Small Business Podcast Series from Profit Soup and the University of Louisville YUM! Center for Global Franchise Excellence

Small Bites of Business Insights

This series is filled with practical business and financial insights, best practices, and streamlined content to inspire listeners on their entrepreneurial journey and get them to their destination more quickly. Listen in as Profit Soup founder Barbara Nuss and Kathleen Gosser, University of Louisville Assistant Professor Franchise Management Practice, "talk financials". You will gain confidence and come away with an "I can do this!" feeling.

START WITH THE END IN MIND
It’s never too early to envision how you will exit your business. Building entrepreneurial wealth happens quicker when you understand how a business is valued. Start with a timeline for growing sales and profits to yield the ROI of your dreams. Every new owner should hear about this aspect of start-up business planning. Listen now

THE RACE TO PROFIT: HOW NOT TO BE AN "ALSO RAN"
Every new business is in a race to profit. They MUST turn profitable before the cash runs out. How do you know you have enough start-up capital to win the race? Beyond the budget for initial equipment, build-out and marketing, you’ll need cash reserves. How much? How do you know? Listen in for winning insights. Listen now

PLANNING FOR BREAKEVEN PLUS
Breakeven analysis sounds scary, but it isn’t. It is a simple formula (not a goal!). You can use it to select profitable sales goals and determine the sales needed to earn a target return on your marketing, hiring and expansion investments. Set your sales goals to yield your Breakeven PLUS - because profit is not optional! Listen now

TIPS FOR BETTER BOOKS
Entrepreneurs who have accurate financial data and a process for using it make better business decisions, giving them a competitive advantage. Barb Nuss shares tips for keeping accurate accounting records, and explores the importance of having reliable, timely data to manage by the numbers. Listen now

TALKING ABOUT INCOME STATEMENTS
Beyond sales and profit, the income statement (P&L or Profit and Loss) provides insights into productivity, expense management, pricing, labor costs and more. Are you learning all you could from your P&L? Listen for insights and financial review routines every business owner needs. Listen now

TALKING ABOUT BALANCE SHEETS
The balance sheet reveals business insights on cash flow, business efficiency, debt management and business risk. These are the things bankers want to know to understand the risk of business failure. What should you look for in your balance sheet? Get the straight-forward answer here. Listen now

TALKING ABOUT THE STATEMENT OF CASH FLOW
Congratulations! You’ve made a profit. So why don’t you have any cash? Barb Nuss explains the difference between profit and cash, and how the statement of cash flow demonstrates where the cash went. Listen now

 

KPIs: LEADING VS LAGGING
Key Performance Indicators, or KPIs, measure the drivers of business success. Measure the drivers, manage the drivers, and the results will come. Barb Nuss and Kathy discuss metrics that enable owners to manage sales, productivity, marketing, gross profit margin and more. Listen now

GOAL SETTING FOR RESULTS
Goal-driven entrepreneurs achieve more and do it quicker. Beyond sales targets, what goals keep you focused on the activities that drive business success, profitability and cash flow? Hear insights on selecting activity goals for sales teams and business managers that every leader needs. Listen now

KEEPING ON TRACK
Setting goals is easy, keeping on track to achieve those goals takes discipline. Hear what Kathy and Barb have to say about review routines that make a difference. Listen now