Ep 184 Profit First for Inventory Based Businesses with  Ciara Stockeland

Ciara Stockeland, a seasoned entrepreneur whose journey began in her early teens. Her resolute entrepreneurial drive led her to establish her first store in 2006, which she later expanded into a successful franchise.  Ciara's latest venture, the Inventory Genius coaching program, empowers inventory-based business owners to elevate profitability and harmonize their operations.

Beyond her business endeavors, Ciara's insights have resonated on a broader scale. She testified twice before U.S. Senate Committees, shedding light on the implications of the "joint employer" standard for small businesses and franchises. Notably, she represented the small business community at the 2015 White House Summit on Worker Voice and the 2018 Summit on Economics.

 Acknowledged as a Small Business Champion by SCORE and holding a seat on the United States Chamber of Commerce Small Business Council, Ciara's credentials are further amplified as a Profit First Certified Coach.

 In this episode, you will learn the following: 

 

●        Strong comprehension of numbers and financial concepts is vital for attaining success in business endeavors.

●        How setting up an inventory account and tracking cost of goods sold can help improve cash flow and profitability.

●        Precisely compute and monitor the gross margin to guarantee that pricing adequately covers costs and yields profit.

●        Understanding how debt affects cash flow and profitability is essential for making informed financial decisions.

 Links:

https://www.ciarastockeland.com/

https://www.ciarastockeland.com/free-chapter

 

Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: [email protected] Email: [email protected] Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst  Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

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