What does Ben do
Ben McAdam is a Virtual Chief Financial Officer (VCFO) who helps entrepreneurs improve their profitability by better understanding their numbers
Ben’s Ideal client
Ben’s ideal client is an entrepreneur doing high 6 to 7 figures a year.
Most common challenges
- Owner of a business not achieving margins which allow for them to pay themselves
- Not knowing the difference between profit and cash
- Not analysing the reports to improve the profit of the business
- Break revenue into new and existing clients. Look to increase revenue by increasing prices, giving more offers and reducing costs
- To increase cash improve your accounts receivables. Look to be paid earlier through offering discounts 1-3%. Look to have 100% or 50% paid upfront. Move to recurring revenue models and away from invoicing
- Compare prior periods and create ratios to benchmark important ratios.
- Profit and cash flow are the same thing
- I have my bookkeeper and tax accountant and no one else can help
- There’s too much maths involved and it is confusing
Where to find out more:
Thank You for Tuning In!
If you enjoyed today’s show, please share it with others. Also, don’t forget to subscribe to the podcast on iTunes to get automatic updates every time a new episode goes live!