Pushing Profits: Unlocking the Hidden Cash in Your Business

Amy Cosper, former Editor-in-Chief, Entrepreneur. She has been reporting on the world of entrepreneurship for 12 years. Her mission is to spread the word and promise of these philosophies on a global scale and to make an impact by teaching these ideas. 

Gene Marks, owner, Marks Group. Marks Group is a highly successful small business that provides technology and consulting services to small and midsize businesses. Nationally, Marks is frequently brought in as an expert on small business on Fox News, MSNBC, and CNBC.

Hidden Cash Flow PanelistsModerator Panelists

Andrew Schrage, co-founder, Money Crashers. Money Crashers is a community of people dedicated to helping others make financially sound decisions. The site educates business owners in making wise choices about credit and debt, investing, insurance, spending, and entrepreneurship.

Today’s Agenda

• Taking a strategic approach to expense management

• Critical numbers and financial clarity

• Keys to bootstrapping

• Financial tools and technology

• When it’s time to let go

Taking a Strategic Approach

In building a strategic approach:

• Always focus on revenue

• Reducing expenses at all costs can damage your business

• Keep it about building value

Expense management is not cost cutting.

Focus on Your Critical Numbers

Put your focus on numbers that:

• Impact cost

• Define and bolster your budget

• Underlie your P&L: People, product, and margin

Strive for Financial Clarity

Clarity means:

• Knowing your numbers daily

• Know them monthly

• Knowing when your team should be involved

Finding the Opportunities

There are several ways and places to look to increase cash flow.

• Outsourcing and cross training

• Controlling inventory

• Being consistent

The Beauty of Bootstrapping

Bootstrapping:• Is critical to the bottom line and profits

• Happens when you think “free”

• Be smart, but not cheap

Bootstrapping: Financing your company’s startup and/or growth with the assistance of, or input from, others.

Key basic pitfalls:• Not separating personal and business finances• Underestimating costs/overestimating revenues• Not reviewing your general ledger: The devil is in the details

What’s Most Often Missed?

Tracking Your KPIsWhich KPIs matter to your business?

KPIs depend on your business and industry, but some keys might be:• Year-over-year revenue• Year-over-year cash• Marketing metrics (social

media, website visits, etc.) and ad revenues

Tools to track it all—and more

• Standard-bearers: QuickBooks, NetSuite, FreshBooks

• EntryLess, KnowledgeSync

• Concur, Expensify, Nexonia, Abacus, Xpensify

Tech and Tools to Manage Finances

Questions and discussion Cloud vs. In-house Servers

How do you choose?

• Security considerations

• Trajectory of the business

• Both can work to meet your ends

Finding the Right Software and

Apps for Your BusinessIn seeking the right platform:

• Do your research (findaccountingsoftware.com)

• Don’t make it about the lowest cost

• Take if for a test drive

Technology = Small Business PowerSuccess by the Dashboard?

To dashboard or not?

• For the visual owner

• Keep it to most pertinent metrics

• Ensure compatibility with current business systems

Technology = Small Business PowerWhen It’s Time to Let Go

When should you turn your financials over to a professional?

• Never completely let go

• Work directly with your CPA or accountant

• Don’t be afraid to be dumb

Coming Soon:

Build Revenue by Being Socially Smarter

In the next free webinar you’ll learn:

-how to build a low-cost, targeted campaigns -utilize platforms appropriately -make the most of your marketing dollars-build sales relationships and drive revenue-use the right metrics to help improve your efforts

Upcoming Connections to Growth Webinars

Find ideas, solutions, and perspectives from experts and real business owners at the Comcast Business Community, cbcommunity.comcast.comhttp://cbcommunity.comcast.com

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