Description

Today is part two of my interview with Matt Dickens, where he invited me to be a guest on his show. In case you missed part one, I highly encourage you to give it a listen as we covered some great topics such as the differences between corporate and advisory accounting jobs, benefits of hiring a CFO or accountant, and Profit First. In this episode, we'll continue the conversation with topics like spending ratios for marketing and payroll and updating financial records. Let's dive in! 

About Matt Dickens: Matt Dickens is a seasoned and knowledgeable Mortgage Loan Officer licensed in both Missouri and Illinois. With a degree in Finance & Real Estate and years of experience in the industry, Matt is an expert in the home-buying process. He is dedicated to serving his community and turning home-buying dreams into reality, taking the time to understand his client's unique situations and providing tailor-made solutions that align with their goals. Matt is committed to creating a stress-free and enjoyable home-buying experience, making him the go-to "My Mortgage Guy" for his clients.

In this episode, Ryan and Matt discuss:

• Understanding essential metrics for small business owners
• Advising small businesses on financial management
• The importance of consistent and up-to-date bookkeeping for business owners, and the drawbacks of using QuickBooks Online for accounting
• The recommended frequency for updating financial records

Key Takeaways:

• Business owners should track their product mix and find out which products or services are profitable, in order to best position their business.
• The ideal percentage of revenue allocation for small businesses is 10% to marketing, 40-45% to payroll, and 20-25% to overhead, with every percentage point over those numbers resulting in lost net income points.
• Monthly bookkeeping and financial review is important for business owners, but the biggest challenge is procrastination, so blocking out a specific time is crucial.
• Hiring an accountant is the first hire a small business owner should make to free up time, identify inefficiencies, and ultimately make more money.

"You're virtually losing money because you're stopping yourself from being able to scale. Someone's got to come in and identify some type of inefficiency." — Matt Dickens

Connect with Matt Dickens: 

Website: https://www.homesteadfinancial.com/loan-officers/matt-dickens/ 

LinkedIn: https://www.linkedin.com/in/m-dickens/ 

Facebook: https://www.facebook.com/mdickensmortgages/ 

Schedule your free 1:1 Profit Breakthrough Session with Ryan here: https://go.oncehub.com/profit

Connect with Ryan Kimler: 

Net Profit CFO Home Page:www.netprofitcfo.com

Email: ryan@netprofitcfo.com

Facebook:www.facebook.com/rkimler

LinkedIn:www.linkedin.com/in/ryankfinancialclarityllc/

LinkedIn NPC Company:https://www.linkedin.com/company/netprofitcfo/

LinkedIn FC Company:https://www.linkedin.com/company/financial-clarity-llc/

Show notes by Podcastologist Andy Santiago

Audio production byTurnkey Podcast Productions. You're the expert. Your podcast will prove it.