Neil Blanchard founder of Profit Pros is my guest for this episode of the Business Connection Project podcast.
All businesses have financial reporting and all business owners deal with their financial reporting.
Neil discusses the need to understand the story that the numbers are telling you and be able to take the correct action from that story to improve your business.
[NOTE: This podcast was originally recorded on August 29, 2016.]
Guest: Neil Blanchard
Business: Profit Pros
Neil Blanchard has owned 13 companies and worked with over 2,000 businesses across North America, consulting with them on how to improve their operations and profits.
Profit Pros was started from a need Neil saw for small businesses to have an easier way to understand what their financial numbers were telling them and how to be forward-thinking and strategic in order to maximize their profits.
Neil pointed out that many (over 60%) of businesses that go out of business are profitable at the time they close. The reason they go out of business is because they didn't manage their cash flow and run out of cash.
That's why it's so important to understand everything your financial reports are telling you.
Other advice Neil shares in the interview:
- Stick with what you do best
- Surround yourself with good people
- Don't be afraid to delegate
- Have a support system
- Pay attention to your cash-flow