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Profit Made Simple: The Tools to Work Less and Earn More- Solo Episode Welcome back to The Profit Answer Man! In this episode, we're diving into actionable strategies to improve cash flow, boost profits, and create a sustainable business that supports your life goals. This solo episode by Rocky Lalvani provides insights into the Profit First methodology and the tools that empower business owners to work smarter, not harder. Whether you're new to the podcast or a long-time listener, this episode will help you streamline your financial strategy and get closer to the financial freedom you deserve. In this episode, you will learn: The essential steps to implement the Profit First methodology and make profitability a habit. How to structure your financial systems to support growth while maintaining simplicity. Techniques for setting realistic financial goals and tracking your progress effectively. The importance of managing cash flow and preparing for economic uncertainty. Key Takeaways: The Power of Profit First: Shift your financial approach by making profit your top priority. By allocating profit first and managing expenses from the remainder, you create a healthy cash flow and a more resilient business. Simplicity Drives Clarity: Complexity in financial management often leads to confusion and mistakes. Use tools and systems like multiple bank accounts for clearer allocation and tracking of funds. Cash Flow is King: Cash flow management is the lifeblood of any business. Develop a consistent habit of forecasting cash flow and identifying potential risks early to avoid pitfalls. Break Goals into Manageable Steps: Large financial goals can feel overwhelming. By breaking them into smaller, actionable steps, you'll stay focused and motivated to achieve consistent progress. Track, Reflect, Adjust: Regularly review your financial metrics and adjust strategies as needed. This ensures your business remains agile and capable of weathering challenges. About Rocky Lalvani: Rocky Lalvani is a certified Profit First Professional dedicated to helping business owners achieve financial clarity and peace of mind. As the host of The Profit Answer Man, Rocky simplifies the journey to profitability with practical advice and proven systems. His mission is to empower entrepreneurs to prioritize profit, create financial stability, and build businesses that support their personal and professional goals. Learn more at profitcomesfirst.com. Conclusion: Profitability doesn't happen by accident—it's a deliberate choice and a discipline. By applying the principles discussed in this episode, you can take control of your finances, create a sustainable business, and enjoy the rewards of your hard work. Remember, focusing on the bottom line and prioritizing profit is the key to long-term success. Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst
Today on Sense of Soul we have Vincent Cassius Cain, aka "King Cash!” He is a Demon Hunting, Astral Protecting, Lyran Starseed, Intuitive, who is on a mission for the Galactic Federation of Light to bring to the earth love, light and cosmic harmony, by defending the Children of Light as a demon hunter within the astral realm, battling evil forces that transcend the physical plane. He offers insights into his tools, techniques, and the wisdom gained from these astral struggles. This episode unravels challenges faced by King Cash, from dealing with bullies personally to defending others, while connecting to his Lyran Starseed origin and his part in the Galactic Federation of Light. Follow his mission: Insta: @Imkingcash TikTok: Kingcassiuss Youtube: King Cassius Snapchat: Imkingcash Check out: https://snipfeed.co/kingcassius Learn more about Sense of Soul Podcast: https://www.senseofsoulpodcast.com Check out the NEW affiliate Animal Communicator Nicole Harp! https://www.mysenseofsoul.com/sense-of-soul-affiliates-page Check out the Ethereal Network! https://www.mysenseofsoul.com/ethereal-network Follow Sense of Soul on Patreon, and join to get ad free episodes, circles, mini series and more! https://www.patreon.com/senseofsoul
Today I want to talk about cash and cash flow. It doesn't matter how much money you make; what's important is how much you keep after paying all your monthly expenses. Many podiatry businesses struggle in their first few years because they've entered their business venture full of enthusiasm and wearing rose-coloured glasses, but when the dust settles after all the excitement, they realise there are a lot of expenses attached to running a podiatry business properly. Worst case scenario, they start to run out of money before they run out of month because the money going out is far exceeding the money coming in. Having a negative cash flow cannot be sustained long-term. Were They Dumb? I personally know a couple who spent over $200,000 to set up their podiatry business on the Sunshine Coast, and they went broke within 12 months. Was it because they were dumb? Well, the jury is still out on that, but from the outset, this is what I observed. They began their business venture with limited capital and therefore borrowed too much money, resulting in larger than normal monthly repayments, which immediately ate into their monthly cash flow. They purchased equipment they did not need. There was no delayed gratification, they wanted everything from day one. They made purchases for their home and added them to the business repayments. That was really dumb. They gave out a lot of accounts and didn't chase them up. They also gave discounts unnecessarily. They took financial advice from unqualified family and friends. Right from day one, they were trading with insufficient capital, and their cash in was far less than their cash out, which caused them a lot of stress, and lead to dumb and dumber decisions. Starting a business this way is ridiculous. Established Businesses I'd like to point out that running out of money before running out of month is not just a problem for new podiatry businesses, it can also happen to establish podiatry businesses if they do not pay attention to their cash flow and monthly expenditure. I recall talking with an insolvency expert, and he said you'd be surprised how many highly intelligent health professionals declare bankruptcy. After watching the couple from the Sunshine Coast and seeing it first-hand, I knew he was not exaggerating. Accounts If your business gives out accounts, you need to have a strict account policy, and everyone needs to adhere to it, and if a patient is ever late with a payment, you should have processes in place to follow them up. And you should never give them additional credit, hoping they will pay. When I had my podiatry business, I had a zero-account policy, the same policy as most grocery stores. Yes, a few patients did complain, but after complaining they paid for their treatment in full and made their next appointment. When they returned for their next appointment, they never asked for an account a second time. After 30-plus years, and tens of thousands of patients I had no bad debts. If you're catching yourself saying, I COULDN'T DO THAT WITH MY PATIENTS, at least give it a go and see what happens. It Is Possible Every business should also work towards having enough cash in their bank account to cover all their expenses, including wages, for at least three months. Less Stress You may or may not agree with this three-month cash flow tactic, but lack of money is stressful, and stress affects your judgment and decision-making capabilities. You want to build your podiatry business with a clear head, not a cloudy head concerned with paying next month's rent, wages and other expenses. Good cash flow allows you to: Pay all your accounts on time, which suppliers love, and it builds trust. And if you do get in a financial pickle at some stage, your suppliers will help you where they can. Purchase in bulk and make significant savings. Save money on freight because you're ordering fewer times throughout the year. Build trust with your team. Your team sees everything, and nothing destroys confidence in a business more than ongoing phone calls and emails from creditors. Wait 12-18 Months So here's my warning: DO NOT OPEN your podiatry business if you don't have enough capital and the cash to sustain the business. If money is tight, consider waiting another 12 to 18 months and do it properly because you also need to allow money for marketing, which will be crucial to your podiatry business's long-term success. Many businesses do not allow for marketing in their budget, and when their cash flow is tight, marketing tends to be the first thing business owners want to cut, which is a huge mistake. Today's Summary Cash is King Cash flow is also a King and you want to see your cash flow going upwards. If your business does give accounts, limit the payment terms, and get paid faster. Aim to have enough cash in your bank account to cover three months of expenses so you can think clearly. A good payment history with your suppliers builds trust. Don't rush into business ownership if you don't have the capital and cash flow to start correctly. If you have any questions about this episode, please email me at tyson@podiatrylegends.com Upcoming LIVE Events If you're interested in attending one of my LIVE marketing or business events, details can be found at https://www.podiatrylegends.com/upcoming-events/ Podiatry Business Coaching Hi, I'm Tyson Franklin, and when it comes to one-on-one podiatry business coaching and mentoring, I believe I am the best in the business, and most importantly, I have a proven track record to back me up. If you'd like to learn more, please email me at tf@tysonfranklin.com; otherwise, you can go directly to my online calendar to schedule a Zoom meeting. Podiatry Business Owner's Club Are you a podiatrist or podiatry student with an interest in business? If you are, all you need to do is answer three simple questions to join my Facebook Group – https://www.facebook.com/groups/podiatrybusinessownersclub.
The Unprofessionals www.Barsandhoops.com Call in 516.206.0711 Download the free @barsandhoopsradio app for apple and android users. Like, Share & Subscribe to our page on all social media platforms. For interviews, promotional or business enquirers, email us at barsandhoopsradio@barsandhoops.com Copyright Disclaimer We do not own the musical copyrights to any music played during this broadcast. All music is played for promotional use only Digital Media Copyright Act l music and videos are copyrights of the original owners. Please support the artists and buy their work. We claim safe harbor under the Digital Millennium Copyright Act, Title 17, United States Code, Section 512. Pursuant to the DMCA, if you are a copyright holder and believe your work is being infringed upon you are required by law to adhere to the following procedure: DMCA Compliance Policy The DMCA requires that all notices of alleged copyright infringement must be in writing. When informing the designated agent of an alleged copyright infringement, you should: 1. Identify the copyrighted work that allegedly has been infringed. If multiple copyrighted works at a single online site are involved, please provide a list of the works on that site. 2. Describe the material that is claimed to be infringing and provide sufficient information to permit BARSANDHOOPS to locate that material. 3. Provide your contact information, including an address, telephone number, and, if available, an e-mail address. 4. Certify or include a statement that you have a good faith belief that the use of the copyright-protected material in the manner complained of is not authorized by the copyright owner, the owner's agent, or law. 5. Certify that the information that you have provided BARSANDHOOPS is accurate. You should attest under penalty of perjury that you are authorized to enforce the copyrights that you allege have been infringed. 6. Include a physical or electronic signature of the copyright owner or person authorized to act on behalf of the owner. BARSANDHOOPS may not be able to act on your complaint promptly or at all if you do not provide the information required in the “Contents of Notice.” Before you allege an infringement, you should consult copyright materials to confirm that the use is, in fact, infringing. The United States Copyright Office provides basic information that can help you determine whether an exception or defense, such as fair use, may apply to the use of your copyrighted work. Notice, Takedown, and Putback Procedure BARSANDHOOPS expects all users of its system to comply with applicable copyright laws. If BARSANDHOOPS receives notice of claimed copyright infringement, or otherwise becomes aware of facts and circumstances from which infringement is apparent, it will respond appropriately, which may include removing or disabling access to the material that is claimed to be infringing. BARSANDHOOPS will follow the procedures outlined in the Digital Millennium Copyright Act as to notifications of users and the complaining parties, acceptance of counter notifications, takedown and/or putback of the alleged infringing material. Notification Agent Pursuant to the DMCA, Bars & Hoops LLC has designated an agent to receive notification of alleged copyright infringement occurring on Web pages or computer servers. If you believe that your copyrighted work is being infringed on a Barsandhoops site, please notify our designated agent, preferably by email, at: EMAIL: BARSANDHOOPSRADIO@BARSANDHOOPSRADIO.COM
Welcome to the season finale episode of JLY Fam! Join us as we dive into the fascinating world of astral projection with the incredibly talented and skilled psychic Lyran Royal, King Cash. Prepare to be amazed as we discuss various starseed races, galactic beings, the shadow realm, dragon spirit guides, inner earth, and so much more. Get ready for an enlightening and captivating conversation that will keep you hooked from start to finish. Tune in now on Spotify and Apple Podcasts! Work with Cash: Insta: @imkingcash TikTok: @kingcassiuss Insta@iamalexischristine@thejustlikeyoushow Tiktok@starseedschool.ca Website:www.iamalexischristine.com --- Send in a voice message: https://podcasters.spotify.com/pod/show/starseedschoolpod/message
Tune in LIVE weekly to the upbeat, positive lifestyle broadcast where producer and host Cynthia Brian showcases strategies for success on StarStyle®-Be the Star You Are!®. Available wherever you listen to your favorite programs! So many of the flowers, bushes, trees, and vines that we use in our gardens can be both good and bad. Some plants that are excellent in one yard are a disaster in someone else's landscape. Most of these plants are sold at nurseries and garden centers. The key is knowing what will be best for your garden. Goddess Gardener, Cynthia Brian, shares her expertise. Do you want to reach your goals and live your dreams? There are ways to inspire and motivate ourselves through evidence-based approaches. Decrease stress, boost your self-care, and visualize your way to success. Be mindful! Market conditions have been changing swiftly this year. Banks have gone belly-up. Do you have a cash reserve to weather the storms? Find out why cash can be king when you need to move quickly or have an emergency. Follow us! https://www.instagram.com/starstyleproductions/ http://twitter.com/cynthiabrian http://goddessgardener.tumblr.com/ BUY NFTS at https://www.StarStyleCommunity.com
Tune in LIVE weekly to the upbeat, positive lifestyle broadcast where producer and host Cynthia Brian showcases strategies for success on StarStyle®-Be the Star You Are!®. Available wherever you listen to your favorite programs! So many of the flowers, bushes, trees, and vines that we use in our gardens can be both good and bad. Some plants that are excellent in one yard are a disaster in someone else's landscape. Most of these plants are sold at nurseries and garden centers. The key is knowing what will be best for your garden. Goddess Gardener, Cynthia Brian, shares her expertise. Do you want to reach your goals and live your dreams? There are ways to inspire and motivate ourselves through evidence-based approaches. Decrease stress, boost your self-care, and visualize your way to success. Be mindful! Market conditions have been changing swiftly this year. Banks have gone belly-up. Do you have a cash reserve to weather the storms? Find out why cash can be king when you need to move quickly or have an emergency. Follow us! https://www.instagram.com/starstyleproductions/ http://twitter.com/cynthiabrian http://goddessgardener.tumblr.com/ BUY NFTS at https://www.StarStyleCommunity.com
Awakened...Now What?! EPISODE 303 COSMIC WISDOM WITH KING CASH With over 1 million followers on TikTok, Vincent “King Cassius” Cain creates esoteric content and provides cosmic wisdom to those who are ready to receive the information. With deep roots and past lives in the Lyra constellation, King Cash now lives out his missions on Earth as a Shadow Hunter to provide safety for all. King Cash continues to uplift, inform, and inspire others to live on the soul level as an amazing content creator. 1:55 Cassius' awakening 3:20 Cassius' past lives in Lyra 7:20 Past corruption behind The Galactic Federation 9:50 Living at the 5D level 14:05 More on 5D 18:42 Cassius' most peaceful memory back in Lyra 25:20 More disclosure 26:36 Cassius' insider information for our planetary events 29:05 5D Earth 30:35 The New Leaders 32:53 The planet's new capital 38:39 Cassius' biggest strength 40:30 The In-Between 52:00 The different Starseeds 53:52 King Cash's Shadow Hunter missions and negative technology 58:00 Cassius' personal tips from his upcoming book 1:02:23 Now What?! 1:02:55 Memory Check with King Cash Find King Cash on Social Media! Instagram: @imkingcash TikTok: KingCassiuss YouTube: @KingCassius Chat With Awakened...Now What?! On Discord! Find Us On Instagram Check Out Our YouTube Channel! Book an Awakening session with Jay-R! Book a coaching session with Helen! Become a subscriber! Get access to SPOTLIGHT episodes, After-shows, and exclusive content for a monthly subscription! https://anchor.fm/awakenednowwhat/subscribe
This week Hunt discusses common mistakes and tips to better manage and protect your #cash. • How to understand if your personal spending requirements are hurting your business?• How can you ensure that you aren't taking too much out of your business?• Can there be too much cash in your business? What to do to minimize risk and maximize return.• What options exist to get a better return on my money without significant risks?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: podcast@paarmelis.comGet a copy of my Book : Download Here
This week Hunt discusses common mistakes and tips to better manage and protect your #cash. • How to understand if your personal spending requirements are hurting your business?• How can you ensure that you aren't taking too much out of your business?• Can there be too much cash in your business? What to do to minimize risk and maximize return.• What options exist to get a better return on my money without significant risks?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: podcast@paarmelis.comGet a copy of my Book : Download Here
Gift cards are universal but there's a mistake about half us make with them. Major retailers make hundreds of millions of dollars on gift cards never redeemed. Clark has an assignment for you, including when best to start. Also - “cash stuffing” - a new term for a classic idea Clark has long recommended, can teach the real value of real money. Gift Cards: Segment 1 Ask Clark: Segment 2 Cash Stuffing: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Poll: Almost half of Americans are holding on to unused gift cards How To Sell Gift Cards Online for Cash-Clark.com 5 Things To Know About Series I Savings Bonds How to Budget With a Cash Envelope System Axios: Cash stuffing is back How to Save Money on Car Insurance Money Challenge: How To Save $2,023 in 2023 - Clark.com Clark.com resources Episode transcripts Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode King Cash breaks down the new rule that was announced earlier today by NBA officials. They plan on changing the NBA eligibility requirements for players who are trying to enter the league from 19 years old to 18 years old what does this mean? Find out by listening through our podcast for some really dope content. Basketball Trenches is a sports community created to put out consistent Raw content that NBA Fans want need and deserve Basketball News, Media, Reels
In this episode of the Financial Griot Podcast, Lovely and Lawrence talk about cash flow positivity during a time of high inflation and even higher prices. Most people don't know how much they spend monthly or even how much they earn. This is a good time to pause and do a mid year inventory so you can make sure your money management is up pre-recession.It's up to you to be prepared for the next opportunity. Detailed show notes, www.theneighborhoodfinanceguy.com About Us:The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don't. Stories about growth, opportunity and embracing changes. Beyond that we talk about Finances. Specifically, how to become Financially literate, incorporating actionable steps and ultimately building generational wealth.Can you imagine being a Millionaire in 20 years or less? Yeah it's possible. 80% of millionaires are first generation. That means they didn't come from wealth. We teach you how. Join a community of subscribers that welcome a fresh take on money.So there you have it, The Financial Griot or TFG for short. The hosts were able to amass over $2 Million in wealth in about 8 years and are on track to retire early. If you want the secrets; we will gladly share them since opportunity is abundant and Win-Win. Connect with TFG Crew aka the Hosts: Lovely Merdelus - Entrepreneur and Small Business Growth Specialist @lovelymerdelusLawrence Delva-Gonzalez - Federal Auditor, Blogger and Tax Specialist @theneighborhoodfinanceguy
#extraterrestrial #aliens #universe
The end. Is it inevitable? Find out what Brad and Ron think this ep. Also, Brady is the sexiest man alive? We'll see in 2035 --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
#Quantumphysics #winthelottery #markhaughton
#22 Money Rule #3: Cashflow is King, Cash is Queen, and Debt is the Joker skinnyhappymoney@gmail.com www.skinnyhappymoney.com
#248: Agent Money Rule #5: Cashflow is King, Cash is Queen, and Debt is the Joker! Join the Good Life party over at www.realestategoodlife.com
Many believe cash to be king, but you will learn in this Infinite Banking Concept that cash FLOW is king. You can be debt free, but that does not mean you have the cash flow to buy groceries. Listen in to find out why cash is not king. Audio Production by Podsworth Media.
This episode looks into cash as the most common form of money and the number one habit you need to start accumulating it. Discover how and what that is ...
Nein, wir haben keine Band gegründet. Das kommt tatsächlich dabei raus, wenn Franzi sich als Malerin versucht und eine neue Folge Schrott oder Plot präsentiert. Was hinter den hoheitlichen Haien steckt? Schaltet ein und findet es heraus.
02-02-2021 Ruth King
Where is my Money Going is one of the most common questions we receive from our clients. It's frustrating to have put in all the work and effort to generate revenue only to see little to no cash in your bank account when the month ends. When this question comes up we always go back to the King - CASH.1) Understand your cash flow in your business 2) Understand how it's impacting your business3) Evaluate, Assess and Pivot to ensure your business stays profitable. ----Want to get a Better Understanding of Your Business Cash Flow? Check out our course online - Follow the Money for $25 ---> https://btl.thinkific.com/courses/cashflowstatement----Check out our YouTube Channel for More Content:https://www.youtube.com/channel/UCzO2mWjv9SI8SHVJoXOspOQ----Finance should not be the most complicated part of your business so let this show help simplify it for you.In this show, we dive into some of the most pressing questions that small business owners have when it comes to the finance and accounting side of their business. Each episode is a deeper discussion of a pressing question followed by tips and ideas that you can use to improve the financial results in your business.
Best selling author Harry S. Dent Jr. talks with Rod on why multifamily is the best investment and why the coming crash will wipe out Wall Street. The importance of demographics Looking to Japan to see what’s coming Cycles of Inflation Quantitative Easing Why stocks are going up in value Now you see it, now you don’t Bubble Economics Why residential real estate will survive Understanding the downside potential Why cash and cash flow make you King Cash means you can take over properties The stock market will lead this downturn What you should be looking for right now Real Estate is worth what you can _________? The “Change” Generation Where all the growth will be in the next two decades The newest trends in multifamily To find out more about our guest:http://hsdent.com To find out more about partnering or investing in a multifamily deal: Text Partner to 41411 or email Partner@RodKhleif.com Please Review and Subscribe
MTR PODCAST presents "I GOT NEXT" Vol. 2 - A collection from Independent Artists. 1. Wave God 4K - "Mafia" 2. King Cash - "Live It Up" 3. Peezy Da Don - "Streets" 4. Casino Ty feat. Young Sho - "Get It Out The Mud" 5. TreTheJefe feat. Yowa Sayso - "Free LJ" 5. King Cash - "Hartford's Own" 6. AudaMars - "Rol Call" 7. Khemist - "Losses" 8. AudaMars - "International" 9. Money Ray - "88 (Crack Era)" 10. Wave God 4K - "Big Wave Shit" 11. Big Mach feat. Papers x K Black - "We Gon See" 12. Cohiba Season - "Benefriends" 13. Cinco De H.F.E.H. feat SauceBoss - "Number 1" All artists interested in getting on the Indie Series, email songs to MoneyTalksRadioInfo@gmail.com. EACH & EVERY WEDNESDAY @ 9PM - TUNE INTO MONEY TALKS RADIO ON DIGITAL BOOMBOX NETWORK. Download the "Digital Boombox Network" App. on your Apple or Android Devices to stream.
Mehka King is the host of the CashColorCannabis Podcast, film maker and overall gnarly individual. Check out Mehka and his podcast @cashcolorcannabis Hosted by @jumpsuit_steel Presented by @hemphousegoodies + @usmarijuana
In Good Life Rule #2 we discuss the most important philosophy regarding your financial freedom, Cash Flow. Cash Flow is King - Cash is Queen - and Debt is the Joker. Saving money is not going to allow for the construction of your financial moat. Listen to the episode and the eye-opening example I use to drive home the point that - What most people tell you about most things... is WRONG! Check out all the cash flow ideas at www.realestategoodlife.com
In this episode, I talk about the fact that Cashflow is King, and Cash is Queen. I tackle a lot of traditional mindsets here, and you may be challenged in your thought processes. I address: Why cashflow is more important than cash, How money is unnecessarily lost when using cash to make a purchase, Compound interest vs uninterrupted compound interest, Who’s running your operation? You, the banker, or the accountant? Plus, being honest and paying yourself back. Listen in. You’re either going to love it or hate it, but you definitely need to hear it. Audio Production by Podsworth Media
Today I want to talk about cash, or more specifically cash flow and why cash is king. It doesn’t matter how much money you make, what’s important is how much of it you have available after collecting all payments and paying out all your monthly expenses. Many businesses struggle in their first few years because they’ve gone into their business venture full of enthusiasm and wearing rose coloured glasses, and then quickly run out of money because the money going out exceeds the money coming in. Were They Dumb? I knew a couple who spent over $200,000 to open a podiatry business on the Sunshine Coast, and they went broke within 12-months. Was it because they were dumb? Well, the jury is still out on that, but from what I observed it was a cash flow problem from day one. From the outset they: Began their business venture with limited capital and therefore borrowed too much money, resulting in larger than normal monthly repayments, which immediately ate into their cash flow. Purchased equipment they did not need Made purchases for home and added it to the business repayments. (That’s pretty dumb) Gave out accounts without any questions Gave discounts too often Got financial advice from unqualified family and friends Began with limited CASH Right from day one, they were trading with insufficient cash flow, and this caused them a lot of stress. Starting a business this way is crazy. Established Businesses But, I’d like to point out running out of money before running out of the month is not just a problem for new businesses either, it can also happen to establish businesses if they do not pay attention into watching their cash flow and monthly expenditure. Even a successful business can go broke if they are not getting paid fast enough. If you must pay $10,000 rent this month, a $20,000 payment owed to you in 90-days is not very helpful, so the speed at which your accounts are paid is important. Accounts If your business gives out accounts you need to have a strict account policy and everyone needs to adhere to it and if someone is late with a payment, there should be a process to follow and do not give them additional credit hoping they will pay. When I had my podiatry business I had a zero account policy, and yes, a few patients did complain, but they also made an appointment and paid their account in full. And they returned and never asked for an account a second time. After 30 years I had no bad debts. It Is Possible You may be thinking this is impossible in your industry and maybe that’s true, but still, give it some thought, or at least review your current payment terms. If your invoice says 30, 60 and 90-days then you’re telling everyone they’ve got 90-days. Why not change it to 7, 14, 21-day and overdue. I feel that every business should work towards having enough cash in their bank account to cover all their business expenses, including wages for a minimum of three months. Less Stress You may or may not agree, but that’s my thinking because lack of money is stressful, and stress affects your judgment and decision-making capabilities. You want to build your business with a clear head, not a cloudy head concerned with paying next month’s rent. Good cash flow allows you to: Pay all your accounts on time, which suppliers love, and it builds trust. And if for any reason you did get in a financial pickle down the track, your suppliers will help you where they can. Gives you the ability to purchase in bulk and make significant savings. Saves money on freight because you’re ordering fewer times throughout the year. Build trust with your team. Your team sees everything, and nothing destroys confidence in business more than ongoing phone calls and emails from creditors Wait So here’s my warning: DO NOT OPEN your business if you don’t have enough capital and the cash to sustain the business. You are better to wait for another 12 to 18 months and do it properly because you also need to allow money for marketing. Marketing is going to be a key component to your business success, and many new businesses do not allow for marketing in their budget, and when business gets tough, marketing tends to be the first thing cut. That’s a big mistake, so make sure you budget for it in your financial forecast. Today's Summary Cash is King Cash flow is the amount of money available to you each month after collecting all revenue and paying all your monthly bills. Ideally, you want to see your cash flow going upwards. If your business gives accounts limit the payment terms, or don’t give out accounts at all. Aim to have enough cash in your bank account to cover three months of expenses so you can think clearly. A good payment history builds trust. If you don’t have the capital and cash to start your business right now, don’t rush into it. If you have any questions about this podcast or blog, please send me a direct email at tf@tysonfranklin.com. And if you're a Podiatrist or in the health industry and in private practice, or considering going into private practice quite soon, do not undervalue the benefits of having a business coach or mentor because you will get the results you're after much faster. 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Ontario Country artist CORY MARQUARDT has just released his debut album called This Man featuring the first single "21." Cory returns as part of the Outlaws & Outsiders tour this June with dates in Ontario. The tour stars Aaron Pritchett and also features new country duo King & Cash. His influences range from Eric Church to Merle Haggard - and from Rush to John Mayer. If it's a good song, it'll catch Cory's ear. "I’m a huge fan of Eric Church and very happy with what he is doing in country music," explains Cory. "I still have some boot left to fill but I’m making my way and plan on doing that. Like me, he has a solid rock background mixed with some traditional country which is included especially in our live show." Like most Canadian Country artists, the journey of writing and recording includes trips to Nashville. "Since my first trip to Nashville in 2012, I’ve written over 100 songs with some amazing writers and have created some really cool and honest songs. Writing with people like Rob Crosby, Jason Deere, James Dean Hicks, my good friend Danick Dupelle from Emerson Drive, Patricia Conroy and many more make the writing process fun and quite easy." Tune in to hear Cory talk about his music career, songwriting, Nashville, his new album & much more!
CCMA award-winning country star Aaron Pritchett ("Hold My Beer", "Let's Get Rowdy", "Boat On The Water") is joined by special guests Cory Marquardt and newcomers King & Cash on the West Coast leg of their Outlaws & Outsiders tour this winter. Beginning last week in Victoria, BC, the tour will continue east with more dates to be announced soon. Outlaws & Outsiders promises rowdy, high-energy shows from both Aaron Pritchett and Cory Marquardt, who is set to release his sophomore album in the new year, and making their touring debut will be King & Cash, an Invictus Entertainment collaboration matching Faber Drive's Jordan Pritchett with country singer Dan Arnold. "The Outlaws & Outsiders tour is something I've been dreaming of for a long time," says Aaron. "Not only is it a headlining tour but I also get to be on the road with some very cool company. Cory Marquardt is a killer performer so that's going to be a fun set to watch every night! The other reason I love the Outlaws & Outsiders tour is that my son, Jordan, will be one of the acts on the bill. He and Dan Arnold are the newcomers on the scene, making up King & Cash. All in all, so many great cities to play for the BEST fans in the world with the coolest people ever. Who could ask for more?" Tune in to hear about the tour and new music from Aaron Pritchett.
CCMA Award-winning country star Aaron Pritchett will be joined by special guests Cory Marquardt and newcomers King & Cash to kick off the West Coast leg of their Outlaws & Outsiders tour this winter. Beginning on January 15, 2015 in Victoria, BC, the tour will continue east with more dates to be announced soon. Outlaws & Outsiders promises rowdy, high-energy shows from both Aaron Pritchett and Cory Marquardt, who is set to release his sophomore album in the new year, and making their touring debut will be King & Cash, an Invictus Entertainment collaboration matching Faber Drive's Jordan Pritchett with country singer Dan Arnold. North Bay, Ontario's Cory Marquardt will release his debut album entitled This Man in 2015. It will feature his recent single "Smart Phone." Cory was named the 2012 Havelock Country Jamboree Showdown winner and has since performed at major festivals including the Kipawa Country Fest and The Truck Rodeo in Quebec. He has opened shows for rock legend Brian Howe (Bad Company), Country music icons Marty Stuart, Leroy Van Dyke, and Mark Chesnutt - as well as legendary group Blue Rodeo. Tickets for the Outlaws & Outsiders tour are now on sale, details at www.aaron-pritchett.com.