In this episode, Lloyd James Ross breaks down the real reasons most small businesses fail and the crucial financial habits that set successful entrepreneurs apart. From sobering stats like "60% of small businesses fail within 3 years" and "only 1 in 5 track their numbers weekly," Lloyd emphasizes why tracking your money, managing your cash flow, and focusing on sales and marketing—not just perfecting your product—is what keeps your business alive. He shares practical insights from his own businesses and coaching experience, highlighting time-wasters like admin and "fake work," the trap of chasing perfection before market validation, and the importance of paying yourself consistently. Whether you're a coach, consultant, tradie, or brick-and-mortar owner, this episode will show you how to avoid the most common financial pitfalls and get your money working for you.Want to achieve financial freedom and build lasting wealth? Get the strategies you need—grab your copy of Money Buys Happiness today: http://moneybuyshappinessbook.comFollow Lloyd:https://www.instagram.com/lloydjamesross/?hl=enhttps://www.linkedin.com/in/lloyd-james-ross-87818129a/?originalSubdomain=auhttps://www.facebook.com/5stepstomillions/https://www.tiktok.com/@lloydjrosshttps://x.com/lloydjamesrossTimestamps00:00:00 - Introduction00:01:30 - The importance of tracking your numbers weekly00:03:45 - 60% of small businesses fail within 3 years00:04:50 - Only 39% of owners pay themselves a salary00:06:15 - 83% of failures are due to poor cash flow00:07:30 - Why sales and marketing matter more than product perfection00:08:10 - The "fake work" trap that kills productivity00:13:00 - Focus on lead generation and revenue-producing activities00:14:50 - You don’t need to be the best—just be effective00:17:05 - Admin time-wasting and ego-driven hiring mistakes00:19:40 - Why big teams don’t always mean big profits00:21:15 - The 4 key metrics every business must track00:23:00 - Real story: Cutting expenses after a 50% profit drop00:25:10 - Why you should work weekends in the early stages00:26:40 - Reverse saving: how Lloyd handles business income00:28:50 - How to protect your business and still build personal wealth

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