Welcome to another exciting episode of "Let's Talk Business"!

In today's conversation, our host, Meny Hoffman, sits down with Pinchas Engel, founder of Pinit Bookkeeping, to delve deep into the world of e-commerce and financial management.

Pinchas shares invaluable insights on how to stand out in the competitive e-commerce landscape, the pivotal roles of bookkeepers, controllers, and CFOs, and the importance of delegating tasks to elevate your business.

From understanding key financial metrics and their impact on profitability to navigating the challenges posed by COVID-19, Pinchas brings a wealth of knowledge to help business owners align their vision, financial strategies, and marketing efforts. Whether you're an early-stage entrepreneur or a seasoned business owner, this episode is packed with practical tips on improving your financial literacy, creating a structured business model, and hiring the right financial support to ensure success.

Tune in to learn why understanding your finances is crucial and how you can leverage expert advice to make better decisions and grow your business profitably. Let's talk business with Pinchas Engel!

BIO :

Pinchas Engel founded Pinit Bookkeeping, a firm dedicated to helping established e-commerce sellers. Pinchas's main mission is to give his clients clear insights into their finances, turning complex data into simple, actionable strategies. With a knack for making numbers make sense, he’s helped many clients boost their profits, making Pinit a trusted place for sellers looking for financial support.

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TIMESTAMPS :

06:20 Business owners must know key financial metrics.

08:08 Key business metrics: return on investment, profitability.

13:10 High product profit gives room for contingencies.

17:12 New companies need strategy to succeed.

19:31 CFO focuses on future; bookkeeper, controller on past.

21:46 Marketing spends should align with company objectives.

26:33 Outsourcing services for business growth and efficiency.

29:54 Start with pricing, then justify cost.

32:55 Prefers business conversation over transaction categorization stress.

35:46 Create a clear business roadmap for success.

39:34 "Assess skills, seek support, and plan growth."

1. Identify tasks you are not proficient at or do not enjoy and delegate them to your team. Make a list of tasks to delegate and assign them to team members or outsource as necessary.

2. Implement systems to track and manage inventory and sales data, especially important for e-commerce. Invest in analytics tools and review inventory data weekly to avoid over or under-stocking.

3. For early-stage businesses, consider outsourcing bookkeeping and hiring a fractional CFO to manage finances cost-effectively. Research and engage a bookkeeping service and fractional CFO to ensure professional financial oversight.

4. If you're a business owner, objectively assess your financial skills and seek support where needed. Take a financial literacy course or workshop, and consider consulting a CFO to get a professional audit of your financial strategy.

5. Develop a structured business model and a hiring roadmap that evolves as your company grows. Draft a business model that includes your long-term goals and a phased hiring plan based on projected growth milestones.