Being Savvy About Finances – March 27, 2010 – Segment One
Many small business owners start out thinking they can take care of their own books, but find out quickly that what a mistake that is. Once the business starts growing, they need someone to help them keep an eye on profitability and the greater trajectory of the business. Caller, Laura Yamanaka, President of teamCFO, addresses how they assist business owners take care of those needs. teamCFO sends its experienced executives into companies to organize their accounting, bookkeeping and finances, as well as establish a process to begin taking pertinent information out of owners’ financial records and help them use that information to improve their decision-making ability for businesses. In Laura’s view, it’s crucial to know the pricing concepts behind your product(s)/service(s). According to Laura, a lot of people don’t think about billing until the end, but as she says, the job is not done until you bill for it and have then been paid. If you’re not comfortable talking about money with your client, it’s really more of a hobby than a business at that point.
2Minutes&More with Betsy Berkhemer and Renee Fraser airs every Sunday at 1pm on KFWB NEWS TALK 980. Tune in for a full hour of tips for business success.