SAVAGE Entrepreneur Podcast - 3 Questions to Determine When to Trade Your Time for Money

3 Questions to Determine When to Trade Your Time for Money

06/14/22 • 8 min

On Day 1 of running your business, you gotta do it all and be it all. It's not easy, but at the beginning it's necessary. As you transition from the start up phase to the growth phase, things gotta change. As you grow and your team expands, you need to audit where your time is being spent. You're the leader of your company and your time needs to be prioritized.

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The Trouble with Firing Too Slowly

In this episode, you'll learn why you should NOT WAIT to fire that employee. When you build a business, your organization has a culture. This culture begins with the vision and perspective of YOU, the owner, and the way you want things to run within your company. As you grow and build a team, things won't work out with certain employees (or contractors). But do not make the mistake of waiting too long to get rid of a bad apple.

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Full Transcript

SUMMARY

"There really is only 1 way to go out of business, and that's if you run out of cash."
The Savage Secrets Cash Flow TrackerTM takes all the complexity out of your Cash Flow statement. Simply plug in your own numbers and get rolling. You can download it here: https://thesavagesecrets.com/cashflow
When you're trying to GROW you business, it is really difficult to run your company without a solid understanding of cash flow.
An Income Statement is like a Report Card. It's your results over a period of time. A Balance Sheet shows the net value of your business, in a moment in time. Cash Flow is like your heart pumping blood throughout your body. "Cash Flow is constantly working."
This episode is a deep dive into the ins & outs of a Cash Flow Statement. You'll go through a real life example to simplify the concept and make understanding easy.
If you have questions on the spreadsheet or another business challenge, shoot me an email at [email protected].