How to use financial data to grow your business, with Lynn Corazzi

Comments? Suggestions? Text the show here! Data - specifically financial data - is vital to the financial health of your business.It provides you with the insights you need to make better business decisions, increase sales and profits, and productivity as well  - as long as you can make sense of it!Data overload or unclear data can get confusing. Choosing to ignore your financial data - or even worse - making decisions using wrong or muddled data - can cost you a lot of money.  So how can you turn your data into profit? What does it look like, and what are the steps to take to make it happen?In this episode of “Help! My Business Is Growing”, my guest Lynn Corazzi and I take a closer look at how to get the most of your data so you can make the best decisions possible.Lynn Corazzi is called "The Data Magician" and is the owner of Data2Profit Consulting. He helps small and medium-sized businesses make more money with their data by sharing financial ideas and tools typically only available in large corporations. He brings his unique ability in helping clients think of the big picture while at the same time digging into the details of their results. In this week's episode, we discuss:2:50 What's the difference between accounting and finance?  3:55 What are some of the misconceptions business owners have when it comes to data and making decisions?5:25 What to look for, what to process and what steps to take when using financial data (profit and loss statements, income statements, etc.) to come up with your sales strategy.9:30 When does it make sense to sell certain products or services at a loss?15:30 What are the steps to take to become proactive versus reactive when running a growing business?  23:50 How do business owners and founders develop financial confidence? 27:07 How are revenue, profit, and cash different and why is it important to know the difference? 32:50 When you get a new client, what do you focus on when you start working with a business?38:55 What is the next tangible step business owners can take in the next week or so to get them to be more proactive and have clean data in their business?Resources:Lynn Corazzi, Data Magician, Fractional Finance Expert, Financial Confidence Coach, and Owner of Data2Profit Consulting:https://www.data2profit.net/Kathy Svetina, Fractional CFO:https://www.newcastlefinance.us/Blog post | How to Use Financial Data to Grow Your Business:https://www.newcastlefinance.us/post/how-to-use-financial-data-to-grow-your-businessIs your growth causing financial headaches? Sales up, but profits lagging? Financial practices stuck in entry level mode?Don't worry, it's not you—it's your financial setup.Introducing NextGen Finance Blueprint by NewCastle Finance. This CFO-led roadmap: • Brings fuzzy finances into focus • Gives you a clear money picture • Creates a step-by-step action planReady to level up? Visit newcastle.finance/blueprint