Diana Miret6 days ago1 minQuestion # 27: Budget or Forecast?A budget is a license to spend; a forecast is your roadmap to profitability. When I speak to my clients, the most common thing I hear is:...
Diana MiretMay 161 minQuestion # 26 - "Hey, I made $100K, shouldn't I see $100K in the bank?"I get this one A LOT! I cannot tell you where every dollar went, but the moneys gone because you either spent it, bought some assets and...
Diana MiretMay 93 min“Diana, I am so stressed out and tired by my business, I just want to close it down and get a job.”This was the comment made by a successful business owner on a recent coaching call. This business makes good money, shows a respectable...
Diana MiretMay 21 minQuestion # 25 - I need to increase my profit! Tell me how.To get a 25% increase in your Net Profit you simply need to do the following things: 2% savings from business expenses 1% increase in...
Diana MiretApr 181 minQuestion # 24: Fixed or variable expenses - which is better?What happens to your income when revenues go down? Does your income go down? Substantially? So you’re humming along doing $100,000 per...
Diana MiretApr 111 minQuestion # 23: I am not paying myself and proud of itSome business owners think that not paying themselves is a "badge of honor". When I dig into their books for a minute, I see that they...
Diana MiretApr 41 minQuestion # 22: Let's Talk PricesOne of the fastest, most overlooked ways to break through a money plateau, is to adjust your pricing. It may sound obvious; but for many,...
Diana MiretMar 281 minQuestion # 21: I have a bookkeeper. What else do I need to do?Monitor your books yourself. This is an obvious practice, but a very important one. Do your best to set aside time each day or month to...
Diana MiretMar 211 minQuestion # 20 - I'm running out of cash and there is still month left. Help!Have a good billing strategy. Every business owner has a client that is consistently late on its invoices and payments. Managing small...
Diana MiretMar 142 minQuestion #19: My business needs money. Now what?Answer: There are only three types of financing available to a small business owner: debt financing, equity financing, or a combination...
Diana MiretMar 71 minQuestion # 18: Should I do administrative activities myself to save money?Short answer: NO. Struggling business owners will spend time to save money, whereas successful business owners will spend money to save...
Diana MiretFeb 212 minQuestion # 17: How much should I pay myself?Let me begin with one clear point: you should pay yourself from day 1 of your business. Before you write me off as silly, let me say...
Diana MiretJan 302 minQuestion # 16: How can I grow my business?I hear this question from clients a lot at the beginning of the year. Everyone wants to grow their business and find the fastest way to...
Diana MiretJan 241 minQuestion # 15: What is "margin" and why should I care?Question # 15: What is "margin" and why should I care? 1. You’ll be able to pinpoint areas where your business is struggling By running...
Diana MiretJan 171 minQuestion # 14: How can I DOUBLE my profit?Did you know that if you Increase sales by 17%, you can double your profit? Yep. If increasing sales is one of your business’s goals for...
Diana MiretJan 103 minQuestion # 13 - What is my break-even?(this is a post from a respected writer - see below). Use This Formula to Calculate a Breakeven Point (for a product based business)...
Diana MiretJan 31 minQuestion # 12: How can I increase my profit?To get a 25% increase in your Net Profit you simply need to make a: ● 1% reduction in your fixed expenses ● 1% reduction from...
Diana MiretDec 27, 20213 minA year-end question from your CFO: What financial habit do you have that is no longer serving you?At the end of a year, we tend to ask ourselves questions about the goals we wish to achieve in the coming year. I support spending a day...
Diana MiretDec 20, 20212 minQuestion # 11: When should I hire my first employee?The answer is simple: when you have the time, money, role and onboarding process carefully detailed. It's simple, but not necessarily...
Diana MiretDec 13, 20211 minQuestion # 10 – Is it wrong to charge personal expenses to the business?Wrong? Sometimes. Ill advised. Yes. From our friends at the IRS: Question I'm a sole proprietor and pay personal expenses out of my...