246: Creating Good Financial Systems
246: Creating Good Financial Systems
Joining me today is Kelcee Sparks with Elite Ops, and we are going to be talking about financials. This is always one of my favorite topics to talk about, and so I'm excited to see and to hear the questions that she has for me.
Topics Mentioned:
Basic financial concepts
Understanding your financials
Strategic planning
Profit First
Listen to the Episode
Key Thoughts:
The first is I think every business owner should understand their major anchor points, especially from a P&L. What does that mean? It means I think they need to understand revenue, and how money comes into their business. Michele
Knowing our financials gives us the ability to know when we are going to do a task, how much more it's going to cost us or save us, and then it also gives us the ability to know if I say yes over here, then I need to say no over here. Michele
One I would say really is about creating some type some type of Profit First strategy, which means, first and foremost, watching the money, looking at the money, knowing when the money comes in, knowing how much we need to pay out every month kind of tells me how much I need to be bringing in every month to satisfy that particular need of the company. Michele
It's about having a good accounting system, having a time tracking system, and then having a system like Metrique that pulls it all together to be able to look at it. Michele
Contact Michele:
Facebook: Scarlet Thread Consulting
Instagram: @ScarletThreadATL
Website: ScarletThreadConsulting.com
LinkedIn: Michele Williams
References and Resources:
Profit First by Mike Michalowicz