Dawn talks with Tim Sernett. A distinguished expert in restaurant financial management, bringing over three decades of specialized experience to the industry. As the Founder of Financial Optics, he is instrumental in developing innovative financial strategies that enhance operational efficiencies and profitability for restaurant businesses. Dawn and Tim Sernett talk about some definitions on some many things and get some real understanding about small business money, things that maybe we aren't having the clarity that we need.
In this episode…
Who is Tim Sernettand, and whom does he serve? (1:26).
How should we distinguish between revenue and cash flow, particularly in terms of timing and when money is actually available to us? (2:46)
Cash Flow Statement (5:00)
As a small business owner, how should I adjust my operations if customers delay payments beyond the expected terms, like from net 30 to net 45 or net 60, and how would this affect my financial reports?(9:33)
What trends are you seeing in the restaurant industry regarding closures or reduced operating days due to lower traffic? If business owners start noticing a downturn or tighter finances, what strategies can they use to manage their finances effectively and stay afloat? (11:10)
How should a small business owner approach creating a 12-month budget, especially in the first few years of business, to account for expenses like annual fees that occur throughout the year? (15:44)
Do businesses typically base budgets on past performance or seasonal trends, and how might media influence this approach to profitability?(18:29)
What are the benefits of going beyond budgeting and focusing on trends for better cash flow management? (20:45)
How can business owners use financial planning tools to set clear, actionable goals rather than vague targets? (23:05)
Tim Sernett’s Information.
Website: https://financialopticshq.com/
Facebook: https://www.facebook.com/financialopticshq
Thanks for listening. If you liked what you heard and want more, please visit and subscribe:
Subscribe to our Youtube Channel: https://youtube.com/@dawnkkennedyxo?si=DcRcjv7H0KN5_vFP
Follow us on Instagram https://www.instagram.com/dawnkkennedyxo
Follow us in Tiktok: https://tiktok.com/dawnkkennedy
For weekly in-depth articles, tips, and strategies: https://getinweredoingbusiness.substack.com
Dawn’s Website: https://dawnkkennedy.com/
Links and Freebies: https://dawnkkennedy.com/resources
Order Dawn’s book, The Profit Accelerator for Small Business ...
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Cardiac Cowboys
The heart was always off-limits to surgeons. Cutting into it spelled instant death for the patient. That is, until a ragtag group of doctors scattered across the Midwest and Texas decided to throw out the rule book. Working in makeshift laboratories and home garages, using medical devices made from scavenged machine parts and beer tubes, these men and women invented the field of open heart surgery. Odds are, someone you know is alive because of them. So why has history left them behind? Presented by Chris Pine, CARDIAC COWBOYS tells the gripping true story behind the birth of heart surgery, and the young, Greatest Generation doctors who made it happen. For years, they competed and feuded, racing to be the first, the best, and the most prolific. Some appeared on the cover of Time Magazine, operated on kings and advised presidents. Others ended up disgraced, penniless, and convicted of felonies. Together, they ignited a revolution in medicine, and changed the world.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.