Welcome to another episode of the Sleeping Barber Podcast!

Join Marc and Vassilis as they dive into the fascinating world of marketing strategy and innovation with a special guest, Omar Roubi. Within a business, there appears to be a constant tension between marketing and accounting/finance departments. In this episode, Marc and Vassilis speak with Omar Roubi to explore that relationship and look for some common ground and language that can help marketers better understand their businesses.

Our Guest: Omar Roubi https://www.linkedin.com/in/omar-roubi-cpa-texas/Host & Director, Education & Content at LumiQ | Accounting Instructor at University of Colorado Denver | Accounting Textbook Author with Top Hat

Enjoy the show! Follow our updates here: https://www.linkedin.com/company/sleeping-barber/ Get in touch with our hosts: Marc Binkley: ⁠⁠ https://www.linkedin.com/in/marcbinkley/ Vassilis Douros: ⁠⁠https://www.linkedin.com/in/vassilisdouros/

Timestamps:

0:57 - Intro to Omar

1:47 - About LumiQ

4:50 - Target Canada - Why they Failed

6:22 - What is a capital budget & how does it affect the 4Ps

8:11 - The danger of putting strategy before execution of the 4Ps

10:33 - Big M marketing is different from advertising

12:35 - The value including marketers CMO in Capital budget planning

16:01 - Why No Amount of Budget could have created demand for Target Canada

20:09 - How to justify marketing budgets to accounting

21:45 - Predicting the future vs. Reporting on the past

25:50 - Marketing and accounting education

30:05 - Do we understand what return means?

32:30 - How accountants see brand

34:58 - Goodwill & Settting Expectations

39:22 - A process to improve budgeting

41:08 - Understanding the roles of Finance & Accounting

43:55 - Avoiding WAGs (Wild Ass Guesses)

48:12 - Justifiing ROI: Time is on your side

52:00 - Three tips for marketers to improve financial acumen

58:45 - Post Pod with V and Marc