Cash flow emerges as a top challenge, affecting both personal and business realms. Growing up with financial struggles can contribute to these issues. The key question is: How can we reprogram ourselves and make necessary changes?.  In today’s episode, Adam talks about the importance of mindset reprogramming, prioritizing profitability, and implementing effective money management practices with Bryan Santos. Business owners often believe that securing more clients and assembling the right team will solve their financial problems. However, even with these in place, cash shortages persist. So why continue working if profits are insufficient? While making an impact is important, financial stability matters. Being self-employed sometimes means paying oneself less than one would earn working for others. Business owners expect their hard work to yield financial rewards, but often revenue increases without corresponding profits. To address this, a shift from focusing solely on generating revenue to effective money management is crucial. Ignoring financial management blinds business owners to their true financial status. The "she'll be right" mentality fails to provide a clear understanding of the business. Transitioning from a tradesperson to a business owner requires a mindset change, as emotional attachment and a lack of cost awareness can hinder progress. Starting a business requires factoring in future expenses, such as new staff, higher wages, and equipment replacement costs. Hidden costs, if not accounted for, can jeopardize the business's success. Regularly reviewing financial numbers and seeking help when needed are essential. Understanding your business's financial health ensures better financial outcomes. Gain valuable insights and practical tips to address your financial challenges. Don't miss out—tune in today!   Discussion Points: 00:00 Welcome to Tradie Business School Podcast 01:22 The Number One Problem Business Owners Face 03:26 The Problem Business Owners Have With Money 05:28 The Money Will Follow Rather Than the Profit Will Follow 08:07 The Hidden Costs of a Company 10:17 The Seven-year Mark is a Trick 11:58 Current and Future Expenses and Hidden Expenses 13:27 Factoring in the Cost of Equipment Loan Repayments 15:29 Why You Need to Get a Visual on Where You’re at and on a Regular Basis   Resources: Chat us at ​​[email protected]  Visit the Tradie Business School website (https://tradiebusinessschool.com/)  Join us on our FREE Facebook Group (https://www.facebook.com/groups/gamechangingtradies)  You can also connect with us on https://au.linkedin.com/company/the-game-changers. For more podcast episodes, visit our website at https://tradiebusinessschool.com/.  Subscribe to The Tradie Business School on  Apple Podcast: https://podcasts.apple.com/ph/podcast/tradie-business-school-podcast/id1544187908 Spotify: https://open.spotify.com/show/0k08gdcQypSXHcoYFpJ58A?si=qNZk1ul9QG-uI4PQ6ivcog  Google Podcast:https://bit.ly/3YxQQfh  Thank you for tuning in!  See omnystudio.com/listener for privacy information.

Ver todos los episodios