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Saturday, April 30, 2005


This week's featured woman entrepreneur is Gail P. Zelitzky, Co-founder and Principal of Silver-Robins Consulting (Chicago, IL), a business performance firm.

about Gail Zelitzky and Silver-Robins
Silver-Robins Consulting (www.silver-robins.com) is a business performance coaching firm offering both individual and group coaching. Silver-Robins Consulting helps businesses grow by developing and implementing new sales and business strategies. In addition to individual and group coaching, business owners can participate in a Business Performance Roundtable, a peer advisory group format facilitated by Silver-Robins consultants. Silver-Robins Consulting can also create custom-tailored seminars to meet training objectives on sales, customer service, leadership and management. Gail is the Chicago NAWBO Chapter's 2005 "Member of the Year."


Gail's Top 10 Tips


Gail's tips about making friends with your financials...

Successful business owners understand that the numbers that drive your business are crucial to maintaining control of cash flow. We find, too often, business owners enter their records into a computerized accounting program during the year but never review them until their accountant gives them an annual statement and tax return. Every quarter, or better yet, monthly, print out your Profit & Loss statement and your Balance Sheet. Ask yourself these 10 questions. These answers will help you analyze the performance of your business.

1. Ask yourself: How Profitable is your Company?
Look at your Balance Sheet and find the Retained Earnings number. This cumulative figure records all the income and losses incurred since the business was started. It is adjusted annually.

2. Ask yourself: What is your Gross Profit in $$'s and in percentagea?
Watch this number closely. Even small variations month to month make the difference in profit or loss for the month.

3. Ask yourself: Do you understand Gross Profit and Mark-up are not the same?
If you mark your services or goods up 50% your gross profit will only be 33 1/3%. Don't count dollars of profit that are not there.

4. Ask yourself: Do you have Inventory?
Comparing your gross profit each month will alert you to unusual variances in your net Inventory.

5. Ask yourself: What are your Net Expenses?
Are they consistent month to month? By recording your expenses on a spreadsheet you will be able to spot variations that lead to problems.

6. Ask yourself: What areas need improvement?
Reviewing numbers monthly permits you to make adjustments in any area of your business that is not performing to your expectation. Inspect what you expect.

7. Ask yourself: How do your everyday marketing activities affect your bottom line?
Do you budget for your meaningful marketing activities? Are you aware of how much you spend for marketing promotion, public relations, networking events, client luncheons, membership dues, trade shows, conferences, etc? Are the expenses for these items over or under budget? One line item can make the difference between profitability and loss.

8. Ask yourself: Do you analyze your income?
What makes up this figure? Did you record all earnings for the month?

9. Ask yourself: Does the Cash in Bank figure on your Balance Sheet accurately reflect your bank statement?
The ending balance on your bank statement equals Cash in Bank on your Balance Sheet. Do you record all interest paid, bank fees, merchant charges?

10. Ask yourself: What are the key numbers that drive your business?
Every industry has different benchmarks. Identify which numbers are important to the profitability of your business. Monitor them for an ongoing snapshot of how you are doing. Be sure the measurements you monitor are aligned to your company's strategic business goals as well as individual performance goals.


Contact Information

Gail Zelitzky
Co-Founder and Principal
Silver-Robins Consulting
www.silver-robins.com
773.665.2340

A big thanks to Gail for her wise words.


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ARCHIVED FEATURES
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WISE WOMEN WAITING IN THE WINGS
May 7 - Jill Konrath, President of Leap Frog Strategies (Minneapolis, MN)
May 14 - Angela Washelesky, Partner Sachnoff & Weaver (Chicago, IL)
May 21 - Saj-nicole Joni, CEO, Cambridge International Group Ltd. (Boston, MA)

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