Many small business owners, especially in their companies’ early stages, are experts on the product or service they provide, not the financial numbers. Even experienced business owners may find themselves so busy making sure everything gets done that they rarely have time to sit down and dig into the numbers. We want leaders like you to understand the financial numbers in their business so you can make better decisions and improve the health of your finances.
In this episode, we’ll share the top three financial metrics that matter most in your business and how to use them to lead your business. Our guide will be BELAY’s financial guru Lisa Zeeveld, the current COO and former CFO of BELAY.
Finances are often a source of misery when they remain a mystery. You must start tracking the three essential financial metrics — revenue, cost of goods, and net profit. These numbers give you the information needed to decide what you sell, how much you sell it for, and what you pay to produce it. Empower yourself to be the best leader you can be by tracking the numbers, so they’re available to be referenced when you need them.
Decide to run a profitable business. Leverage industry research and professional contacts to determine the types of margin you can make on what you sell — the percentage of revenue kept by the organization after paying for the product or service to be produced. Then, set the portion you want as profit. The percentage left will be allocated to operating costs. After you do that, stand firm on those percentages to ensure you run a financially healthy business.
Great sports coaches would never lead their teams well if they only checked the score at the end of the game, but that’s what many business leaders do. Running a business and leading a team requires you to modify plans, try new tactics, acquire more talent, etc. These types of adjustments demand you know how things are during the game, so you have an opportunity to influence the outcome. We recommend you review the top three metrics at least once a month via a profit and loss statement and profit and loss forecast. Also, a weekly cash flow projection would be ideal as it would prevent you from seeing any surprises at the end of the month.
BELAY client Geoff Welch and his BELAY Virtual Assistant Trúc Towns talk with Tricia about their experience of learning to work together and their top tips for getting started working with a Virtual Assistant. Geoff also explains how delegation has allowed him to play to his strengths in both his career and his personal life.
In today’s fast-paced and interconnected world, harnessing the power of technology and artificial intelligence has become essential for businesses and professionals aiming to thrive in their respective fields. Today, we have the privilege of hearing from a remarkable duo who have embraced the potential of AI to enhance their productivity and streamline their work processes.
Wes Gay is a StoryBrand Certified Guide, Agency Owner, and Private Workshop Facilitator. And since 2016, he’s helped hundreds of organizations find clarity with StoryBrand. Jodi Reiter is an accomplished Executive Assistant, bringing a wealth of experience from the marketing, advertising and photography industries as she supports Wes. They sat down with Ryan to share their experiences, strategies and success stories in utilizing AI to collaborate more efficiently and achieve remarkable outcomes. Listeners will learn about the most impactful AI tools on the market and how to weave them into your daily workflow.
Today on the podcast, we have a special episode courtesy of our friends at the Maxwell Leadership Podcast. BELAY CFO Lisa Zeeveld sat down with Mark Cole recently to co-host an episode of the Maxwell Leadership Podcast about how to get time back as a leader.
