Entrepreneurs on Fire July 2024 Income Report
4 snips
Aug 25, 2024 Get a peek into a thriving 7-figure business with impressive July financials, boasting a net profit of over $158K. Discover essential financial strategies that prioritize proactive management over traditional methods, and learn the importance of planning and communication in business partnerships. Hear inspiring insights from creative industry pros about the power of passion and detail in achieving success. Plus, enjoy charming tales from a family trip to Maine, focusing on balancing creativity and consistency.
AI Snips
Chapters
Transcript
Episode notes
Family Vacation and Recording
- John and Kate are on a three-month vacation, spending time in Maine and San Diego with their nine-month-old, Bo.
- They're recording a relaxed income report episode from a deck in Portland, Maine, amidst scenic views.
Forward-Facing Financials
- Ron Parisi contrasts traditional "rearview" financial reporting with a proactive, forward-facing approach.
- Forward-facing financials involve creating forecasts and budgets, then comparing actual performance to those targets.
Partnership Basics
- David Lizzabram advises having a written agreement for business partnerships, outlining ownership, responsibilities, and compensation.
- Discuss potential issues and what happens if a partner leaves, including buy-sell language.