You need to understand your financial metrics when it comes to your business.
I say this ALL the time, so we are actually getting into the details of it in this episode.
I am joined by Michael King to talk about the critical four financial metrics of your business: revenue, gross profit, net profit, and cash.
Michael is a business money coach and the CEO of KFE Solutions. After spending the first 11 years of his career in the military, Michael ventured into the world of business. He quickly learned that he needed to level up his financial IQ to survive.
The big problem he found was the fact that most financial “experts” couldn’t explain business money concepts in a way that could be quickly understood and easily applied to real-world problems that entrepreneurs encounter.
Michael decided to bridge that gap. In 2016, he created KFE Solutions with the mission of helping business owners understand their numbers so they can make better decisions. Since then, Michael and his team have worked with hundreds of entrepreneurs to help them scale their businesses profitably.
On Today’s Show You’ll Learn:
- The percentage of businesses that fail because of poor cash flow management
- How your decisions impact revenue, gross profit, net profit, and cash
- The number one thing to look for in a bookkeeper
- Why you need to look at least 6 weeks into the future for your cash flow forecast
- How cash flow forecasting differs from profit
- The amount of clarity that cash flow forecasting brings into our life and business
- What you should consider when hiring from a cash flow perspective
- Understanding decisions from a profitability standpoint
- Mapping out payment plans for Facebook ads
Michael is actually a member of my Accelerator program, so he brings all of his knowledge to all of us in Accelerator!
When you can better understand these critical four financial metrics of your business, you can make better decisions.
If you’re a course creator or an online coach that wants to better understand your financial numbers, my Accelerator coaching program is for you! You can learn more about it and apply at rickmulready.com/accelerator.
Links & Resources Mentioned in this Episode:
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