Jack Mencini of Maximum Value Partners and cohost Adam Sonnhalter for Dirty Secrets of Small Business says that if you haven’t had any formal training with understanding your small business financials and numbers, it can be very frustrating and very intimidating. But, when you finally do, the knowledge can be empowering for what it means for your business.
Numbers can give you comfort in being able to make decisions and move forward with your business in regards to looking at making an acquisition. It can drive you nuts if you are doing too much by running in a thousand directions and never having the feeling how the business is going financially.
Jack and Adam have coached hundreds of small busiensses on getting comfortable with understanding what all the numbers mean from the accounts receivables, accounts payables, payroll, overhead expenses, running the office, insurance all the numbers that affect the revenues and profitability. What makes your business sustainable? How can you increase sales and also increase the profit margins?
Knowing how to forecast and determine revenue coming in, you need to have a plan and a spreadsheet to chart and physically map how all the numbers work together and how you can strategically have an understanding to plan, direct and control your business destiny.
If your numbers are all over the place… it doesn’t have to be that way. To find out more about why it is so important to look at these numbers and have a good solid understanding of the figures within your business, tune in to this week’s podcast on iTunes or here.
Jack and Adam also announced that Dirty Secrets of Small Business is making the move to prime time! Starting on May 3, the show will air live on Wednesdays from 7:30 pm (EST) to 8:30 pm (EST) right after Tech Talk on WINT 1330 AM. The move to Wednesday evenings has the small business coaches, as part of the station’s must-listen-to lineup with other business shows scheduled to air in the evening time slots.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to firstname.lastname@example.org or submit a question on their web site by following this link.
If you have a success story or a question you would like to share, email or call (email@example.com or 877-849-0670). You can also call in during the show each week during April at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.