"Tom on the power of basic financial knowledge, profit first strategy, and importance of mentorship"
In this episode, Glenn and guest Tom delve into the role of financial knowledge in business growth. They discuss Tom's methods for increasing profits, the importance of simple financial terms and bookkeeping, and the power of data in decision-making. They also explore the transition from corporate life to entrepreneurship, the influence of mentorship, and understanding key business financial drivers.
Key Points
- Profit First is a financial strategy that involves labeling every dollar that comes into a business's bank account and allocating funds to different accounts for specific purposes, such as operating expenses, taxes, and profit, to manage cash flow effectively and avoid spending money that isn't available.
- Small business owners can gain clarity on their financials and make informed decisions by reviewing their numbers monthly, focusing on key drivers like lead generation, conversion rates, and average transaction value, and taking incremental actions to improve these metrics.
- For business growth and financial health, it is crucial to have at least a basic understanding of financial concepts, and if necessary, to hire a bookkeeper or financial advisor to manage and interpret the numbers, allowing the business owner to focus on their strengths and core business activities.
Tom’s Profile linkedin.com/in/tomgriffiths8 Website synergyaccountants.co (Company)
Want to make more and keep more from your business but don’t know how?
If you:
- Have no idea how much you make, spend or keep every month
- Are kept up at night by cashflow issues and scramble every month to make payroll
- Pay yourself the bare minimum just to be on the safe side
And as a result of this, you never build any real wealth - inside or outside your business.
You're not alone.
If you could:
✅ Increase your profits and cash flow.
✅ Get clarity on your financials and have a simple way of what's working and what's not in your business.
✅ Comfortably pay yourself a decent salary without worrying about cash flow.
And the result was that you:
✅ Felt less stressed, happier and excited about running your business again.
✅ Can provide for your family in ways that you always wanted to.
✅ Build your personal wealth to achieve financial freedom.
✅ Own a valuable, sellable business.
Imagine how you would feel.
All of that is possible by implementing my simple, easy-to-follow 3 step framework.
I'll help you increase your profits without increasing your revenue in 90 days or less. And if, for whatever reason, I don't, I'll work for free until I do.
Ready to get started?
Book your 15-minute consultation by clicking on the link below.
And I'll show you how to transform your business into a thriving, profitable enterprise.
https://meetings-eu1.hubspot.com/tgriffiths
https://synergycfosolutions.co/16drivers/ Free report - the 16 drivers of profits and cash flow for any business
Chapters
| 0:00 | |
| 1:18 | |
| 4:11 | |
| 7:22 | |
| 10:30 | |
| 15:28 | |
| 19:19 | |
| 20:05 | |
| 22:14 | |
| 24:04 | |
| 26:39 |
Transcript
Loading transcript...