Listen "Converting Prospects and Unlocking Hidden Cash with Michael Barbarita"
Episode Synopsis
In this episode, Fredrik is joined by Michael Barbarita, a strategic Fractional CFO and the author of 'Powerful Business Strategies'. Michael explains why combining financial expertise with business strategy is crucial for success, noting that a good CFO must understand business strategy. He also delves into essential financial management, detailing his "90 Days to Fast Cash" program and the "Vital 5" financial metrics every business owner must track for better decision-making and to uncover hidden cash.
KEY TAKEAWAYS
A strategic Fractional CFO combines financial management with business strategy to help a company differentiate itself from competitors. Fortune 500 CFOs must understand business strategy to get the job.
A compelling offer should be so irresistible that a prospect cannot say no. The five components are: Scarcity and Urgency, Risk Reversal (like a "Ski Guarantee"), Adding More Value, Packaging and Bundling, and being Disconnected to the Outcome while being Transformational.
Business owners should have five numbers "burnt in their memory" to make better decisions: Sales, Gross Profit, Gross Profit Percent, Net Profit (all weekly), and your daily Current Cash Balance.
A professional, forward-looking forecast should include a projected balance sheet, P&L, and cash flow. This process is critical for understanding the ramifications of decisions *before* you make them and for answering the common question of "Can I afford it?".
BEST MOMENTS
"The mindset of a business owner is very important. My mindset was, number one, my competitors wouldn't do it in a million years. And number two, all the customer wanted was a great ski experience."
"There shouldn't be any customers that you don't close, if you have the proper downsells."
"If you look at most websites, and competitors' websites, I'm sure you're going to see the following stuff: 'Largest selection,' 'Lowest prices,' 'Best service,' 'Great location,' 'Most convenient,' 'We specialize,' 'Honest and sincere.' ...This is what I call 'I hope so' marketing because the customer is saying, 'I hope so,' after each one of these statements."
"A good financial statement tells the story about your business. You got to be able to read the financials."
ABOUT THE HOSTS
Serial entrepreneurs Fredrik, Charlie and Ivan Sandvall love sharing ideas and interviewing world-class entrepreneurs and influences. Invest In You is about investments, entrepreneurs, personal development and doing fun things. They hope to ensure you to take action, helping others and yourself, plus enjoying the journey we call life.
https://www.skool.com/invest-in-you-podcast-tribe-8617/about?ref=b436cf4ec1004048a6be80c1b1b27d60
CONTACT METHOD
Michael Barbarita
Michael’s Profile: linkedin.com/in/michaelbarbarita
Website: nextstepcfo.net
Fredrik Sandvall
www.linkedin.com/in/sandvall/
https://www.facebook.com/FredrikinLondon/
Charlie Sandvall
LI: https://www.linkedin.com/in/csandvall/
Youtube Channel: https://youtube.com/c/Sandvall
Ivan Sandvall
Instagram @ivansandvall
KEY TAKEAWAYS
A strategic Fractional CFO combines financial management with business strategy to help a company differentiate itself from competitors. Fortune 500 CFOs must understand business strategy to get the job.
A compelling offer should be so irresistible that a prospect cannot say no. The five components are: Scarcity and Urgency, Risk Reversal (like a "Ski Guarantee"), Adding More Value, Packaging and Bundling, and being Disconnected to the Outcome while being Transformational.
Business owners should have five numbers "burnt in their memory" to make better decisions: Sales, Gross Profit, Gross Profit Percent, Net Profit (all weekly), and your daily Current Cash Balance.
A professional, forward-looking forecast should include a projected balance sheet, P&L, and cash flow. This process is critical for understanding the ramifications of decisions *before* you make them and for answering the common question of "Can I afford it?".
BEST MOMENTS
"The mindset of a business owner is very important. My mindset was, number one, my competitors wouldn't do it in a million years. And number two, all the customer wanted was a great ski experience."
"There shouldn't be any customers that you don't close, if you have the proper downsells."
"If you look at most websites, and competitors' websites, I'm sure you're going to see the following stuff: 'Largest selection,' 'Lowest prices,' 'Best service,' 'Great location,' 'Most convenient,' 'We specialize,' 'Honest and sincere.' ...This is what I call 'I hope so' marketing because the customer is saying, 'I hope so,' after each one of these statements."
"A good financial statement tells the story about your business. You got to be able to read the financials."
ABOUT THE HOSTS
Serial entrepreneurs Fredrik, Charlie and Ivan Sandvall love sharing ideas and interviewing world-class entrepreneurs and influences. Invest In You is about investments, entrepreneurs, personal development and doing fun things. They hope to ensure you to take action, helping others and yourself, plus enjoying the journey we call life.
https://www.skool.com/invest-in-you-podcast-tribe-8617/about?ref=b436cf4ec1004048a6be80c1b1b27d60
CONTACT METHOD
Michael Barbarita
Michael’s Profile: linkedin.com/in/michaelbarbarita
Website: nextstepcfo.net
Fredrik Sandvall
www.linkedin.com/in/sandvall/
https://www.facebook.com/FredrikinLondon/
Charlie Sandvall
LI: https://www.linkedin.com/in/csandvall/
Youtube Channel: https://youtube.com/c/Sandvall
Ivan Sandvall
Instagram @ivansandvall
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