When’s the last time you took a close look at the numbers in your business? If it’s been a while, no judgment here – like many business owners, looking at the nuts and bolts of my accounting isn’t my favorite part of being an entrepreneur. Luckily, you don’t have to do a deep dive into the numbers whenever you want to get a sense of how your business is performing. There are a few key metrics that you can look at to give you a snapshot of how you’re doing and what you might need to tweak. 

Our guest today, Ben McAdam, is a profits coach and virtual CFO. He helps business owners who aren’t profitable enough to figure out where they need to focus their efforts to boost their profitability. Sometimes this means more sales, clients, and revenue, and sometimes this means some strategic cutting back to free up more cash. Most importantly, Ben helps translate your numbers into a clear direction and strategy for growth without the accounting jargon. 

In this episode, Ben is sharing the five key numbers to look at in your business and what each one means for your overall profitability. He breaks things down in a way that’s easy to understand and tells us what the point of profit really is. We also chat about when you should or shouldn’t raise your prices and why the conventional wisdom that raising your prices is always good is not true in every case.

Ben also talks about how he moved from accounting, bookkeeping, and tax practices into his current coaching & virtual CFO business model. If you’ve been putting off a good look at your business books, this episode will help you understand how you can make this process more enjoyable and beneficial for your bottom line.

What You’ll Learn from this Episode:

• How Ben helps business owners get past their worries about numbers and understand what their business books are trying to say.
• Why it’s not always the right decision to raise your prices if you’re having profitability problems.
• The five numbers you can look at to understand how your business is performing.
• Common places where Ben sees clients under- or over-spending, and what he recommends instead.
• What the point of profit is and why it’s so important to accurately pay yourself as the business owner.
• Why Ben decided to change up his offerings and what he’s learned so far from his pivot.