Lesson Info
3. Tie The Magic Numbers To Your Product Or Service
Lessons
Course Introduction
01:40 2The Two Magic Numbers
03:17 3Tie The Magic Numbers To Your Product Or Service
01:47 4Restaurant and Product Examples
02:31 5Tools to Help Calculate Cash Flow
03:16 6Should I Get a Bookkeeper?
03:15 7Personal Vs. Business Finances
02:52 8Key Takeaways
02:29Lesson Info
Tie The Magic Numbers To Your Product Or Service
So one of the single most important things that a business owner should understand when it comes to cash flow is really both numbers, right? What's coming in and what's going out also what products and services are generating the most cash flow. Because if you take the time to figure out what products or services are generating the most cash flow, it allows you to determine where to double down your efforts, right? Or maybe even determining, hey, I need to cut this product or service because it's actually costing me money. There is a high probability that there are, there are products or services in your business that could be costing you money just to keep those products or services around. So that's why it's very important to not just understand the money coming into the money coming out, but where the money is coming from, what products are bringing in the revenue or the money, what services are bringing in the revenue, the money and then what expenses, how much does it cost to um t...
o produce this product to deliver this service? So those are probably multiple, but very, very important aspects when it comes to cash flow. So it's not just what's coming in, what's going out. You're also wanting to link each expense to your product to to its respective product or to its respective service. So you can determine if these products and services even still need to be around in your business or not.
Ratings and Reviews
a Creativelive Student
I wasn’t looking for a financial class today and accidentally clicked the link during a broadcast. I decided to watch it, since it’s less than 30 minutes. It’s one of the most useful classes I’ve seen versus the low-time investment. This course is jam-packed with practical information but delivered with sensible pacing and no fluff. Ms. Broadway presents each point with infectious enthusiasm and clarity. It’s straight to the point, and easy for anyone to apply to a business of any kind. While I was already using some of the points she makes, I feel that this course can be helpful to anyone who’s not keeping solid records of business income and loss, or trying to pinpoint what products and services are consistently costing you more money than they earn. She’s talking about questions that every business owner should be asking themselves every month. Whether it’s because of challenges in the wake of the pandemic or because you never really had a genuine grasp of managing the financial aspects of your business in way that allows growth, it’s likely not too late for you to start fresh and find ways to maximize your income and/or get a helping hand via software or a bookkeeping service.
Dex Cagan
A nice high-level overview of cash flow that's approachable and easy to understand, delivered with great energy.
Lily Gautro
Student Work
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