Data-driven decisions are a key factor in the success of any modern business. Although larger businesses tend to be very good at making data-driven decisions, this isn’t always the case for small business owners. This week on Grow Money Business, we speak with a professional who helps small businesses use the financial data that they can have at their fingertips to make better decisions. Anne Gannon, the principal and the founder of The Largo Group, shares her wisdom on how and why business owners should utilize the power of data to grow their businesses.
[02:06] Anne’s Story – We start the conversation with a brief look at Anne’s career and what her firm, The Largo Group, offers to small businesses.
[06:00] Cashflow – Anne shares some strategies for small business owners to analyze the cash flow and review business transactions.
[09:56] Budgeting – Anne explains why it’s a good exercise for small business owners to create a budget and understand their financial data.
[15:19] Paying Yourself – Anne dives deep into how and when small business owners should pay themselves.
[21:06] Surviving the Pandemic – Anne explains how The Largo Group helped its clients survive through the pandemic.
[26:00] SBA Loans – Anne shares her thoughts on the SBA loan program with some pros and cons.
[33:33] Growth – Anne explains what small business owners should consider when planning for growth.
[36:06] Tax Strategies – Anne shares some tax strategies restaurants and other similar businesses can utilize to minimize their tax liabilities.
[43:47] Mindset – Why mindset is a key factor in the success of a business owner and some other business lessons from Anne’s career in professional golf.