Episode 6: How to Break the Cycle of Bad Data
Today’s subject is very near and dear to my heart – taking out the garbage & cleaning up your data! I’ve spent my entire career in small business. And I’ve seen some pretty scary stuff when it comes to data quality.
At one company, I found almost $100k that they had paid to vendors for products that had never been received! All because they never reviewed open purchase orders!
At another company, I saw delays of two to four weeks in sending invoices to customers because paperwork couldn’t be located to verify the weights of products shipped! Many of these invoices were over $50k each! To make it worse, their customers typically paid 30 days late!
I’ve seen inventory count discrepancies of over $250k in a single month because data wasn’t entered into the system correctly. These kinds of mistakes can bankrupt a business. And yet they happen every day. Even on a smaller scale, data mistakes can cost tens of thousands of dollars over time.
But if it’s so costly, why does this happen? In this episode, I share three common causes of poor data quality and my six step process to clean up your data and implement strong systems to grow.
Upcoming Events:
Cash Flow Catalyst 9 Day Masterclass
Stress Free Cash Flow Management for Busy Women Entrepreneurs
Begins December 5th!
Day 1: Demystifying Cash Flow
Day 2: Why Timing Is Critical for Profitability & Cash Flow
Day 3: Level Up Your Operating Systems
Day 4: Boost Your Cash Flow Without Increasing Sales
Day 5: Mindset for Financial Success
Day 6: Embracing the Transformation
Day 7: Live Q & A
Day 8: How to Let Go of Fear & Take Action
Day 9: What's Holding You Back?
Click here to register!
Your Virtual CFO Coach host: Lieah Torbert, CEO of Harrington Strategic Partners
Incorporating 20 years’ experience in the retail, oil & gas, automotive, and chemical manufacturing industries, I developed my proprietary growth system, the Cash Flow Ignition Method.
My system helps you build & implement a fully customized roadmap to achieving your business goals without sacrificing more of your personal time.
If you’ve ever found yourself wondering if there’s a better way to:
- Have a financial strategy that drives profit, work/life harmony, expansion and retirement
- Transition from the owner/operator of your business to the strategic CEO
Then it’s time for you to learn more about how the Cash Flow Ignition Method can help get you there!
Take the Wheel of Your Destiny:
Shape the course of your business by adopting a Decisive CEO Mindset. Be the one confidently calling the shots, making choices that pave the way for growth and success.
Run Your Operations Like a Well-Oiled Machine:
Imagine your cash flow as a high-performance engine. Make sure it runs smoothly with every part working together seamlessly. This is your Cohesive Cash Flow System, ensuring that your business stays fueled and ready for action.
Design your Cultivated Success Blueprint:
Take charge of designing a roadmap that guides your journey to success. It's not a one-size-fits-all plan - it's a tailor-made strategy that aligns seamlessly with your business goals so you can transform your business into a high-powered machine, breaking through barriers and achieving what others say is impossible.
Learn more about Harrington’s services
Schedule your Cash Flow Optimization (CFO) call
Follow me:
Subscribe to the podcast:
#virtualcfo #outsourcecfo #strategicplanning #ceomindset #cashflow #cashflowplanning #smallbusiness #servicebusiness #bookkeeping #bookkeepingservices #strategicgoals #businessgrowth #worklifebalance