The EntreLeadership Podcast
Cashflow Secrets for Long-Term Business Success
Dec 11, 2023
Learn the best way to maximize profits and scale your business. Hear about a business owner who increased profits by 10x in their first year. Discover how to handle problematic employees and make tough decisions. Explore strategies for managing cash flow and balancing business growth.
32:56
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Quick takeaways
- Balance personal financial goals with business growth by prioritizing profitable ideas and setting aside a percentage of profits for development and mentorship.
- When dealing with inefficient leadership, engage in conversations to learn from their decisions but also develop your own accountable and performance-focused leadership style.
Deep dives
Managing Business Growth and Cash Flow
One of the challenges of rapid business growth is the need to balance expansion and cash flow. While it is tempting to reinvest all profits into the business, it is important to remember that you are running a business to improve your life and enjoy the rewards. By prioritizing your personal financial goals, you can create a formula that allows for both business growth and personal financial stability. Start by forced ranking your ideas and focusing on the most profitable ones. Then, set aside a percentage of profits for training, development, and mentorship. This ensures ongoing growth while still taking home a portion of the profits. Strike a balance that allows you to enjoy your success while continuing to grow your business.
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