February 18, 2022
It’s been said that the Great Depression produced more millionaires than any other time in history. Similarly, the BBC has reported that millions of people became millionaires during the Covid pandemic. But how is it that while so many people were suffering, standing in soup lines, or having their businesses shut down, so many others have found unprecedented prosperity? It all comes down to positioning. In today’s entry, I’m going to share my cash flow philosophy and how you could be using business revenue to prepare for the next crisis.
January 16, 2022
Since the onset of the Covid pandemic, things have been really tough for small business owners. First, there were the shutdowns. Then, there were product and labor shortages. On top of all of this, business owners had to learn to adapt their businesses to accommodate the safety of their clients and to overcome each new obstacle. At this point, there are many of you who are just ready to sell and move on. But, how did your business perform last year? Before you answer that question, you’ll need to understand the key financial ratios that might tell a different story. Join me as I detail the key financial ratios you’ll need to know when selling your business.
June 24, 2021
I received a listener question, recently, that made me take pause. I was thinking back on the show’s history, and I don’t believe I’ve ever addressed this topic before now. The question was, “Justin, how do we create a small business budget?” Although budgeting is a relatively simple concept, knowing how to create a well-functioning small business budget can be a little confusing if you don’t have experience doing so. I’m using today’s entry to show you four quick and easy steps to create a budget for your business.
November 14, 2020
Hiring a financial advisor is an important step to take when reaching for financial freedom. So choose a financial advisor that is a fiduciary too. Recently the Department of Labor has released a final draft of their fiduciary rules. It mandates and compels financial advisors to place the interest of their client’s as a priority when offering advice on their retirement accounts.
August 11, 2020
Who would have thought that 2020 would bring about so many changes and challenges? Owning a business is already a difficult endeavor but when you add a global pandemic that causes a near-total shut down of the U.S. economy, well… let’s just say it’s not something that most of us would have volunteered for. Fortunately, the Small Business Administration has provided some assistance in the form of the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). It has occurred to me that many financial experts have reported on the PPP ad nauseam, while the EIDL remains a bit unknown. Join me as I uncover some of the things business owners should know about the EIDL.
February 7, 2020
For many, the process of creating a business plan seems daunting, but that doesn’t have to be the case. We’ve outlined it for you. We’ve combed through numerous journals and reports on the SBA’s website, learned during the receiving of our many business certifications, and experienced what works in the real world through our years of working with business owners. We know what needs to be in a good business plan. Use your business plan as you create your company, restructure your company, or do a yearly review within your company to increase revenue and company cohesiveness.