Exposed: Why Most Business Coaches Are Financially Illiterate—And What It Costs You скачать в хорошем качестве

Exposed: Why Most Business Coaches Are Financially Illiterate—And What It Costs You

In this episode of the Small Business Black Holes, Alan Pentz and Tonya Berenson discuss the critical importance of proper accounting practices for small businesses, drawing from Alan's experience as a business coach and founder of Owner Institute to highlight common financial oversight pitfalls and their solutions. What You'll Learn: • Why basic accounting is the "language of business" and how to master the seven fundamental metrics every business owner must track • How to properly structure your accounting by separating direct labor costs from administrative expenses • The crucial timing principle: why financial data should be available within two weeks of month-end • Why most business coaching fails to address financial fundamentals and how to ensure you're getting complete guidance • How to identify when it's time to hire a bookkeeper (typically around 20 monthly transactions) • The essential difference between managing to bank balance versus proper accrual accounting • How to break down labor costs between Cost of Goods Sold (COGS) and administrative expenses for accurate profitability tracking • Why tracking key metrics on a trailing twelve-month basis provides crucial business intelligence for decision-making Highlights: [03:10] The Critical Revenue Threshold for Professional Bookkeeping [11:21] Properly Categorizing Labor Costs for Accurate Profitability Analysis  [14:23] The Million-Dollar Lesson in Financial Literacy [27:41] The Hidden Danger of Poor Financial Understanding Episode Resources: Alan Pentz LinkedIn (  / alanpentz  ) Tonya Berenson LinkedIn (  / tonya-berenson-b8004232  ) Owner Institute website (https://www.ownerinstitute.com/) Corner Alliance LinkedIn (  / corner-alliance-inc.  ) The New Rules Podcast is handcrafted by our friends over at fame.so (https://fame.so/?utm_medium=podcast&u...)   Check out our three most downloaded episodes: • Defining and Tracking Outputs: The Key to Employee Performance with John Seiffer (https://thesmallbusinessmentorpod.com...) • Small Business Strategies and Market Dynamics with Jon Matzner, President at Lazy Leverage (https://thesmallbusinessmentorpod.com...) • Franchising: The Best Business Model with Brian Beers (https://thesmallbusinessmentorpod.com...)