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
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