))
56 | How to Identify and Solve Operational Issues: Kristen Deese the Virtual CFO for the trades
Manage episode 449879254 series 3615126
Contenido proporcionado por Justin Deese | Home Service Industries. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente Justin Deese | Home Service Industries o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
Show Information
Episode Number: 56
Date: October 14, 2024
Duration: 26:36
Host Information
Host: Justin Deese
Website: JustinDeese.com
Contact: Justin@JustinDeese.com
Episode Guest Info
Guest: Kristen Deese
Guest Company:Virtual CFO for the Trades
Guest Contact: Kristen@KristenDeese.com
Guest Website: www.KristenDeese.com
Summary
In this episode of the Freedom Blueprint podcast, Justin Deese and his co-host Kristen discuss the
role of a Virtual CFO in small businesses. They explore the importance of financial management, the common challenges faced by business owners, and how a
Virtual CFO can help identify operational and sales issues through financial analysis. The conversation also delves into pricing strategies, budgeting for profit, and the significance of awareness in managing finances effectively.
Kristen shares insights on how to improve gross profit margins and manage overhead expenses, emphasizing the need for business owners to understand their
numbers to drive profitability.
Takeaways
● A Virtual CFO provides high-level financial strategic
management without the cost of a full-time CFO.
● Many business owners lack accounting training, which
can hinder their financial management.
● Understanding key financial concepts early can
significantly impact business growth and profitability.
● Business owners often rely on bank balances, which
provides a limited view of their financial health.
● Identifying gross profit margins can reveal areas for
improvement in operations and sales.
● Pricing strategies are crucial; many businesses
underprice their services, affecting profitability.
● Budgeting for expected profit can shift the mindset of
business owners towards better financial management.
● Controlling overhead expenses is essential for
maintaining profitability.
● Awareness of financial metrics helps business owners
make informed decisions.
● It's important to prepare financials for tax time well
in advance.
Chapters
00:00 Introduction to Virtual CFO Services
04:10 The Importance of Financial Management for Small
Businesses
07:44 Identifying Operational and Sales Issues through
Financial Analysis
12:57 Pricing Strategies and Gross Profit Margins
16:22 Budgeting for Profit and Managing Overhead
Expenses
20:23 The Role of Awareness in Financial Management
Keywords
Virtual CFO, financial management, small business, accounting, budgeting, profit margins, operational
issues, sales strategies, pricing strategies, overhead expenses, Kristen Deese, Justin Deese, When Your Business Partner Is Your Spouse, Virtual CFO for the Trades
71 episodios
Compartir
