“If you want to fix your cash flow in 2024, then fix your pricing and fix your rental pool,” Jobe said, leading off with his keys for improving rental programs. The three takeaways? Have a plan for slow payers, review rental rates to improve cash flow and be ready to re-rent returned in- struments as quickly as possible. Jobe said when dealers ask him how to make a lot of money in 2024, he told them to focus on the following three areas of their business: 1. Profitability. “Focus on the factors you can control, allocate your time to improv- ing profitability and monitoring progress. For concerns, ask why and work through them,” Jobe said. “Imagine you’re the Ti- tanic. Turn before you get to that iceberg.” 2. Asset Management. “Look at your in- ventory, from purchase to sale, as well as your rental pool and your employees — you can’t do this without great people,” he said. 3. Improved Cash Flow. “Create a rainy day fund and plan for taxes and save for taxes,” Jobe advocated. “Also, develop a debt reduction plan and manage measure- ment tools.” MI
Daniel Jobe
Improve Your Cash Flow Ideas from an industry CPA for school rental dealers looking
to boost profitability in 2024. A ttendees looking to build their cash flow attended Friday’s session “KPI 2.0 – the Dashboard Metrics That Can Improve Profitability and Cash Flow,” by industry CPA Daniel Jobe of Friedman,
Kannenberg & Co. During the hour-long session, Jobe took a deep dive into KPIs that could make a financial and operational difference in a music dealer’s business this year.
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