What does Ben do

Ben McAdam is a Virtual Chief Financial Officer (VCFO) who helps entrepreneurs improve their profitability by better understanding their numbers

 

Ben’s Ideal client

Ben’s ideal client is an entrepreneur doing high 6 to 7 figures a year.

 

Most common challenges

1. Owner of a business not achieving margins which allow for them to pay themselves
2. Not knowing the difference between profit and cash
3. Not analysing the reports to improve the profit of the business

 

Solutions

1. Break revenue into new and existing clients. Look to increase revenue by increasing prices, giving more offers and reducing costs
2. To increase cash improve your accounts receivables. Look to be paid earlier through offering discounts 1-3%. Look to have 100% or 50% paid upfront. Move to recurring revenue models and away from invoicing
3. Compare prior periods and create ratios to benchmark important ratios.

 

Common myths

1. Profit and cash flow are the same thing
2. I have my bookkeeper and tax accountant and no one else can help
3. There's too much math involved and it is confusing

 

Where to find out more:

https://benmcadam.me/blg/