Boosting Your Financial IQ

In this episode of Boosting Your Financial IQ, Steve dives deep into the three critical types of profit every business leader must understand. Gross profit, operating profit, and net profit each hold the key to uncovering your business's financial health—and mastering them can set you apart in the boardroom and beyond. Discover how to decode these metrics, avoid common mistakes, and leverage the most powerful levers to improve profitability.Ready to transform your financial know-how? Tune in and take your career—and business—to the next level. Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

Is your profit really profit—or just an illusion? In this episode, Steve pulls back the curtain on the hidden traps of cash-basis accounting, exposing how tools like QuickBooks can trick business owners into celebrating wins that don’t exist. With a jaw-dropping example from the construction world, he reveals how premature revenue recognition can send your business on an emotional rollercoaster.Curious to unlock the truth behind your financial statements? Steve breaks down the secrets of GAAP and shares powerful strategies to align your numbers with reality. Whether you’re chasing clarity or protecting your bottom line, this episode will change how you see your business’s success forever.Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

Discover how Steve turned early struggles into a roadmap for financial mastery. From building multimillion-dollar businesses to creating over $1 billion in value, Steve shares the seven steps that transformed his financial IQ.Packed with personal stories, surprising lessons (including a hilarious twist involving a Spanish class), and practical insights, this episode will inspire you to take charge of your financial future.Your financial journey starts here—listen now and take the leap today!Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

Ever wondered what separates successful business leaders from the rest?In this episode, Steve shares his journey from a broke 16-year-old hustling at Dairy Queen to creating over a billion dollars in value for companies. Packed with real-life lessons, hard-earned insights, and straightforward advice, this episode explores why mastering financial literacy is the ultimate career and life game-changer.Whether you're climbing the corporate ladder or starting your own venture, these straight-up tips will help you skip the costly mistakes and unlock your true potential.Ready to Boost Your Financial IQ? Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

In this episode of Boosting Your Financial IQ, Steve dives into an engaging Q&A session fueled by real questions from listeners who took the Financial IQ Assessment at BYFIQ.com.From bootstrapping your business and mastering financial strategies to overcoming setbacks and seizing opportunities, Steve shares his personal journey, practical tips, and inspiring insights to help you level up your financial acumen, business savvy, and life strategies.Tune in to learn how to make smarter decisions and unlock your full potential in business and life.Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

Is your business truly profitable, or just looking good on paper? In this episode of Boosting Your Financial IQ, Steve Coughran dives deep into the often-misunderstood world of profitability.Drawing insights from his book Outsizing and research on 300+ companies, he explains why accounting profit doesn’t always reflect a company’s real financial health. Steve reveals the critical metrics every business owner should know—like return on invested capital (ROIC) and cash flow—and shares surprising findings on how only a small percentage of businesses capture the majority of profits.Tune in to uncover what it really takes to drive lasting value!Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

In this episode of Boosting Your Financial IQ, Steve Coughran emphasizes the importance of proactively managing finances in both business and personal life by following a simple yet powerful principle: pay yourself first. He guides listeners on how to set aside profit consistently by calculating a desired profit percentage, establishing a separate profit account, and making monthly transfers. Steve explains that if transferring money isn't possible, it acts as an early warning sign of potential issues like insufficient working capital or low profitability. He discusses managing accounts receivable, inventory, and accounts payable to maintain healthy cash flow and sustain business operations. Applying this approach enables smarter financial decisions, enhances long-term growth, and avoids common pitfalls that can undermine profitability. Steve encourages listeners to adopt this method to secure their financial future and make disciplined spending choices that contribute to lasting success.Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

Not understanding cash flow can put your business at serious risk. In this episode of Boosting Your Financial IQ, Steve Coughran emphasizes the critical importance of mastering free cash flow for business success. Drawing from his own experiences and real-world examples, Steve highlights how businesses often focus too much on profit while overlooking cash flow, which can lead to devastating consequences. Whether you're a student learning the ropes or a seasoned business owner, this episode will equip you with the knowledge to effectively manage your cash flow and prevent potential financial pitfalls.Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

Not understanding financial statements can cost your business big time. In this episode of Boosting Your Financial IQ, Steve Coughran shares his personal experience of guessing his way through business finances early on and the costly mistakes he made. Steve discusses why mastering financial literacy is critical for making smarter decisions and running a profitable business. Whether you're just starting out or looking to improve your financial knowledge, this episode will help you understand the numbers that truly matter for long-term success. Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.byfiq.com

Discover why profits don’t always equate to cash in your business. Explore common cash flow issues, including the impacts of excessive inventory and accounts receivable. Learn crucial strategies to free up working capital and improve cash flow. Understand the vital distinction between profit and free cash flow, and its importance for long-term sustainability. These insights can help prevent bankruptcy and foster growth, making them essential for both startups and established companies.