This is #2 in our series on “Managing Your Money: A Business Owner’s Guide”, and provides an overview of revenue, how to analyze and forecast it, and what that revenue really means for your business from a “bottom line” perspective. We discuss the topic with a very successful home-preneur, Billy Carmen of Wizard Industries. His company has been in business for years and distributes proprietary and 3rd party products to retail, among other things.
You’ll get a clear sense of what “gross revenue,” “cost of goods sold” and “margins” each mean. You’ll also hear tactics regarding getting quicker payment on your accounts receivable. And, lastly, you’ll hear how successful entrepreneurs create rational sales forecasts.
This is a great primer for people just getting their business underway. Enjoy!