Cut Your Chances of Small Business Failure in Half

Nina KaufmanManage Risk, Podcasts, SystemsLeave a Comment

Listen to the Episode Below:

If you’re like many expertise-driven business owners, you started your company because you had a talent or passion for your work. (Or, you spent a lot of years in school to get the training). Probably not because you were “jonesing” to look at spreadsheets. Do you curl up into fetal position when you look at your numbers? Wish you could understand them better? 

Today’s guest is Dawn Fotopulos, author of the acclaimed Accounting for the Numberphobic: A Survival Guide for Small Business Owners. If you want to scale your business, she’s the one to help you understand the story they’re telling you. 

Cut Your Chances of Small Business Failure in Half…Dawn-Fotopulos-photo

  • Revenue is not your final measuring stick. It’s possible to bring in a lot of revenue while not making a lot of profit. Take a look at your profit and loss statement and see if you can reduce overhead and work smarter for more profit, even if there’s less revenue.
  • Determine a reasonable value for your time. Check your industry’s trade association to see what the average fee is for those in your geographical area. Factor your time in when deciding whether a particular task or client is worth your time.
  • Make a list of all of your services and track how much time you’re spending on each of them. Consider what is billable and what isn’t. This will help you determine how much time you’re spending on support details that you aren’t getting paid for as well as decide how much you need to charge per hour.
  • Take responsibility for looking for risks and opportunities. Your accountant can help you keep your books legal and on track, but he or she is not going to control the direction of your business. You need to put in the time and effort to understand the basics of what the business is telling you.

 

Dawn Fotopulos knows how to help business-owners “fall in love with the story” of the numbers that build your business. If you want to learn how to see the big picture and scale your business, be sure to make time to listen.

 

Dawn Fotopulos is the associate professor of business at The King’s College, the founder of BestSmallBizHelp.com and author of the acclaimed Accounting for the Numberphobic: A Survival Guide for Small Business Owners. As an experienced entrepreneur and small-business turnaround expert she has rescued hundreds of small business from financial disaster. An expert in her field, she has been featured on MSNBC’s “Your Business,” at the New York Times Small Business Summit and in Forbes.com. She loves to zip line and hang glide in her spare time.

Words of Wisdom:

“Refuse to be average. Let your heart soar as high as it will.” ~ A.W. Tozer

Learn More About Dawn Fotopulos:

  • #knowyournumbers — @dfotopulos

 

Be sure to review us on iTunes!

Can’t listen in every week? Get the Executive Summary for each Cash Out BIG podcast delivered right to your inbox!

 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.