Are you having another one of those months where you can't seem to pay the bills?
It’s easy to bury your head in the sand, borrow money, have a clearance sale, or slap together a spreadsheet to tackle the cash flow crunch on a purely technical and financial level. These knee-jerk, reactionary measures can often make things worse and perpetuate the pressure on your bank account.
Here's the problem...
The human element cannot and should not be ignored - emotions, mindset, self sabotage, worry and fear have a tendency to creep in and permeate every aspect of your businesses because your business is just a natural extension of YOU. And if you have negative thoughts such as "being terrible with money" or "bad with numbers", fear around not being able to pay your bills, or an unhealthy obsession with minimizing tax... all of these thoughts, emotions, mindsets and bad habits will have a direct and negative impact on your results.
Cash flow and working capital issues are by far the #1 pain point for most of you but fixing these problems and preventing them from recurring again next month is going to take a hell of a lot more than just a couple of spreadsheets, graphs and forecasts.
Your need for a quick hit of cash to make payroll (or cover a tax bill) is the equivalent of a drug user who has just dropped to the ground, presumably due to an overdose. Calling an ambulance may get her back on her feet in a relatively short period of time, but it is a poor substitute for treating the underlying emotional reasons that caused her addiction and putting a plan in place to help her stay clean.
These "chronic issues" are not easily treated with bandaid solutions. We need to dig deeper and uncover the limiting beliefs, bad habits, and self-sabotage they stem from. And unfortunately, these are often difficult to overcome.
If you're constantly struggling with cash related issues, you probably have a “chronic poverty” mindset - and unless you are prepared to fix the problem from the inside out (dealing with both the financial literacy AND the emotional and mindset elements), you will never have a successful business.
In order to move beyond these roadblocks that keep you poor, you must first identify the underlying reasons and then address them at the source. I want to share with you the Top 5 Symptoms of a Poverty Mindset and then reveal my best tips to help you banish toxic thinking around money so that you can put strategies in place to keep cash flowing in freely.
5 Symptoms of a Poverty Mindset
#1 Profit, Money and Tax Are Bad
Have you ever caught yourself saying "I hate paying tax"? What about statements or beliefs like "money is the root of all evil" or "a good name is better than riches"?
Money, profit and tax are not inherently good or bad. They're just words and they have no meaning other than the ones that you choose to give to them.
Money is a piece of paper that you use to pay for things. Profit is merely an accounting term used to describe what is left over after all expenses are deducted from the revenue you generated. It's not even a real or tangible thing that you can take to the bank and deposit. And tax is something that you pay the government when you have made sales and profit. Yes, it's an obligation, but it's one that should want to pay because it signifies that your business is making sales.
When you attribute a negative or evil connotation to these words, you inadvertently set yourself up for a world of pain and struggle. Your brain is a survival focused mechanism - it wants to keep you out of harm's way. If you believe that money, profit and tax are bad, your brain will always try to protect you from them - which essentially means that at a deeply subconscious level, you will sabotage yourself in order to avoid them.
When you let go of the negative meanings that you have given, you free yourself up to attract more of them into your life, which is a good thing.
#2 Penny-Wise, Pound-Foolish
Have you ever driven kilometres out of your way to buy milk, gasoline, or printer cartridges because they are a few cents or dollars cheaper? Have you ever purchased things you don't need (or bought in bulk) just because you were offered "a good deal"? Even though it seems like you are saving money, these bad habits invariably end up biting you in the bank account because you waste more time, money, and energy than it's worth chasing them.
I've seen clients focus all their attention on saving $100, yet waste $100,000 by entering into a contract to purchase where the return on investment is bad and they didn't bother asking their lawyer to review the contract before they signed it.
If you suffer from this, it's going to take more than just sheer will power to break free. It takes 21 days to break or form a new habit and you're going to need support from someone that you can trust to ensure that you prioritize your financial decisions and evaluate them properly.
#3 Scarcity Mentality
I had a client with a reasonably successful business who constantly lamented about her lack of money. One day when I arrived, I noticed a brand new Prada handbag on her desk. And since I know that she didn't steal it, she was obviously able to find the money somewhere even though she regularly told herself that she didn't have enough.
If you have scarcity mentality, you see life as if there were only one pie and if someone else gets a piece of it, that means there is less (or not enough left) for you.
Scarcity is particularly dangerous because it affects you and everyone else that you deal with. It means you are less likely to want to share (and that includes power, profit and recognition), plus you will also have a hard time being genuinely happy for the success of others. It focuses you on the extreme short term of every decision and causes you to ignore the long term consequence. Scarcity directly impacts your cash flow because it causes you to use up resources you have right now so that they can’t be taken away from you later. It leads to impulsive and bad decisions.
Abundance on the other hand, flows from a belief that there is plenty enough for everyone. Choosing to focus on abundance and gratitude for what you already have, results in sharing of prestige, profit, and decision making. And it opens up possibilities, options, alternatives, and creativity.
#4 Entrepreneurship is Hard
Many entrepreneurs make the mistake of thinking that in order to create a successful business, they need to work themselves to death and plough all their cash back in. They choose to pay themselves very little, despite the fact that the business is actually quite successful.
Case in point, most owners pay everyone else first (including employees, the tax man, the bank, and all suppliers) and often overlook and undervalue the role they play in their own company. In order to value yourself, you must also practice putting funds aside for your own pay and retirement, as well as paying bills and earning a profit.
Creating an intentional system - regular salary for you and vacations to help you rest and rejuvenate - means you're putting in place the building blocks to overcome this poverty mindset and create a healthy and sustainable company.
#5 Not Feeling Worthy
Small business owners rarely charge what they are worth. Whether it's due to a lack of self-worth or just a fear of losing sales, it never pays to undercharge. Your price directly impacts your margins and your margin is one of the key determinants of cash flow. While it is possible (and common) to have a high net profit margin and low cash flow due to mismanagement, it is actually rare to have low margin and high cash flow. Unless you are raising funds or selling assets, it is impossible to have high cash flow unless you first start with decent profit.
That is why it is imperative for you to narrow the focus of what you do so that you can command a premium price. If you let others drive your price down, then you will be doomed to continually deal with cash flow issues.
It is your job to demonstrate the value of your unique solution. Until you believe that you are worth it, no amount of financial literacy training or forecasting will fix your cash flow problems.
Financial Foreplay® Highlights:As long as you continue to focus reactively on merely the technical and financial aspects of cash flow, you will struggle each month.To put an end to cash flow drama, you must strengthen your mindset, tools and resources.Take some time today to identify which of the 5 Poverty Mindsets is holding you back from having the business of your dreams. Make a plan to shift or re-frame that mindset or belief to the positive and remember to put your hand up and ask for help if you are unsure or just need support. These emotional blockers, fears, limiting beliefs and self sabotage are deeply ingrained and are going to require more than positive thinking and quick fixes to overcome. But they can be overcome.
Get in Contact:
Linkedin - 🦉 Rhondalynn Korolak 👨🎓📢 | LinkedIn
Instagram - https://www.instagram.com/rhondalynn_businest/
Facebook - https://www.facebook.com/rhondalynnk
According to several independent studies (Statista projects & Edison) roughly 34% of adults in America, Canada, Australia and the UK now listen to podcasts on a monthly basis. With roughly 2m podcasts listed on Google, there’s an audience of well over 150m listeners globally and that statistic is growing at a rate of more than 20% each year.
As people are time poor and have begun to rely more heavily on mobile devices, search engines are giving preference to podcast content, and it has become even easier to download and listen to podcasts as you make your way through your day. With podcasting becoming such a prolific and highly influential method of communication for individuals and companies, I thought it might make good financial sense to invite the host of a very successful podcast in America to talk about why you should seriously considering adding podcasting to your list of things to learn and launch this year!
Travis Chappell is the founder and CEO of Guestio, a software that connects high level guests with high level content creators, and he is the host of the top rated show, Build Your Network.
In addition to being featured in Entrepreneur, NASDAQ, Yahoo Finance, and ReadWrite, Travis has also been featured in Forbes as a top ten podcast that will change your life alongside Joe Rogan, Gary Vaynerchuck, Tim Ferriss, and other household names.
Financial Foreplay® Highlights:Leverage is the key to growing your business – there is only so much you can do as one individual. Your network and building relationships are the key to building a sustainable businessPodcasting has exploded because people are time poor and listening is something they can easily do while doing something else (walking dog, commuting to work, exercising etc.)In order to secure guests that are influencers you don’t necessarily need to have a huge audience but you need to be able to create and deliver enormous valueFor a very minimal investment, podcasting has the ability to help you deepen the relationship that you have with colleagues and customers and create additional streams of revenue or new channels for existing products/services
Get in Touch With Travis:
Website - https://travischappell.com/
Facebook - https://www.facebook.com/traviscchappell
Instagram - https://www.instagram.com/travischappell/
Twitter - https://twitter.com/traviscchappell?lang=en
Josephine Kinsella began her career in transport and travel with Transrail, Qantas, Accor, and Skylink in Australian and New Zealand. She became a licensed real estate agent in 2005 and quickly promoted up the ranks with Property Central, Harcourts, and Mike Pero culminating with a CEO position at LJ Hooker Group in New Zealand. Joesphine has also held several directorships on boards and now heads up the Powerhouse Group focusing on New Zealand and the US markets. She is a fractional COO and Customer Experience Director.
Josephine has raised two daughters, age 13 and 16, balancing parenting solo, whilst completing her MBA. She is also known for holding some interesting and challenging leadership roles and project contracts which I’m sure she will share with you today.
Financial Foreplay® Highlights:Find a good broker to improve your options and rates – it can actually be harmful to your credit score to focus only on big bank lendersInvest in properties where you might not normally want to live (build up your property portfolio by renting out these houses)Every business owner should be sitting down with a mentor to devise a plan – it needs to be highly visual and simple to understand and implementSooner or later something will happen to prove that you are not invincible and that incident will be invaluable because you will learn how to prioritize what is important and focusNot all business is good business – if you are not getting value, you need to walk away from the table
Get in touch:
whats app NZ +6421950453
phone US +1(803) 675 5700
One of the most important aspects of your success is how you start your day. Our expert guest Glenn Lundy wrote a book on the perfect morning routine because he says that having a powerful morning routine can literally change your life.
Glenn Lundy is a husband to 1, a father to 8, and he is the host of the wildly popular Facebook Live show #RiseAndGrind. He’s been seen at places like Hustle and Grind Con, Grow Your Business For God’s Sake! and many more big stages across America. Glenn has been spotlighted on ABC, NBC, and CBS, and is an expert in automotive dealership culture development, and leadership training. With 20 years experience in the automotive industry, Glenn lead a dealership from 120 cars a month to an 800% increase in sales in five years, becoming the 2nd largest used car franchise in the USA. His unique style makes him one of the most admired and respected GM’s in the business. With a background in sales, and finance, he uses his skill sets to create growth, as well as tapping into the mental side of human development.
Financial Foreplay® Highlights:800% growth – if you think you need more customers to grow then you will likely make the mistake of thinking you just need more people to service those customersMust shift mindset:From: – Profits to Customers to PeopleTo: – People to Customers to ProfitsLEADD = the perfect meetingListen, Encourage, Advise, Develop, DailyFive Morning RitualsStep 1 – If you snooze you loseStep 2 – Don’t touch your phone first thing in the morning12 questions that could alert you to the fact you are addicted to your phoneDo you find yourself spending more time on your phone than you realiseDo you find yourself mindlessly passing time on a regularly basis by staring at your smart phone?Do you seem to lose track of time when on your smart phone?Do you find yourself spending more time texting and tweeting as opposed to speaking to real people in person?Has the amount of time you spend on your phone been increasing?Do you wish you could be a little less involved with your smart phone?Do you sleep with you phone turned on under your pillow or next to your bed regularly?Do you find yourself viewing or answering texts/tweets etc. at all hours of the day or night even when it means interrupting other things that you are doing?Do you text/email etc. while driving or doing other activities that require your focused attention and concentration?When you go to the restroom, do you take your phone with you and does having it extend the amount of time that you spend in there?Step 3 – Write down gratitude and goals every day 10xStep 4 – Take care of yourself physicallyStep 5 – Send out an encouraging message (lift someone else up)
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We have all experienced the feeling at some point in our lives... the panic that sets in when you see the quote for an unexpected car repair, dental surgery or a broken refrigerator. The first thought that probably came to your mind was “How am I going to pay for that”?
For some of you, the past 12 months may have resulted in you (or someone in your family) losing a pay check or having a sharp decline in salary, even if it was only for a short period of time. What this experience highlighted is that the overwhelming majority of households and businesses do not have an adequate safety net. In fact most had less than 30 days of cash reserves on hand and a recent study (Northwestern Mutual's 2018 Planning & Progress Study) revealed that 21% of adults have zero dollars set aside for retirement.
Now, how would your life be different if that unexpected bill didn’t cause fear or panic? What if you could pay the amount without thinking twice, and instead of a major upheaval or emergency, it barely registered on your radar as a tiny hiccup?
That sense of relief and confidence has a name... it’s called financial freedom.
It will look and feel different for everyone but it is so much more than just being able to afford to pay for emergencies. It includes knowing that you don’t have to worry about retirement and it could also mean the freedom to quit your job in order to do something you love, spend time with family or do something that fulfils you.
Gigi McGinnis, a regional VP with Primerica, is our expert guest today. She was raised in Atlanta GA by single parent and this life experience influenced her career choices and values around money in a profound way.
Financial Foreplay® Highlights:You cannot have financial freedom if you are working 24/7 and have no time for your health or family76% of people (even high income earners are in this category) are living paycheque to paychequeRule of 72 (banker’s rule) – interest rate/72 = # of years to double your moneyif you have $2000 to invest, it will take 24 years to double your money if you can only earn 3% interest.At 9% interest, it only takes 6 years to double your moneyMoney doesn’t care where it sits – but you’d better care because the interest rate (and compound interest) makes a huge difference85% of people do not have income protection which means if they were unable to work (or died) it is highly likely that assets would have to be liquidated to support the familyDebt stacking is a highly effective tool that can help you accelerate the repayment of your mortgage, which means you drastically reduce the amount of interest that you have to payTop 3 tips:Get adequate income protection now – the more stress you are under, the more you need protectionComplete a detailed financial plan so you know where you are going and how quicklySave first, then spend what is left over on living expenses etc.
Get in touch:
Website – www.primerica.com/gigimcginnis
Phone – (706) 654 6409
Email – email@example.com
How One Small Business Has Been Able to Thrive Despite COVID 19
There is no denying that COVID 19 has been particularly difficult for small business owners. With forced lockdowns and tightened restrictions to prevent the spread of the pandemic, many small business owners have had to dig deep in order to overcome these challenges and stay afloat. Today, I want to shine a spotlight on a fantastic retail business in Brisbane Australia that has not only survived, but literally thrived despite the global pandemic.
I want to welcome Jennah Grimsey to the show representing Vault Entertainment Pty Ltd. (Vault Games), located at – Lower Ground, 62 Queen Street, right in the heart of the city in Brisbane, Australia. Jennah is in partnership with her husband Dylan Shearer and their mutual friend Cassandra Varian.
Financial Foreplay® Highlights:Often, more sales does not fix cash flow problems, in fact, it can make them much WORSEHigh growth periods will highlight cash flow and working capital problems very quickly in your businessLess than 30 days of cash reserves in the bank to deal with an emergency is very unsafeYou should strive to have 4-6 months of cash reserves in the bankTop 3 lessons learned from coachingCash flow is the #1 metric + you need to have enough working capital to fund the operating cycle and growthIt never makes sense to drop prices in retail just for the sake of driving high volumes of sales (i.e. Black Friday sales)Supplier terms are critical – often an extra 2-3 weeks to pay is much more valuable than a discount on priceBank lending is very difficult for small businesses to get (even with the government backed guarantees offered during COVID19)Non-bank lenders are much more flexible and approve loans more quickly but the trade-off is much higher interest rates which much be factored into your costsPaypal is roughly 14% and Prospa offers a 24% interest rate – you need to adjust your business model to ensure you can cover these additional costs of doing businessTop 3 impacts on Vault Games from having a coach during the past 12 monthsNet profit margin increased from 0.5% to 13%Cash flow up 750% with 2.5 months cash buffer in the bank for emergencies (and working towards 4 months of cash buffer)Allowed business to expand by moving to larger premises and pay for all leasehold improvement and fitouts with cashTook first fully paid vacation as owners (in four years of operations)
Do You Need Some Help to Get Your Cash Flow & Business Turned Around?
For those of you who are listening to this podcast and thinking “hey that is exactly where I’m in my business and I could use some help to boost my cash flow and also put more systems in place so that my business works without me”, please know that help is available if you are open to learning and willing to do the work.
Reach out now to speak with Rhondalynn about your suitability and readiness for coaching:
🦉 Rhondalynn Korolak 👨🎓📢 | LinkedIn
Get in Touch With our Guest:
You might be surprised to hear that the term “Mile High Club” dates back to 1914. Apparently a young aviator named Lawrence Burst Sperry invented the first prototype of the autopilot system. Basically it made manual or “hand flying” redundant and it kept the aircraft steady for a long period of time, freeing up the pilot to turn his/her attention to other matters in the cockpit.
Now hear me out...this is where the story gets a little bit salacious...
Just a couple of years later, Sperry made the news again when he and a female companion were rescued in the Atlantic Ocean after their small plane crashed. When the rescue team arrived on the scene, Sperry and his female friend were completely naked, and they alleged that all of their clothes (including the really tricky bits like underwear, socks and shoes) had been mysteriously ripped off when the plane hit the water. As you might imagine, the journalists had quite a lot of fun with their headlines and the "mile high club" was born.
Now some of you might be thinking – well that’s a great story but what does that have to do with our guest today. And my answer to your question is “nothing... and yet, everything”.
Elizabeth McCormick is decorated U.S. Army Black Hawk Helicopter Pilot. She flew missions such as Air Assault/Rappelling, Command & Control, VIP, and Military intelligence. She also supported United Nations peacekeeping operations in Kosovo, receiving the Meritorious Service Medal for her excellence in service, and was awarded the Congressional Veteran Commendation.
Elizabeth McCormick not only shattered the glass ceiling in the military as a Black Hawk Pilot, she went on to do it again in her corporate career as a global contract negotiator and motivational speaker. She is also a founding member of the John Maxwell Team of speakers, coaches and trainers, and is a #1 best-selling author of The P.I.L.O.T. Method.
Today I have invited Elizabeth here to talk about world best practices for setting up your organization to work without you – i.e. on autopilot. She’s a leading expert on leadership and team building and I have a sneaking suspicion that the stories she is about to share will blow you away and her advice is going to be invaluable to you today.
Financial Foreplay® Highlights:People make it easy to know what makes them tick – they will reveal themselves to you if you take the time to really listenIn a negotiation or crucial conversation, your primary role is to pay attention and listen – stop thinking about what you are going to say/do/reactTrust is the core asset to create a strong team and having an organization that runs exceptionally well on autopilotIt is easy to destroy trust quickly when you micromanage team membersHire competent people and empower them to do their best workCompanies must stop make policies based on exceptions and start using more common sense and trustYour people are your greatest assetEmpower your people by providing a clear path with succession planningCross training and departmental skills are essential to creating a business that is capable of running effectively on auto-pilot
Special Offer for Listeners:
Master your Motivation- get your complimentary online course at: http://SoarYourLife.com
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Anyone who's ever been in a relationship wants to know the secret recipe to making love (and that illusive “spark” that everyone talks about) last forever.
And let’ be clear...even though everyone's relationship is unique, there are certain keys or secrets to be learned from those who have managed to keep that spark alive.
And make no mistake, couples that practice Financial Foreplay® together, stay together... which is why it is absolutely vital for you to learn how to keep that financial spark alive.
Even if your romance started off as 50 shades of grey, it’s easy to see how busy work schedules, early morning meetings, grocery shopping, dishes in the sink and even crying toddlers can really test your connection. And when you introduce the financial pressures of buying a home, investing, or planning for your retirement... it’s not surprising for that spark to fade and perhaps become a little boring or predictable...
In fact, according to a new survey by Ramsey Solutions, money fights are the second leading cause of divorce, behind infidelity.
Our guest today is the perfect person to advise you on how to maintain the romance when your romantic fantasy has become a little ho hum, or even downright limp...
Batya Shulman is a Chartered Accountant and Licensed Financial Adviser with over 23 years international banking and financial services experience.
Born in South Africa, Batya went to University in Australia and has lived and worked in Sydney, New York, Tokyo, Hong Kong and Singapore.
Prior to moving into wealth management, Batya was a CFO at an Australian Bank
As a working mother of 3 young boys, Batya understands that people often have the best of intentions in managing their wealth, but often put themselves last.
Batya is committed to providing her clients with holistic personalised advice helping them reach their long-term goals and objectives.
Financial Foreplay® Highlights:Relationships come with baggage - money is the heaviest baggage of allRetirees (on average) run out of money 10 years before they die - better advice and planning is essential to prevent thisRule of thumb - hold 4-6 months of monthly expenses as cash in the bankCommunication between spouses is key - facilitate trust, share ideas, seek advice, set up a planBest partnerships - have a joint account and are working toward mutual goals together (and each keeps something for themselves in a separate account)
Get in Touch with Batya Shulman:
As a salesperson – and everyone is in sales whether you are selling a product/service, an idea or just yourself – there are few things more exciting than identifying and unlocking the Big “O”. With “O” being of course opportunities - closing deals, making sales, and influencing people to act.
Not only do you put more cash in your wallet or get more people on board to back your idea... you are also building relationships and growing your influence.
However, more often than not, you’ve probably presented an offer and then been left scratching your head because you thought your customer was crazy for saying “no” or worse, insisting on time to “go away and think about it”.
Here’s the thing, when people say no, you miss out on revenue or a chance to get them on board with your idea, opportunity or venture.
You can’t close everyone, nor should you try. Not everyone is your idea customer. However, if you are out there drumming up leads (which is expensive because you have to throw time and money at lead generation), you want to make sure that you have the right sales processes in place to close as many qualified leads as possible... which is why I have asked Joseph Munizaga to join us today on the Financial Foreplay® podcast.
Joseph Munizaga has over 20 years of sales experience, 15 of which has been in the fitness industry at one of the leading fitness corporations in the nation, LA Fitness International. As the Regional Vice President, he was responsible for overseeing 25 locations.
In his most recent role as an Executive Team Leader for the world class sales team for Cardone Training Technologies, Inc for 3 years, he was responsible for the ongoing development, training, and success of all members on the sales team. Joseph personally closed over $15 million in sales per year while performing weekly coaching calls, onsite training for businesses all over the world, selling Grant Cardone's products, event tickets, and services. Joseph is now working as a consultant with multiple companies to drive sales.
Highlights:The most successful businesses have all asked the same question – how do I get around this?If you are having troubling closing, then you need to go back to the start and examine your greeting.The biggest mistake you can make is to unleash a fire hose of “telling” on your customer or prospectYour prospects will already be 75% of the way into their purchasing journey by the time they contact you and you must re-engineer your entire sales process to reflect this massive changeJoe shared 2 really powerful questions that I recommend you add to your list and start using immediately with your prospects and customers... but you are going to have to listen to the episode to find out what they are. No cheating... you have to listen and I promise you these are two questions I guarantee you aren’t currently asking and have the potential to double your sales
Get in Touch:
Email - firstname.lastname@example.org
Moist. It’s one of those words that produces an intense reaction in people.
The word “moist” can trigger a whole range of powerful and primitive reactions: arousal, disgust, aversion, nervousness, shame, and even... the giggles. This is true for both the person who says it and also for those who have to hear it.
Strangely enough, it’s not the only “m” word in the English language that can activate a potent and primitive response. The only other “m” word that I’ve seen create such a formidable response is of course, the most taboo subject of all... money.
Humans have many different ideas, thoughts and beliefs about money. Some of the more common, debilitating ones include:You need to have money to make moneyI’m not good with numbersIt's hard to make money in my industryFinance/numbers are too complicated
These limiting beliefs severely curtail your potential because you’re subconscious mind is programmed to automatically deliver results that mirror back who you are and what you believe to be true (regardless of whether it’s real or imagined).
When you boil it down, the discomfort that people experience when the topic of money is broached, really stems from one or two dark places:the fear of judgmentthe fear of being exploited
Basically for those of you with limited resources, you may worry that others will look down upon you – in terms of your intelligence, work ethic or perhaps just your ability to manage money. And for those of you with plenty of cash, you probably want to hang onto as much of it as possible and not be taken advantage of.
Either way, the frames or limiting beliefs that you are currently using to look at (and define) money, may not be affording you with the best opportunity for success. Today I want to explore (with the help of our guest) how this plays out in real life (and maybe how this might be playing out in your life) as a first step to understanding how you can use different techniques to move past these obstacles to discover more empowering resources and enhanced financial opportunities.
Martin Bissett is the founder of the Upward Spiral Partnership in the UK – which specialises in enabling accountants to win higher end clients, create leaders from their ranks and save people from financial ruin. His reason for being is to focus accountants on the profound outcomes that their advisory expertise can create in the lives of their clients. At the same time, he also alerts accountants to the profound difficulties that can arise in the lives of their clients when they choose not to help their clients cure the financial, personal and strategic pain points that are keeping them awake at night.
Highlights:Undercapitalization is just a symptom of the problem – the root cause is lack of self esteemIf you want adults who are financially literate in their 30’s, you need to start educating kids about money when they are 9 years oldProcess may fix financial measures but it will never fix the behavioural issues that led to the poor results in the first place
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If you are like most small business owners I work with, you went into business because you are good at what you do – graphic design, hospitality, construction, farming, retailing etc.
You may be one of the 95% of small business owners who discover that although you work like a dog every day, you have little to show for it. You may be feeling isolated because you don’t think there is anyone to discuss or share their greatest fears and challenges with.
Which leads me to one area I’m guessing is definitely harder to grasp than you thought it would be: the management of money.
If you are like most, you never dreamed that the ability to understand how money works would be very important. You thought: “That’s for the accountant (or bookkeeper) to worry about. Sure, the accountant shows me a few reports from time to time, but I don’t see the need to really understand what they mean. If there was a problem, he/she would tell me, wouldn’t they?”
You probably don’t realize that all those numbers - the financial DNA of your business - can tell you a lot more than you thought. They can tell you why you’re suddenly struggling to pay the bills. They can reveal why you’ll have to forego your salary - again - because there just isn’t enough cash.
The financial numbers are the story of your business. The numbers don’t lie. You just need to learn HOW to listen to them and use them to your advantage... which is why today we are going to practice a bit of Financial Foreplay®.
Terrell Turner is an experienced Certified Public Accountant (CPA), finance leader, podcast host, speaker and founder of TLTurner consulting firm that is focused on making accounting and finance a little less complicated for business owners and business leaders. You may have already listened to his top rated podcast called “Business Talk Library” – and if you haven’t, I highly recommend it.
He holds a Bachelor’s degree from Lander University and a Master’s in Accountancy from the University of Notre Dame. After years of studying hard he launched his career in Public accounting with one of the Big 4 international accounting firms Ernst & Young, followed by multiple finance leadership roles throughout the US and Brazil with fortune 500 companies like Navistar and General Electric.
In addition to all of the fun of consulting, hosting a podcast and speaking engagements Terrell enjoys spending time with his wife Lola Turner and traveling to enjoy new experiences.
Highlights:Less than 3/10 of all businesses have a grasp on their numbersBusiness owners always take their personal mindset (whether or not they have adequate savings buffer, spending habits etc.) into their business with them, which explains why most don’t have enough cashThink of your income statement as if it were a major motion picture – you would have lead actors, supporting actors, investors, and criticsIf you want to make a blockbuster movie (or successful business) should you focus on the supporting actors (and critics) or your lead actors?
Get in Touch:Business Talk Library Site CFO consultingOnline Learning center LinkedIN YouTube – Business Talk LibraryFacebook: Business Talk Library by TLTurnerGroup - @TLTurnerGroupInstagram:
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Today’s topic comes courtesy of a very unlikely source for great business advice for entrepreneurs – the movie Moneyball. It’s the real life story of Billy Beane, the general manager of a major league baseball team that finds itself at the bottom of the ladder – the Oakland A’s.
Crushed by the big budgets and big name players of teams like the New York Yankees and the Cleveland Indians, Beane is forced to take a risk and do something no team has done before – abandon traditional recruiting methods and employ computer-generated analysis to acquire and trade players. You see, they didn’t have money to attract the MVPs who could hit home runs so they created a formula to predict which players would just be able to consistently hit the ball and get to first base.
And in doing so, Beane changed the face and landscape of the game forever.
One of the quotes from the movie that really summarizes just how big this shift in perspective was, is when Beane makes this comment to one of his special assistants:
“You’re not solving the problem. You’re not even looking at the problem.”
Beane understood that in baseball (which is not that different from dealing with your financial issues), it’s easy to get distracted by all the issues and rhetoric swirling around the actual problem. The more you have personally invested in the status quo, the more you will be prevented from seeing the real problem for what it truly is. That’s why it’s vital to seek advice and perspective from people outside your industry — those inside will be emotionally attached to the way things have always been done and thus, they have become part of the problem.
Which brings me to why I have invited my good friend Dr Reginald Tomas Lee to the program today...
Reginald Tomas Lee, PhD, is an educator, author, international and TEDx speaker, and corporate advisor in the areas of generating and managing cash, and capacity management. He is the author of four books, including Lies, Damned Lies, and Cost Accounting and Strategic Cost Transformation with three more, including Project Profitability, and Engagement Economics, under contract. He is a feature writer for the Journal of Corporate Accounting and Finance. Reginald has advised many major companies, including as Bristol Myers Squibb, Dell, Disney, DuPont, Lockheed-Martin, and Toyota.
Professionally, Reginald has worked for GM, IBM, EY, has been a professor of both engineering and business, and currently teaches in the business analytics dept at Xavier University in Cincinnati, OH. Reginald has a PhD in mechanical engineering from the University of Dayton.
Highlights:Focus on cash – your prime objective is to bring in more cashAre the tools you are using giving you the information and insights you need? Or are the tools leading to sub-optimization of cash flow?How much did I spend? What did I create? How much demand is there for what I created?
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