January 31, 2023

Picking the Best Retirement Plan for the Self-Employed Business Owner

One of the biggest benefits you will enjoy if you are self-employed is that there are more (and some would argue better) retirement options and plans available to you than are available to most taxpayers. You still have the ability to use the ROTH IRA and Traditional IRA. But being self-employed gives you three additional retirement savings options: SEP-IRA, SIMPLE IRA, and Solo-K. With all these choices, how do you know which is the best retirement plan for the business owner like you? We will explore the pros and cons.
February 18, 2022

Prepare for the Next Crisis Using Business Revenue

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

Key Financial Ratios You Need to Know When Selling Your Business

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

Four Steps to Creating a Small Business Budget

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

Why You Should Have a Financial Advisor Who is a Fiduciary

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.
February 7, 2020

What Should Be in a Great Business Plan – A Financially Simple™ Guide

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. 
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