1025. Future-Proof Your Business: Essential Financial Safeguards with Kelly Roach
May 16, 2024
Discover essential strategies to future-proof your business amidst economic uncertainty. Learn how to establish emergency funds and cut unnecessary expenses for greater stability. Explore the art of negotiating better rates with vendors and the importance of managing corporate credit for potential financing. Evaluate resource allocation for growth and empower your team with a '4X strategy' to boost profitability. Regular financial reviews are key to sustaining success!
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Kelly's Debt-Free Growth Story
Kelly Roach grew her first business to eight figures without external funding or loans.
She focused daily on profit-producing activities, even while working full-time elsewhere.
volunteer_activism ADVICE
Build Your Emergency Fund
Build an emergency fund consistently, even if it's a small amount weekly.
This fund protects your business from unexpected disruptions and builds financial security.
volunteer_activism ADVICE
Monthly Expense Reviews
Perform monthly reviews categorizing expenses as growth-driving or maintenance.
Cut redundant costs and negotiate better rates with vendors to maximize ROI.
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In this episode of The Kelly Roach Show, Kelly delves into invaluable insights on how to future-proof your business by establishing robust financial safeguards to withstand potential business disruptions. Her tactical advice equips business leaders with essential tools to navigate the unpredictable currents of today's economic landscape. She explores practical steps to fortify financial foundations and ensure business continuity amid challenges. By discussing the creation of emergency funds, the art of negotiating better rates with vendors, and the importance of prudent credit management, Kelly outlines a comprehensive range of strategies designed to enhance fiscal resilience. She underscores the importance of regular financial reviews and active participation in profit-generating activities, highlighting that thorough preparation and strategic financial management are crucial for driving sustained business growth.
Also in this episode:
Establish an emergency fund and perform monthly financial reviews, cutting unnecessary expenses and negotiating vendor rates.
Learn about building corporate credit distinct from personal credit to open up new financing avenues.
Evaluate where your business might not be investing enough resources and correct the course to ensure growth.
Train your team on a '4X strategy' to ensure they contribute to, rather than detract from, the business's profitability.
Virtual Business School Profit Push Workshop on May 22-24 from 12pm-1pm EST
The Kelly Roach Show