Business Finances “D.U.M.B: Don’t Understand My Business” on Mike & Blaine

Business, Beer & BS with Mike & Blaine

Everyone thinks their business is unique, and no one will understand what they do. You know, because nobody does it like you. But what happens when you think like that is you can’t see yourself as successful as anyone else and end up lost in the fog of day-to-day routine. Join Mike & Blaine in this hard-hitting episode of the things we do that often hinder our own success.

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Featured Beer:

Mike: Neighbour Pat’s - Blue Moon

Blaine: Anchorage Brewing - Dual Sided Triple IPA

Thanks to our Beer Sponsors! Jaqi York from Blooming CFO, Rachel Barnett from Gentle Frog, ‘Baltimore Mike,’ CPA Larry Weinstein, and neighbour Pat!

Watch on YouTube: https://youtu.be/E9aaNO0El8g

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Show Notes
In this episode, Mike and Blaine discuss the concept of being 'dumb' in business, which refers to not fully understanding one's own business. They share personal anecdotes and examples to illustrate how business owners often think they are unique and no one else has faced their challenges. However, they emphasize that there are common fundamentals of business that apply across industries. They also highlight the importance of understanding costs, pricing, and profitability in order to avoid financial pitfalls.
In this conversation, Mike and Blaine discuss the importance of understanding the financial metrics of a business and how they impact profitability. They emphasize the need to track hours accurately, stay under budget, and ensure enough billable hours to avoid losing money. They also highlight the significance of pricing products and services correctly to maintain a healthy gross profit margin. The conversation touches on the dangers of not understanding the financial statements of a business and the potential consequences of mispricing.
They conclude with some lighthearted banter about the Edmonton Oilers and share personal stories.
Takeaways

- Being 'dumb' in business means not fully understanding one's own business, not necessarily being unintelligent.
- Many business owners think they are unique and no one else has faced their challenges, but there are common fundamentals of business that apply across industries.
- Understanding costs, pricing, and profitability is crucial for business success.
- Learning from others who have faced similar challenges can be valuable in navigating business obstacles.
- Business owners should constantly strive to improve their understanding of their business and make informed decisions based on data and analysis. Tracking hours accurately, staying under budget, and maintaining enough billable hours are crucial for avoiding financial losses in a business.
- Pricing products and services correctly is essential for maintaining a healthy gross profit margin.
- Understanding the financial statements of a business is crucial for identifying potential problems and making informed decisions.
- Mispricing can lead to financial difficulties and should be avoided by considering the needs of the target market.
- Personal stories and lighthearted banter can add an enjoyable touch to conversations.

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