Strategic financial advisor Dave Grumer discusses key business strategies, emphasizing risk management, project budgeting, and cash flow management. He advises on the critical need for understanding market uncertainties and preparing for financial fluctuations. Grumer highlights the benefits of securing a line of credit for enhanced financial flexibility and warns against the pitfalls of high-interest debt. The dialogue stresses the importance of realistic financial projections, maintaining a rainy day fund, and the strategic use of debt. Essential tips for new businesses include estimating break-even points and monitoring key performance indicators (KPIs). The conversation also covers the simplicity in financial modeling, the challenges of inventory management, and the prudent use of insurance for financial stability.
Host
Hosted by the Farmingdale SBDC’s Business Breakthrough | New York Podcast. The Farmingdale SBDC is part of the New York Small Business Development Center (SBDC) network of 20 campus-based centers and outreach offices located across New York State.
Funded in part through a Cooperative Agreement with the US Small Business Administration. Training collaboration does not constitute an expressed or implied endorsement by the NYSBDC and SBA of the presenter(s), their organization(s), and/or their products and services.
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