John Briggs is the founder of Incite Tax & Accounting and the author of Profit First For Microgyms. His accounting firm has more gym clients than any other firm in the country, as well as thousands of other client-driven businesses, and he is also an owner of a gym, GSL Fitness. Through all of this, he has learned that achieving a highly profitable business can be overwhelming, particularly with all the barriers and unknowns that new owners are forced to deal with. Entrepreneurs can quickly become stressed and burnt out, and often sadly give up on the mission that they set out for. In much the same way that the body needs blood to survive, a business needs cash, the lifeblood of the business, to stay healthy and to grow more resilient.
During the show we discuss:
● The greatest challenges business owners face concerning finances
● What Parkinson’s Law is and why it can kill your business
● Importance of having a good cash flow system
● At what stage of business is it important to have a cash flow management system
● Tips for business owners who feel overwhelmed with a financial situation
● How business owners should interpret their numbers
● Ways entrepreneurs can avoid burnout as they live paycheck to paycheck
● How to increase your take-home pay
● The litmus test you should use to justify or eliminate expenses
● The one part of a business that 98% of owners are failing on
● The common reasons why businesses are failing
● The best strategies to ace your business cash flow management
Show resources: