Show Notes
In this episode of Business Lunch, we walk you through the ins and outs of managing business finances. We explain the potential pitfalls of keeping more than a month's worth of operating expenses in the account. We explain how that can lead to complacency and unnecessary spending. We also explain how business can cover unexpected events and tricky payroll situations, like those pesky months with three payroll cycles or prepaying for holidays. We go beyond the glamor of being an entrepreneur to the real details behind the scenes. Highlights: "We're very big on lifestyle and freedom and all those kinds of things. But it's also important to acknowledge that it's not a perfect situation very often." "There are times when things are absolutely amazing. And there's times when things could frankly be a hell of a lot better. And I think that's called life. I think that's called entrepreneurship" "If we're buying a business, I hate the agreement part. I love negotiation and strategy. But when it comes to reading a 75-page document, I just absolutely can't stand it." Timestamps: 00:00 - Operating Account Insight 01:15 - Personal Calendar Reflection 02:15 - Acknowledging Imperfections 03:15 - Loving Strategy but Hating Legal Work 06:52 - The Reality of Entrepreneurship 07:39 - Cyclicality in Business 08:54 - Handling Excess Profit 10:20 - Minimum Operating Reserve 10:37 - Importance of Operational Cash 10:44 - Prepaying Payroll Challenges Connect with me on social: TikTok: Check out my TikTok Here Instagram: Check out my Instagram Here Facebook: Check out my Facebook Here LinkedIn: Check out my LinkedIn Here Subscribe to my YouTube 👉 Here
Resources: • 7 Steps to Scalable workbook • Get my book, Zero Down, FREE Mentioned in this episode: Build Your CEO Dashboard Get one report every week of the key metrics you need to know with the CEO Dashboard! CEO Dashboard
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