boils down to three reasons: Whoever prepared the financial statement for the owner (i.e. bookkeeper) is so consumed with the process of getting the statements
Real Talk about CFO’ing for the Small Business Owner
I talk with a lot of business owners and most immediately dismiss a CFO. I hear it all… ”they are too expensive”… ”I am just a small business owner” … ”my business doesn’t have the need”. Honestly, all of those statements are flat out wrong. Businesses with a well-defined and executed strategy out-earn their peers
Why Your Small Business Needs Some CFOing
I have spoken with enough small business owners to know they don’t understand what role a Chief Financial Officer (“CFO”) would play in their business. Admittedly, the role is not as cut and dry as other jobs they most likely have filled in the past. Small business owners can tangibly see what a sales manager,
CFO’ing for Franchisors
I was recently at a 2-day franchisor retreat. As a franchisor myself, I am around the industry quite a bit. It was one of those retreats that are typical when you think of such events. Yes, it was at the airport (actually, the hotel attached to the airport). Most of the attendees had flown in
Decoding Accounting: A Crash Course in Inventory Management
I love Under Armour. I am very brand loyal and it is not uncommon to see me in multiple Under Armour outfits throughout the week. As I coach both of my boy’s flag football teams, I do so decked out in Under Armour gear. However, I also know that as a company, Under Armour has
An Easier Revenue Growth Formula: Building Your Ideal Customer Profile
I don’t know a business owner that I have sat down with in the past that has said: “I have just the amount of customers I want.” Thinking about the prospect of that conversation actually makes me laugh out loud a little bit. Most small business owners are in fact constantly trying to figure out
Decoding Accounting: Cash vs. Accrual
I was meeting with a business owner last week who told me they were interested in moving to accrual-based accounting method. They were currently on the cash basis and their bookkeepers were inquiring if they wanted to convert over. The company was just entering their 3rd year and always prepared their financial statements and tax
Back of the Napkin Profit Growth
In late July I was having drinks with an acquaintance, let’s call him Derrick, who is contemplating franchising his men’s hair salon concept. I was put into contact with him through a mutual friend a few months earlier. Since I had been heavily involved in franchising for the past few years, I was the first
Decoding Accounting: Old 401(k) Math + New Rules
The Department of Labor released a new rule to make it easier for small businesses to band together to create joint 401(k) retirement plans for workers. The new rule will take effect on September 30th of this year. Under the rule, companies in different industries—for example, a salon and pizza parlor—could create a joint plan
5 Considerations For Bringing in a New Partner for Your Small Business
According to the Small Business Administration, 70% of businesses are owned and operated by sole proprietors. While that is a huge percentage, it still leaves a 3 in 10 chance that your business will have more than one owner. It’s almost impossible to say how many of these non-sole owner businesses started out with one