MergedAnalytics Tracking Image - NoScript
International Business Growth Radio Network
  • WELCOME
    • CONTACT US
    • PRIVACY
  • RADIO
    • ON AIR NOW
    • LISTENER GUIDE
    • MEET THE TEAM >
      • NORTH AMERICA >
        • William Eastman
        • Donna Kunde
        • Londina Cruz
        • Monique McDonald
        • Survival Mode
        • Raj Kapur
        • Bob DiGiacomo
        • Crystal Y. Davis
        • Bill Kelly
        • WELCOME
        • Kasfia Rashid
        • David Wilson
        • James Bryant
        • Brandon Souba
        • Cedrick LaFleur
        • Clancy Clark
        • Damian Johnson
        • Scott Geller
        • Wendy Dickinson
        • Ralph Peterson
        • Michael Mitchell
        • Nicole Rankine
        • Ellen McIlhenny
        • Tracie Hines Lashley
        • Z Gen Entrepreneurship
      • AUSTRALASIA >
        • Sarita Johan
        • Steve Sweeney
        • Level-Up Your Marketing
        • Russell Colbourne
        • Simone Douglas
        • Rick Carter
      • SOUTH ASIA >
        • Jeremy Gray
        • Ajai Lal
        • Bijay Kumar Khandal
        • Lisa Askwith
        • Rashmeet Kaur
        • Meena Mac
        • Ramdas Shenoyy
      • PRIME MERIDIAN >
        • Ravin Papiah
        • Florin Lungu
        • Teena Ogbugoh
        • Sadika Kebbi
        • Arthie Moore-Robberts
        • Jan Robberts
        • Gaby Awad
        • Fady G. Bader
      • EXEC TEAM
    • JOIN THE TEAM >
      • BECOME A HOST
      • BE A SPONSOR
  • SHOP
    • DWY PACKAGES
    • HOST PACKAGES
    • ADVERTISING PACKAGES
    • IBGR MERCHANDISE
  • CONSULTING
    • PODCASTS
    • BUSINESS MAKER (DWY)
    • FRACTIONAL CONSULTANTS (DFY)
  • NEWS
    • E-NEWSPAPER
    • NEWS BLOG
    • NEWS PODCASTS
  • RESOURCES
    • START HERE
    • SHOW NOTES
    • GROWTH APP
    • FACEBOOK COMMUNITY
    • LINKEDIN COMMUNITY
    • EVENTS
IBGR.NETWORK

Show Notes

DOWNLOAD. LISTEN. ENGAGE.

How do I know I am generating as much profit as possible? - Scott Geller

7/2/2021

0 Comments

 
Picture
Scott Geller – The CFO Perspective

Episode: How do I know I am generating as much profit as possible?  

Date: February 8, 2021

IBGR.Network - PROFIT Radio. Everything a business owner needs to start, grow or exit a business. GROW WITH US.

INTRODUCTION
I have 20 years of experience in the finance realm that started with the Federal Reserve Bank as a bank examiner, moved on to 7 years at a Fortune 300 insurance company, and then a 50-70 person spin-off technology firm under the Allianz umbrella of companies. I was with the spin-off from day zero all the way until the unfortunate end and I had to close down the business.

I am now a financial consultant serving primarily as a fractional or part time CFO for companies that range from start ups to young and scaling to established with stable growth. I take over from the accountant as a lean cost effective option for Profits Engineering, Cash Optimization, Strategic Acceleration and Executive Partnering committed to your success. Please contact me at scott.geller@capitisadvisors.com.


Show Objectives - The Why
Cash is like oxygen. When people don’t have oxygen, they die and so do businesses without cash. You need to store away cash always and put it in reserves. In order to put cash away, the company needs to be profitable. The market seems to have recently returned to valuing growth over profitability, similar to early 2000's, but I still believe and have been a witness where profitability is a necessity. The profitability might be in the future as with startups, but the profitability has to exist within the business model.

Business leaders tend to gauge the profitability of a business by reviewing the income statement at face value. I've seen where the income statement might have the titles, structure, and maybe even calculating margin ratios; however, the statement doesn't reflect the true profitability and at times is even misleading management.  The key is to dig under that face value, understand key drivers, utilize applicable tools, and leverage the perspective and experience of a CFO. The next step is to us that knowledge to create or identify untapped profitability that circulates oxygen (cash) to survive and grow. 



What You Need to Know - The What
  1. Profitability of the Business
  2. Net Income vs Profitability
  3. Start with your services and products
    1. Succeeded in getting organized ... list of existing and new
    2. Determining performance
    3. Thinking about the categories
      1. Problem Child
      2. Star
      3. Cash Cow
      4. Dog
    4. Where Products and services are in the matrix with the 4 tests
      1. Growth rate vs industry and competitor
      2. Customers Budget
      3. Profits
      4. Why is the customer buying ... not just are they
  4. Determine driving factors of your profitability
    1. Pricing
    2. Volume
    3. Efficiency
    4. Unique offering in market
    5. Other
  5. Calculate your profitability throughout the business
    1. Gross Margin
    2. Operating Expenses
    3. G&A Expenses
    4. Operating Margin
    5. Incorporate accountant and CFO for inputs and structure

What You Need to Do - The How
  1. What quality issues may have been identified during the feedback phase
  2. Listening to stakeholders - Leadership, Employees, Clients, ex-clients, Prospect Feedback, Industry Publications, Market Studies
  3. What process improvements can we implement immediately
    1. Key processes
    2. Highest impact process - volume, profitability, potential
  4. How can we deliver our product/service to the customer as quickly as possible.
    1. Time is money
    2. Speed to market
  5. Did we identify changes in people and technology to make us more efficient. 
    1. Right people in right positions
    2. Innovation can drive and should create profitability
  6. Make personnel changes.  Take care with hiring processes as bad hires are very expensive to your company.
    1. Have you grown beyond some individual's skills? Ask twice to capture value before taking action
    2. Right people in the right positions?
    3. Missing skill sets
    4. Full assessment with an expert
  7. Try to automate as much as possible
    1. Innovation across the company
    2. Exists in people's head to "paper"
    3. Excel to systems
    4. Systems to software
    5. Build vs Buy
  8. Document processes and constantly revisit
    1. Similar to the Agile discussion - Work ... review ... work ... review
  9. Start with quick fixes
  10. Start with less expensive fixes
  11. Calculate profitability of your changes
    1. Estimate of expected results
    2. Calculate results when possible
    3. Compare and contrast
  12. Know your numbers – Financial planning and Cash Flow management
  13. Think in terms of the business when making decisions
    1. Profits in short term vs. long term value
    2. Cutting people, processes, expenses, etc can lead to lost business


PPREVIOUS : Episode 4 - 2021_02_01 - How do I increase revenue “financially”?
​

NEXT: Episode 6 - 2021_02_15_ Should my CFO be involved in my tech and innovation efforts?

Resources (optional):
You can connect with Scott via his website or LinkedIn
Connect on LinkedIn
See Scott’s Website

​

F3.06.4NA

0 Comments



Leave a Reply.

    new choice for BUSINESS SEARCH

    Archives

    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020

    Categories

    All
    Aaron Lee
    Ajai Lal
    Ally Nitschke
    Angela Chaney
    Angela Hooper Menifield
    Arthie-moore
    Bert Robinson
    Bijay Kumar Khandal
    Bill Kelly
    Bishop Cummings
    Bob DiGiacomo
    Brandon Souba
    Cedrick Lafleur
    Celia Powell
    Charles George
    Crystal Y Davis
    Damian Johnson
    David Wilson
    Donna Kunde
    Ellen-mcilhenny
    Fady-g-bader
    Florin Lungu
    Gaby Awad
    James Bryant
    Jan Robberts
    Jeremy Gray
    Johanna Rincon
    John-richards
    Kasfia Rashid
    Kevin Beers
    Laura Bell
    Lisa Askwith
    Londina Cruz
    Monique McDonald
    News
    Nicole Rankine
    Prerona Roy
    Raj Kapur
    Ramdas Shenoyy
    Ravin Papiah
    Rick Carter
    RJ Lewis
    Russell Colbourne
    Sadika Kebbi
    Sarita Johan
    Scott Geller
    Season 1 Coaching
    Season 1 Consulting
    Season 1 Customers
    Season 1 Executive
    Season 1 Finance
    Season 1 Operations
    Season 1 People
    Season 1 Strategy
    Season 2 Customers
    Season 2 Executive
    Season 2 Finance
    Season 2 Operations
    Season 2 People
    Season 3 Consulting
    Season 3 Customers
    Season 3 Executive
    Season 3 Finance
    Season 3 Operations
    Season 3 People
    Season 4 Customers
    Season 4 Executive
    Season 4 Finance
    Season 4 Operations
    Season 4 People
    Season 5 Customers
    Season 5 Executive
    Season 5 Finance
    Season 5 Operations
    Season 5 People
    Season 6 Customers
    Season 6 Executive
    Season 6 Finance
    Season 6 Operations
    Season 6 People
    Season 7 Customers
    Season 7 Executive
    Season 7 Finance
    Season 7 Operations
    Season 7 People
    Season 8 Finance
    Season 8 Operations
    Season 8 People
    Season 9 Customers
    Season 9 Executive
    Season 9 Finance
    Season 9 Operations
    Season 9 People
    Simone Douglas
    START HERE
    Steve Sweeney
    Teena Ogbugoh
    Tracie Hines Lashley
    Vicki Abraham
    Wendy Dickinson
    William Eastman

    RSS Feed

Radio

Become a Host
Get the Listener Guide
Contact Us​

SOCIAL MEDIA

Join our Facebook Group
​Connect on LinkedIn
BTS on YouTube

365 Business Maker

Grow Your Business
Apply to Work With Us
Network and CONNECT

free resources

Download the Growth App
Download the Checklist
Download the Podcasts

Listen Live ON THE FOLLOWING APPS & NETWORKS

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture

SYNDICATION pARTNERS

Picture
Picture
Picture

Search IBGR On These Podcast Platforms

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture

SPONSORS & AFFILIATES

Picture
Black Links Global
Picture
Picture
Influence With A Heart
Picture
Picture
Book Design and More
Picture
Picture
Startup Raven
Picture
Picture
Coach Accountable
Picture
Picture
Click Funnels
Picture
Picture
Salesflare
Picture
Airmeet
IBGR.Network is Veteran owned and operated. 
Site powered by Weebly. Managed by Radio.co, Designed by gWORX Media.
  • WELCOME
    • CONTACT US
    • PRIVACY
  • RADIO
    • ON AIR NOW
    • LISTENER GUIDE
    • MEET THE TEAM >
      • NORTH AMERICA >
        • William Eastman
        • Donna Kunde
        • Londina Cruz
        • Monique McDonald
        • Survival Mode
        • Raj Kapur
        • Bob DiGiacomo
        • Crystal Y. Davis
        • Bill Kelly
        • WELCOME
        • Kasfia Rashid
        • David Wilson
        • James Bryant
        • Brandon Souba
        • Cedrick LaFleur
        • Clancy Clark
        • Damian Johnson
        • Scott Geller
        • Wendy Dickinson
        • Ralph Peterson
        • Michael Mitchell
        • Nicole Rankine
        • Ellen McIlhenny
        • Tracie Hines Lashley
        • Z Gen Entrepreneurship
      • AUSTRALASIA >
        • Sarita Johan
        • Steve Sweeney
        • Level-Up Your Marketing
        • Russell Colbourne
        • Simone Douglas
        • Rick Carter
      • SOUTH ASIA >
        • Jeremy Gray
        • Ajai Lal
        • Bijay Kumar Khandal
        • Lisa Askwith
        • Rashmeet Kaur
        • Meena Mac
        • Ramdas Shenoyy
      • PRIME MERIDIAN >
        • Ravin Papiah
        • Florin Lungu
        • Teena Ogbugoh
        • Sadika Kebbi
        • Arthie Moore-Robberts
        • Jan Robberts
        • Gaby Awad
        • Fady G. Bader
      • EXEC TEAM
    • JOIN THE TEAM >
      • BECOME A HOST
      • BE A SPONSOR
  • SHOP
    • DWY PACKAGES
    • HOST PACKAGES
    • ADVERTISING PACKAGES
    • IBGR MERCHANDISE
  • CONSULTING
    • PODCASTS
    • BUSINESS MAKER (DWY)
    • FRACTIONAL CONSULTANTS (DFY)
  • NEWS
    • E-NEWSPAPER
    • NEWS BLOG
    • NEWS PODCASTS
  • RESOURCES
    • START HERE
    • SHOW NOTES
    • GROWTH APP
    • FACEBOOK COMMUNITY
    • LINKEDIN COMMUNITY
    • EVENTS