55: Bridging Knowledge Gaps: Planning for Business Success

Inbar Madar, CEO of MI Business Consulting, shares her journey from working in corporate to starting her own consulting firm. She specializes in helping small business owners maximize profits and expand their businesses. Inbar noticed a gap in knowledge and resources for small business owners compared to larger corporations, which inspired her to empower entrepreneurs. She emphasizes the importance of understanding finances and creating a strategy for business expansion. Inbar shares a case study of a beauty salon owner who was able to increase profitability and pay herself a salary through analyzing profit per service, negotiating with vendors, and restructuring the budget. In this conversation, Inbar Madar shares strategies for optimizing and growing a small business. She emphasizes the importance of having a plan, pricing services correctly, and tracking ROI. Inbar also discusses the significance of paying yourself as a business owner and the need to understand your cost of doing business. She highlights the value of simplifying business concepts and tailoring educational approaches for entrepreneurs without formal business training. Inbar shares an innovative strategy she used with a client to leverage partnerships and grow their business. She concludes by encouraging business owners to trust themselves and their abilities.

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For full show notes and resources head to accidentalceo.co/podcast

Takeaways

• Small business owners often lack knowledge and resources compared to larger corporations, creating a gap in understanding finances and business infrastructure.
• Understanding cash flow and creating projections are crucial for business success and making informed decisions about growth and investment.
• Analyzing profit per service, negotiating with vendors, and restructuring budgets can help increase profitability and create sustainable growth.
• Having a clear business expansion plan and understanding when to automate, hire, or outsource can prevent scrambling and make the next steps smoother.
• Investing in business operations and efficiency is just as important as marketing and sales for long-term success. Having a clear plan is essential for success in business. It helps set goals, allocate resources, and make informed decisions.
• Pricing services correctly based on value and understanding the cost of doing business are crucial for maximizing profit in a service-based industry.
• Paying yourself as a business owner, even if it's a small amount, is important for sustainability and avoiding the habit of reinvesting everything back into the business.
• Simplifying business concepts and providing tailored education can empower entrepreneurs without formal business training to make informed decisions.
• Thinking outside the box and leveraging partnerships can lead to innovative strategies for business growth without a large budget.
• Trusting yourself and your abilities is key to overcoming self-doubt and achieving success in business.
  
  Mentioned in this Episode
  1:1 Coaching with Nata
  Boost Your Confidence Workbook
  Accidental CEO
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