In today's episode of the EMyth Insight Podcast, we discuss the relationship that most business owners have with money.
Learn to manage cash flow and produce consistent financial results.
In this tumultuous economy, reducing operating expenses has emerged as the number one objective for business owners everywhere. So what are operating expenses? Operating expenses (also known as operational costs, fixed expenses, and indirect costs) comprise the expenditures that a business incurs as a result of pe...
Making money is not the sole purpose of your business. It’s about creating something of value about which you are passionate and to which you are committed.
Roy is the owner of a small company that sells and installs hot tubs. While he has tripled his sales in just a ten month period, he now doesn't have enough cash to keep the business growing. How can this be? The simple answer is that many of Roy's customers haven't paid their bills on time, and he lacks a system t...
How do you decide what to charge for your product or service? The specifics will be different for every business, but it comes down to one thing: VALUE. If your customers can see the value of buying your product or service, they'll happily pay the price. If they don't see that value, it makes little difference how...
Like it or not, money is a subject that seems to be ever-present in the mind of the business owner. We talk about it, we think about it, we worry about it. We plan for what we'll do when we have plenty of it, and we reveal our fears, frustrations, and resourcefulness when we don't have enough of it.
In this podcast, we talk about four ways money moves through your business.
Cash = Opportunity
"I need more sales." If I had a dime for every time I heard that from a client… Well, I’d probably have $20 by now. But seriously, the issue of sales (or lack thereof) comes up all the time; most often from clients who are just beginning the EMyth Coaching Program.
If you're like most small business owners, you started your business because you wanted more personal freedom and you possessed valuable knowledge and skills in a specific industry or profession. You didn't however start with a clear picture of the business you were going to create. Instead, you went out and did w...
Do you know how much cash you have? Do you know how that cash flows through your business? The amount of cash you have on hand is one of the most important metrics for the growth and survival of your company. As a business owner three of your primary financial responsibilities are:
When your business experiences or anticipates big growth, it will impact every area of business. Big growth means big changes. In addition to the logistical and management issues that come up, it's also likely that you'll need to raise some (or a lot) of money.
As a business owner, you think about money a lot. You talk about it. You worry about it. You plan for what you'll do when you have more of it.
There are two important steps required to achieve effective cost reduction in your business. The first step is to have a well thought-through strategy in place. The second step is to understand the enormous impact your leadership has on your business.
Few things will kill a business faster than lack of cash. Even once profitable businesses can fail when they run short of the cash they need to sustain operations.
Deciding how to compensate your employees and, if you have partners, how to structure pay between them equitably is a topic of interest for our business owner clients. In this article I’ll touch on some of the important criteria from the EMyth perspective, helping you understand this critical component of your com...
Venture capital, business loans, and lines of credit: all this and more exists for businesses that need to grow, to purchase equipment and inventory, or expand their facilities. Much of the initial growth for small businesses is funded on borrowed money. It’s the way things are done. But it comes at a cost.