Subscribe to News10 Tips In 2 Minutes - Being Savvy About Finances - March 27, 2010 - Segment Five
Betsy and Renee recap the various ways business owners can increase their financial savvy, as well as improve the operating capacity of their businesses. It’s ideal to have a credit line established before you need one, but definitely make sure to get one. Don’t be afraid to look for a credit line as a safety net as you build your business and you’re managing your cash flow. If you’re going to ask for capital from a bank, be very careful explaining what that capital is going into and how it will build the business. During these tough times, you need to be able to explain some of the tough steps and cutbacks you’ve taken to strengthen your business. Additionally, being profitable is absolutely critical. If you’re not being profitable, then you’re simply in it for fun or as a hobby, which is not what professional business people are all about.
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.
Being Savvy About Finances - March 27, 2010 - Segment Four
Caller, Cathy Sandeen, Dean of UCLA Extension, talks about the broad range of opportunities available at the school for people who are either just starting their own business, or who have been in business for a while but need to upgrade their skills. For financial savvy, there are courses such as “Mathematics For Management,” “Finance For Non-Financial Managers,” and “Financial Statement Analysis.” UCLA Extension also has courses specifically on how to use Intuit products, such as beginner and advanced classes on QuickBooks. Most of the courses start April 1 or later, and the prices vary based on the number of sessions taken; moreover, all courses are offered when busy working professionals can take them, such as during the evenings, weekends, and online. Cathy also explains that the typical UCLA Extension student is a mid-career working professional who is either progressing in a given field, or switching to a new one, but they are motivated adult learners who want to be in the classroom.
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.
Being Savvy About Finances - CEO Interview - Cameron Schmidt, VP of Intuit - March 27, 2010 - Segment Three
Interview with Cameron Schmidt, VP of Intuit
Betsy and Renee speak with Cameron about the wide variety of business products and solutions offered by Intuit, including everything from payroll management to their renowned QuickBooks accounting software. Cameron explains that in addition to their payroll services, Intuit has developed an ecosystem of services to help small businesses improve their bottom line and help them navigate through the compliance labyrinth that are federal and state regulations. For example, about 19 million people use TurboTax, a product that guides you methodically through the complexity of the tax code, by having you answer questions online and then feeding those answers through to the proper forms.
It is also essential to recognize that not every small business owner needs a bookkeeper, which is why the Intuit suite of software is designed to complement the flexibility each owner requires. At the end of the day, Cameron notes, the goal is to provide a service that allows owners to do payroll in “just a couple of clicks.” Something else the company has discovered recently with their expanded online presence is that they can give people confidence by harnessing the wisdom and experience of others like them. At www.intuit.com and www.payroll.com, there are entire series of tips, tricks, and guidance currently available, and there’s also a special website and blog for small business owners.
Cameron also discusses how one of Intuit’s specialties is taking the mystery out of terms like “Accounts Receivable” and “Accounts Payable.” In their software, it’s instead listed as “Money Coming In” and “Money Going Out.” As it relates to cash flow, their programs also provide business owners with a “Company Snapshot,” which not only tells owners everything they need to know about their cash flow situation, but also provides them with a series of creative and custom ways to have deep insight into the various dimensions of their business. Recently, the company partnered with a small business expert and are currently offering a free copy of the book Hire Your First Employee. To get a copy of the book, visit their website www.Intuit.com and request your free copy today.
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.
Being Savvy About Finances - March 27, 2010 - Segment Two
Caller Brett Mansfield, Senior VP of Small Business Outreach at Union Bank, discusses three of the most important factors behind small business owners getting a loan. In Brent’s view, those three factors are having your financial information up-to-date and accurate (how the business has performed thus far and will continue to perform in the future); having a thoroughly defined plan outlining what the capital you’re seeking would be used for, including specific outcomes; and outlining what precisely management has done to make sure the business is still sustainable, or what additional steps they will be taking. Brent also talks about two important elements that separate Union Bank from its competitors - always challenging employees not to go into a meeting or appointment with an idea of what they should be talking to someone about; and the fact that Union Bank is large enough to have the capabilities of the largest banks, but still have the size to take the “every client matters to us approach.”
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.
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.
