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Published on Nov 16, 2018
Michael E. Gerber and Fred G. Parrish - The Profit Beacon talk about their book 'The E-Myth Chief Financial Officer- Why Most Small Businesses Run Out of Money and What To Do About It' at Success North Dallas. Digital Correspondent Sarah Macias tells us what business owners need to know if they want to stay afloat.
"You can do things, you've never imagined possible before."
DOZENS OF ENTREPRENEURS SIGNED IN, GRABBED A PLATE AND TOOK A SEAT TO LEARN ABOUT WAYS THEY CAN IMPROVE TO MAKE THEIR COMPANY BETTER.
SUCCESS NORTH DALLAS AN ORGANIZATION MADE UP OF BUSINESSMEN AND WOMEN HOSTED MICHAEL E. GERBER AND FRED PARRISH-- BOTH MEN WROTE THE BOOK "THE E MYTH CHIEF FINANCIAL OFFICER, WHY MOST SMALL BUSINESSES RUN OUT OF MONEY AND WHAT TO DO ABOUT IT."
"Most small companies, even years after they have been operating, have no CFO's.
ACCORDING TO THE WEBSITE SMALL-BIZ-TRENDS MORE THAN HALF OF SMALL BUSINESSES WON'T MAKE IT PAST FIVE YEARS. GERBER AND PARRISH SAY IT'S BECAUSE THEY ARE NOT KEEPING TRACK OF THE MONEY.
" A lot of companies call their book keepers CFO's and just because they think the bank is going to like that, but it really puts them in a position of risk."
"Fred really gets what's happening in most businesses and their needs for the financial data in a understandable matter and what the future of that function is."
MANY TIMES IT'S THE SMALL BUSINESSES OWNED BY YOUNGER PEOPLE THAT FAIL. SMALL-BIZ-TRENDS SAYS SIXTEEN PERCENT OF SMALL BUSINESS OWNERS ARE THIRTY FIVE YEARS OLD OR YOUNGER.
THE NUMBER OF YOUNGER PEOPLE STARTING A BUSINESS IS EXPECTED TO RISE.
"It's the young people, the people who aren't certain on what they are going to do. In fact, high school dropouts, college dropouts, people returning from the military, mothers with three kids, but don't know what to do, to make a living and to go beyond where they are."
PARRISH SAYS HAVING A CHIEF FINANCIAL OFFICER WILL HELP BUSINESSES STAY AFLOAT. EVEN IF YOUR BUSINESS HAS A GOOD JUMP START, IT DOESN'T MEAN THINGS CAN'T CHANGE YEARS LATER.
GERBER AND PARRISH WANT TO GIVE HOPE TO ANYONE WHO HAS A DREAM OF WORKING FOR THEMSELVES.
"You can rise above your life to be able to see your life from a thirty thousand foot perspective. You have to get up there, to see down here."
"What was amazing about Michael was he took very complex business topics and made them very simple, so you hear a lot about process systems and using them in business but Michael made it very understandable."