In this episode of the #ItTakesaVillage podcast, we’re talking to John Dierkhising, Co-Owner of Bottom Line Accounting in Blaine, MN, about how your business numbers can tell a story that lead you to make smart business decisions. If you’re in recovery mode or you’re ready to seize an opportunity for growth, his advice is to know your numbers.
Here are the questions we covered:
As business owners are executing a pivot plan and strategizing what the rest of 2020 looks like, what financial statements and indicators are important to pay attention to?
What would you recommend to business owners to reorganize financials and remain organized?
What numbers are banks going to be looking at in the upcoming 6-12 months for financing approvals?
Here are 10 key points to take from this episode:
Look at working capital numbers to prepare for the remainder of 2020
If you didn’t feel the impacts during Q1 & Q2 pay attention to your predictions for Q3 and Q4 because there could be an impact coming
Watch the trends in your industry and determine how that will impact you
Share confidence with your customers by educating them about the things you know
Take time to look at your financial statements to keep a pulse on what’s happening and understand how your numbers affect your business
Your numbers tell a very specific and reliable story
Look for 50% gross profit, 30% operating expenses, 20% net income
Community banks are looking at your cash flow and management strategy to approve financing
You can’t sit still, you have to keep evolving
Have a detailed numbers partner beside you so you can focus on your strengths as the business owner
Get in touch with John and Bottomline Accounting Services by visiting the WEBSITE.
The #ItTakesaVillage podcast by Village Bank brings leaders with expertise in finance, accounting, entrepreneurship, leadership, and branding into our Village to help entrepreneurs in our community. As an entrepreneur’s bank, we hear all the time that you want to know more about the financial nuances of starting and running a business. These questions are profoundly important and can be incredibly stressful. That's why we're inviting prominent leaders and friends of our Village to weigh in and build a Village of answers and connections on the #ItTakesaVillage podcast.
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