Welcome to the Building the Premier Accounting Firm podcast with host Roger Knecht. This week, Roger sits down with Blagoja Hamamdjiev, CEO of Modeliks, to delve into the critical aspects of business funding and financial planning. The conversation centers around simplifying financial processes, the importance of teaching money management to children, and the challenges and strategies involved in accurate financial forecasting.
Key Themes from this Episode:
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Financial Forecasting:
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Blagoja highlights common challenges of financial forecasting.
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He shares strategies for creating accurate financial models based on operational drivers.
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The hosts discuss how to build revenue projections for diverse business types, including restaurants and online stores.
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Key Performance Indicators (KPIs) and Benchmarking:
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Roger highlights the importance of KPIs and benchmarking against industry norms.
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The hosts explain why utilizing NAICS codes and financial ratios for realistic financial forecasts brings benefits to your firm.
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Industry-Specific Models:
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Blagoja shares advantages of ready-made models like those used by Modeliks.
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Roger shares how these models may save time and effort for accountants and clients.
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Blagoja emphasizes the importance of facilitating quick customization and strategic planning over a five-year horizon.
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Attracting Investors:
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The hosts explore how to link operational KPIs with financial outcomes.
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STAR Program:
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Focus on accountability through KPIs tied to forecasts.
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Value of financial planning services, including fractional CFO services and management reporting.
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Budgets and Cash Flow:
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Understanding the importance of budgets and cash flow.
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Transitioning to advisory services.
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Additional Services:
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Enhancing client relationships by comparing actual results to forecasts.
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Identifying key financial metrics for business success.
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We thank you for joining us once again for another exciting episode of Building the Premier Accounting Firm. Please subscribe to the show on the podcast platform of your choice, and learn more about how you can start your accounting business at 435-344-2060.
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