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#135: Ken Wentworth: Double-Digit Net Margins All Day Long

Healthcare Entrepreneur Academy Podcast

Release Date: 11/05/2020

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Overview

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks to Ken “Mr. Biz” Wentworth, an on-demand fractional CFO and radio show host. Jason and Ken talk about business cash flow and how you can ensure the profitability of your business.

 

Episode Highlights

  • Ken talks about how he got started as an entrepreneur.  
  • What is a fractional CFO and why do you need one? 
  • Ken provides a macro view on a variety of fractional positions and how they benefit small business. 
  • He also shares why you need to track cash flow and how this relates to profits.
  • There are ways you can tweak cash flow and make it better. 
  • 82% of businesses fail because of cash flow. 
  • There are three pillars to financial success: cash flow, budgeting and pricing. 
  • What’s the difference between accrual accounting and cash based accounting? 
  • As a business owner, ensure maximum profitability through proper budgeting and pricing.
  • It’s important to know and understand your business net margins - they should be double digits!  
  • Maximize operational efficiencies by delegating and hiring resources. Ken cautions you should avoid bootstrapping. 
  • Ken talks about the breakeven point and upselling.
  • When is it reasonable for your business to acquire mergers and acquisitions?

3 Key Points

  1. Making a few tweaks, delaying outgoing money and expediting incoming money can have a significant impact on your business’ cash flow.
  2. Keeping track of your budget and establishing proper pricing is important for business growth.
  3. Delegating tasks, hiring resources and outsourcing can help improve both yourself and your business.

 

Tweetable Quotes

“If you’re losing money, you’re probably having some cash flow challenges.” - Ken Wentworth

 

“If your net margin is less than 10 percent, congratulations! You have a hobby not a business.” - Ken Wentworth

 

“To be successful, you have to exhibit consistent perseverance, because no matter how successful you are, you will get knocked down.” - Ken Wentworth

 

References Mentioned

Mr. Biz Solutions Radio - https://www.mrbizsolutions.com/mr-biz-radio

 

Mr. Biz on Youtube - https://www.youtube.com/c/MrBiz

 

Mr. Biz on Facebook - https://www.facebook.com/Mr-Biz-109564357238009/

 

Mr. Biz on Instagram - https://www.instagram.com/mrbizsolutions/?hl=en

 

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