September 8, 2023 • 28 mins
Unlock the potential of your business as we bring on board Dave Worden, a renowned business strategist, and growth expert. Brace yourself for a deep dive into the nitty-gritty of profit and loss statements, gross profit margins, and the strategies to boost them, particularly tailored for loan brokers. We're exploring how your business can capitalize on opportunities if operating below industry standards. Dave is here to reveal the secrets of maximizing profitability and capital for your business.
But that's not all. We also highlight the pivotal role of business coaches in helping small business owners scale up their profitability. Learn how minute shifts in strategy can result in exponential growth and how a business coach can offer cost-effective ways to grow your enterprise. As we wrap up, we emphasize the importance of understanding your financials when applying for loans. So, buckle up for an enlightening conversation with Dave Worden and arm yourself with essential insights on business finance and strategy.
A loan brokerage firm that acquires funding for business owners and real estate investors.
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If you need assistance in obtaining funding, email us at podcast@tdjequityfundinginsiders.net. Tell what the scope of funding is needed and the amount. A broker will contact you to discuss your funding needs. And remember, at TDJ Equity Funding, we do not force your funding needs into a lender's box but find a lender's box that fits you!
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Episode Transcript
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Introduction (00:13):
Ready to get the inside scoop on equity funding?
Tune in to TDJ Equity FundingInsiders podcast for an in-depth
look at what it takes to accessfinancial capital and maximize
your investments.
Funds are from experiencedprofessionals, including bankers
, underwriters, loan officersand industry experts, as they
(00:36):
share their unfiltered storiesand valuable lessons on securing
funds.
Jacquelyn Jackson (00:47):
Hello everyone, and thank you all for
tuning in to our podcast today.
Today we have a special guest,Dave Worden, a business
strategist, and a growth expert.
He's from Ohio.
He's coming to us today tobring some information to
understand the power of ourprofit and loss statements.
(01:10):
I feel, as loan brokers, thatit's so important.
If you're in business, realestate, or business of any type,
profit and loss statements areso important.
What I like about what Davebrings is that he brings how
important it is, why it'simportant, and what you need to
be doing to make sure that it'show it should be.
(01:30):
I like that, and that's why wewanted to make him a guest host
today.
So, if you would, into divethe knowledge and understanding
that Dave had for us today andwelcome him to our show.
Welcome, dave, to our showtoday.
Dave Worden (01:45):
Welcome.
I'm glad to be here.
Thanks for having me.
Jacquelyn Jackson (01:47):
Okay, great If you would.
Let's start off with telling alittle bit about you and
actually what you do as abusiness strategy and growth
expert.
Dave Worden (01:56):
Absolutely so.
I help small business ownerstruly maximize their
profitability and their capital,and we do that through
implementation of variousstrategies and accountability.
I have 15 years of financial, Ithink, then executive
leadership and about seven yearsof small business consulting
(02:18):
and strategy help as well, so wereally help them focus on
reaching that next level intheir business that maybe
they've been struggling to do bythemselves.
Jacquelyn Jackson (02:28):
Okay, and that's something that's
definitely needed.
I think business owners don'trealize, and you notice too,
what I'm about to say.
A lot of businesses start outfrom the hill.
They just having to be in thebusiness.
They try to do everything, theywearing all the hats and all of
that, and they're actually justworking and the business is
moving, but at some point it'sstagnant, and it's stagnant
(02:49):
mainly because the strategy orthe growth is not there.
So that's where you come in, Ibelieve so important for the
company itself.
So, in your industry, or inyour knowledge of what you've
known in the field, what is yourassociation as far as with the
funding industry?
How do you help them to getmore funding in their business?
Dave Worden (03:10):
So we help our clients first put together that
funding package with thefinancial statements.
If they have a bookkeeper andaccountant, we help formulate
that, make sure their numberslook correct, and if they don't
have a bookkeeper or accountant,we can help them pull together
that funding package and a lotof that financial statement.
Basic package is their balancesheet, so it gives an idea of
(03:32):
their assets and theirliabilities and their equity in
their business.
The income statement, whichtruly shows the activities and
how well they're selling, andthen what they're spending their
money on in their business.
And then their cash flowstatement, so when they get cash
in, where are they spending it?
Is it investing back in thebusiness, is it for expenses or
is it to pay down liabilities?
(03:52):
And then, or are they doing anyfinancing activities as well?
So those three are the mainfinancial statements that any
small business should be lookingto pull together to provide to
a bank or a lender when they'relooking to get funding.
Jacquelyn Jackson (04:07):
Exactly.
So let me say this too, basedon what you were saying those
three documents are reallyimportant and it used to be
before COVID.
We had only mainly the P andL's and the balance statement.
It was after COVID we startedgetting more demands for the
cash flow statements.
So they're looking now at thatcash flow statement and I know
you probably would know what doyou think the reason why they
(04:29):
want to see cash flow now,compared to before?
Dave Worden (04:32):
just to to A lot of it for liquidity in terms of do
you have enough availableprojected flows of in versus the
outflows to make sure that youcan afford any new principal and
interest payments that youwould be paying on any future
debt?
A lot of times they mayactually ask to for a projected
(04:55):
P&L and then a projected cashflow statement.
That's something else thatcould be presented, where you
actually project the inflows soyour revenue is coming into the
business or any other proceedsfrom sales of assets, et cetera
and then outflows so anypayments of current debt and any
projected expenses, to see ifyou actually can cash flow any
new payments.
Jacquelyn Jackson (05:15):
Payments as well, if you can afford another
loan, that's true.
So let me ask you this with youbeing the business strategy and
growth expert, what part do youplay?
So, as a business owner, youcan come in.
I know my CPA and my bookkeeperhas all my financials, but I
don't understand my financials.
I don't know what I'm lookingat.
Is that something you can helpme with?
(05:37):
Well, I can understand thosethree and how to use them and
how to read, and if so, howwould that work?
Dave Worden (05:43):
So we believe in partnering with your accountant
and your bookkeeper to help youunderstand, for example, your
P&L.
So the main number you shouldbe looking at is your gross
profit margin.
If you produce products forsale, this is going to tell you,
out of every product you make,how much additional sales would
go to your bottom line if allyour expenses are covered.
And if you don't have anunderstanding of your gross
(06:07):
profit margin, this is where Iwould start helping you
understand.
One, what strategies can have adirect impact on increasing
your gross profit margin.
And two, if you're operatingbelow or even at the industry
standard for your business atthe gross profit margin level,
there's opportunities in therebecause the law of averages 50%
(06:27):
of your competition is abovethat average.
So you have a lot of capacityto add additional profit and
positive cash flow to yourbusiness just by increasing your
gross profit margin.
Jacquelyn Jackson (06:40):
Okay.
So that's basically what it'ssaying is, you can teach them
how to learn those numbers whichwe tell them as loan brokers,
that you should know if you canafford a loan or not, and you
should be able to tell how muchyou can afford.
A lot of people go to the bankand they apply and they like
whatever you can give me, butthat's not the way that should
be.
That tells us, that's a clearindication to a loan officer
(07:02):
that you don't know your numbers, and that is going to be a red
flag.
People do not realize that.
That you turn in and you fillout everything, the questions
you ask them or the things youdon't submit, or how you submit.
It tells them how you run yourbusiness.
That's why it's great to havesomeone like us as a loan broker
.
I think that know how yourlending package should get or
(07:23):
should be, or have someone likeyou as a growth expert or
strategist and business.
You know how they need to beset up and what they need to do
as well too, am I correct?
Because you'll know for it'snot necessarily set up as much
as it is how the company shouldlook in order for it to be
fundable.
That's what I'm thinking, right.
Dave Worden (07:39):
Okay, right, and we have worked with our clients to
one get that financial packetput together where, if they're
purchasing a loan, as youmentioned, they should go and
actually understand what they'regoing to buy with the loan
first, unless it's a line ofcredit, if they're going for a
loan, you're asking for aspecific dollar amount.
(08:00):
So have quotes pulled togetherso that you can easily identify
with your broker how much youneed and then project out and
prove to your broker if youpre-plan that you can afford
those new payments that you'reprojecting out for that loan.
That's a huge at least in myopinion a huge advantage when
(08:24):
you're kind of working withsomebody like myself, or even a
bookkeeper and accountant, topull that information together
ahead of time.
It makes you know your job asthe broker is a heck of a lot
easier.
Jacquelyn Jackson (08:33):
And you need to have this type of information
.
Whether your company isbringing in $20,000 a year or
$20 million a year, that'ssomething I think is a myth that
people believe.
Well, I'm not making that muchmoney, I don't need all this
type of stuff, but you do,because they tell a story.
They tell a story.
If you learn it right, you'llknow when your checkpoints are.
(08:54):
You know in your business or, Iguess, the goals you set for
yourself.
The numbers will tell you ifyou're there and because a lot
of us do business on feelingsand emotions and basically what
other people tell us to do, butit's not necessary professional.
I know you've had to clean up alot of that when you see people
.
So, in your opinion, what doyou see?
That's what is maybe your topinformation you can give a
(09:16):
business when it comes toworking with a business strategy
and a growth expert likeyourself.
Dave Worden (09:24):
It's a good question.
The number one idea would be toreach out to a business broker
if you're looking for a good ora business strategy, and growth
effort would be if you're tryingto reach that next level and
maybe you've been turned downfor a couple loans or you've
been trying to just increaseyour cash flow, getting a
support system around you isintegral piece to becoming
(09:47):
successful as a small businessowner.
95% or 90 to 95% of smallbusinesses fail within the first
five years because we as humanbeings think we can do it all
alone.
We try to go at it alone, butthere's a reason why
professional athletes andprofessional sports people, even
actors or any professional at ahigh level, has an entire team
(10:10):
of people around them to makesure that they're performing at
the optimal level.
It's really disparaging to mebecause a lot of small business
owners believe that they don'tneed it when in reality they do.
I know that because I had asmall business about 16 years
ago.
I thought I knew it all.
I was in my early 20s.
If I would have known then whatI know now about having a
(10:32):
support system around you, Imight not have failed at that
business opportunity back then.
It was a great learningexperience because it allowed me
to go in to the corporate world, learn a lot about leadership
and business and now, helpingsmall businesses over the last
seven years, we can now givethem that support system on a
regular basis.
Jacquelyn Jackson (10:53):
I know that is true because we've had
clients come in to us that haveworked with the business
strategy or growth expert atsome point in time and we can
see the difference.
We can see the difference intheir paperwork, in their
packaging and everything.
We even had one that startedout.
She was just doing about$60,000 a year but she actually
had a business strategy thatcame in when she started, when
(11:13):
she first started her business,and she said they worked with
her.
She started out at $60,000,$70,000 the next year and then
in the time she implementedeverything they had showed her
to do, even saving her a lot ofmoney.
She wound up making $360,000the next year.
It was a big growth.
She said that's why now she'sone of our revenues that make
$1.5 million a year and we giveher a loan.
(11:36):
Basically, that's what she saidshe started and that's what we
see.
It's important.
It's important how big you are,but you need to start that and
that's something you need tohave part of your business, like
I said.
So, being with the strategy andthe growth expert, I guess we
need to understand what dobusinesses usually get you guys
mixed up with because yourbusiness is strategy?
(11:57):
How does that work.
What is that going to do for mybusiness?
I guess that's what I'm tryingto get an understanding of,
where our listeners can know howit works.
Dave Worden (12:03):
Yeah, a lot of times we get confused with the
consultant right and my analogyis great here.
A consultant would be like areplacement player in a
professional sports team, wherethey would actually come in and
perform the plays right andactually act on the field.
We, as coaches, are on thesidelines.
(12:24):
We help you with strategy, withgame planning, with calling
audibles when they need to orcalling a timeout to help
reanalyze the strategy that'sgoing on in your business on a
day-to-day basis.
We will help with profitability, as you just mentioned in that
great example.
As a business coach, we help youwith the strategy to put
(12:45):
processes in place to ensurethat you're profitable and by
knowing your financial statement.
Going back to the first part ofour conversation, you can find
profit, ability and cash flowjust by understanding your
numbers and either cutting costsor taking a look at your prices
.
A lot of small businesses thatI come into contact with they
(13:07):
haven't even looked at theirpricing model in the last three
to five years and right now, in2023, 2024, we have a great
opportunity as small businessowners to really analyze our
pricing, and as long as we havea valid reason for increasing
our pricing, we can increase ourprices, and that adds directly
(13:28):
to the bottom line, as long asyou're a profitable organization
, because all your otherexpenses are already paid for.
Jacquelyn Jackson (13:33):
Right, exactly.
Dave Worden (13:34):
And the beauty of that is that you're not just
adding money nearly willy toyour top line.
You have in probably the same.
Three to four companies thatI've talked to over the last
three to five years have hadprice increases from their
suppliers but they haven'ttouched their price because they
feel like they have to becompetitive.
So it really impacts thatbottom line and that percentage
(13:57):
of gross profit and net profitthat really can determine for an
underwriter how positive ornegative that loan is going to
be for the future.
Jacquelyn Jackson (14:07):
Right, right, and so I know just what you're
saying.
I understand a lot what you'resaying, because we have people
come in in business and theydon't understand any of that.
So my thing would be to ask youwhich I know some of them have
thought of this as well, becausewe had someone ask us this is
that, what do they have to looklike in order for you to start
(14:27):
working with them as a business?
Dave Worden (14:31):
You know, my focus is anybody under a million
dollars of revenue that reallywants to reach that next level.
And I'm not even talking topline, I'm just saying, you know,
I want a business owner who'smotivated to become more
profitable and they don't evennecessarily have to be
profitable today, but they've atleast had a concept that's
proven and they've had sales.
(14:53):
So it could be anybody that'sbeen in business for, you know,
six to 12 months that has a highvolume of sales, and they don't
even have to be over a hundredthousand dollars of revenue to
see impacts from the strategiesthat we implement.
Just as you mentioned in yourprevious example, you're that
client that you've seen was atsixty thousand dollars and now
they're at three hundred and nowthey're over a million.
(15:15):
So it's very, and the power ofall these strategy
implementations comes in thepower of compounding growth and
exponential growth.
So you don't have to makehundred, two hundred percent
changes in each one of thestrategies to truly make a high
impact.
You can see really largeimpacts by having three to five
percent increases across theforty strategies that we use in
(15:38):
our software and our program.
Jacquelyn Jackson (15:41):
Right, and you know, I think as owners we
don't have time.
A lot of times we should.
We don't have time to work onour business because we're so
busy working in our business.
So I think it's great to haveyou guys and that's like I said.
You're just another entity thatI believe businesses need to
know about and that's what ourteam was talking about, that we
got to have this man on ourpodcast.
I mean, look what he knows andhow we know how people come in
(16:04):
and they basically come in.
They ragged it.
They come in a raggedy, theyreally do.
And so we realize and there'sso much work we have to do but
just for us to start introducingyou guys and putting you guys
out there is going to help a lotof us in the business
Tremendous.
That's why we are glad you'repartnering with us.
And just so our listeners toknow if you want to get in touch
with Dave, we want you to getin touch with Dave.
(16:25):
You can reach us.
You can reach him as well Cause, like I said, we get everything
to him.
We have a TDJ equity fundinginsiders Facebook page that you
guys can go to.
We're going to try to load somestuff up for you, Ask any
questions.
If you need a, message us forhim.
You can do that as well,because we know what he has is
something that we need Now inthis field, if you don't mind.
(16:47):
What I want to go to is thatwhat would you call a call of
action for our listeners dealingwith the strategy and the
growth expert?
What would be a call of actionyou would say for them?
Dave Worden (17:00):
I would get your financials and understand where
are you at with your grossprofit margin and go out and
compare it to your industry.
If you are at or below yourindustry standard, your call to
action needs to be to give intouch.
Doesn't even have to be me, butfind yourself a business
strategy and growth expert and abusiness coach that you feel
(17:24):
comfortable working with andtruly, you know, transform your
business, and it's right therein front of you.
You have the ability tounderstand it and what's great
about you know my business is.
I believe wholeheartedly what Ido and our strategies.
I guarantee a 300% ROI andeverything that I do at minimum.
Right, okay, so anybody in oursystem has a wonderful
(17:48):
proprietary software that canhelp you grow.
That's my call to action foryou.
You have the ability and thegreatest thing about it is that
your coaching is essentiallyfree as long as you're willing
to do the work, because withthat 300% ROI you're already
paying for your coachinginvestment.
You're already paying for thathelp.
All you have to do is implementwhat we advise and what we, you
(18:10):
know, kind of show you in termsof the strategies and you know,
the choices, yours to see thathuge transformational growth in
your business.
Jacquelyn Jackson (18:18):
Exactly and I know that is true from like
clients.
I told you we've seen that hadgrowth and they said they work
with a business strategist andthey work with a growth expert.
And that's what I'm saying.
I just think that's somethingwe didn't realize and if you
don't know your numbers, that'syour first sign that you need to
reach out to someone like Daveyou know, or like you say, a
business strategist, because youcan't keep running your
(18:40):
businesses and don't know yournumbers.
You know that's what'simportant.
Am I correct?
And like what I like about youtoo and what I found out?
The business strategy.
They save money.
They say the company money.
Like you said, if we haven'traised our head up as a owner to
see the changes in prices andwe still keep our prices the
same, we're losing money, but wedon't know how to adjust that,
and if you don't know how toadjust it, that's where you
(19:01):
think, that's where a businessstrategist come in and they help
you to save money as well asmake money, am I correct?
Okay, so yeah, so when it comesto that, explain that a little
bit, how you help people save on80N as well.
Dave Worden (19:15):
So one of the big things we help them fully
understand is where are theyspending their money?
And the first test we do is weactually go through their profit
and loss statement and gothrough line by line, you know,
vendor by vendor, and understandis this a client producing
expense?
If it's not, and it's justthere because they thought that
(19:37):
they should be spending on it,it's not actually leading to any
top line or bottom line growth.
We can eliminate it.
We will help with a lot ofemployee relations.
So how is your staffing levelscompared to their productivity?
Do they have a lot of capacity?
We can help in that aspect aswell, and a lot of that we do
(19:58):
partner with some partners inour network that are more
specialized, like an HRspecialist, to handle the
employee side.
But there's ways to trulyunderstand.
Just in your P&L, go through it, find expenses that maybe, as
you realize, you don't needanymore because it's not leading
to new clients or it's nothelping you with customer
(20:18):
service.
You don't need all those thingsin a life.
And now, in today'ssubscription world, a lot of
stuff we're finding are justsubscriptions, recurring costs,
right, that they didn't evenknow they were continuing to pay
Exactly, and so that's where wecan really help kind of save
money when it comes to their P&L.
Jacquelyn Jackson (20:36):
Right and I think that's just great for you
all to come in and overview.
Now I know I want to say thisbecause my team that's back at
the office made sure that doingthis podcast, that I mentioned
this.
When it comes to financials andyou need to turn those in for
lending, you cannot and shouldnot go to the website or Google
and use a template for yourprofit and loss, because they
(21:00):
don't understand that the profitand loss soul says way more
than just numbers.
Also, we tell people that andyou can tell me if I'm wrong,
but we, from dealing with ourlenders, that we let people know
your balance sheet needs toshow your liabilities so you
can't turn in a debt scheduleand then it doesn't show in the
(21:23):
financials.
Am I correct?
Because it's not.
It's no way you have to and Idon't think people know that
when they copy it from Google orwherever they get it from, what
goes with that?
And then you presented it to alender and some of them, some of
my listeners probably done it.
You presented to a lender andguess what?
It's?
The died.
It's the not, because they'realready looking at whoa.
(21:45):
This is not right.
So even if you can't read it,the lenders can read it.
So that's what I mean.
Do you agree?
I mean, have you ran acrossthat where people will think
they can just do that, and whythey can't just copy it off the
internet?
Dave Worden (22:00):
Well, again, I, like yourself or I, would never
suggest using anything off theinternet, especially, you know,
if, if you're a largeorganization, get yourself an
accounting software.
You know there's a lot of easyones out there, free ones out
there.
If you're smaller and you'relooking to save some money but
invest in a bookkeeper a highquality- you know, definitely
(22:22):
there's great ones out there.
They're going to help make sure.
You know everything in yourfinancial statements needs to
balance.
There there's an entry on oneside, one you have a debit
accredit on any entry that goesinto a financial on any side or
the other, and they need tobalance.
When you just use an excelspreadsheet off the internet, it
doesn't ensure that there's anybalancing going on.
(22:42):
So, like you said, you couldhave assets but zero.
You know liabilities.
The biggest thing when it comesto a balance sheet is your
asset total should equal yourliabilities plus your equity
Exactly those two num.
Those two should equal at theend of the day.
If they don't, then you're outof balance and you're probably
missing a debt balance.
(23:04):
You know a loan balance, acredit card balance, something
like that.
That's that's not identified inthat financial statement.
Jacquelyn Jackson (23:11):
Right, and so that's why we tell you those
numbers are.
When people ask for that.
It's not just piece of paper,guys, it is really seriously,
tells a story about your companyand and we're not saying that,
uh, okay, you don't know this,you should notice where you
should.
But we're saying there areprofessional people that can
help you.
You know, ask for the help.
You know ask, look for theunderstanding of what you need.
(23:34):
And because it's out here,there's no reason you can suck
people business on ourtelemolice.
You don't have to suffer byyourself.
There is somebodyprofessionally that can do what
you need to have done.
And it's not always about themoney.
I mean, you pay for it, but ifyou don't do it, you're going to
pay for it anyway.
Right, so it'll longer,absolutely.
So that's what we basicallytrying to get people to
(23:56):
understand that it's importantto get these professional people
in to help you with yourcompany and help them grow.
So the other thing we havewe're about to wrap everything
up Is it anything you think youwould like to say for any type
of final words of wisdom forbusinesses dealing with getting
a business strategy and growthexpert?
Dave Worden (24:17):
That's another great question.
The biggest thing I would sayis don't be afraid to ask for
help.
You know, a lot of people feellike, once they ask for help and
they ask for that assistance,that they're less of a business
owner or they are, they are lessof an individual because they
need support.
Jacquelyn Jackson (24:36):
That's a good way to look at it.
Dave Worden (24:37):
The most successful people in this world have huge
support systems around us.
So ask for support, ask forhelp, and a lot of times you'd
be surprised with what'savailable to you out there at
any given time.
So that would be my number onething is know your numbers first
.
If you don't have a bookkeeperaccountant, go ahead and get
(25:00):
yourself one.
You can easily pull together aP&L in four simple steps.
So grab your bank statements.
The last 12 months, all yourdeposits in your bank statements
are your revenue.
All your withdrawals are yourexpenses.
If and then you need to breakdown your expenses between cost
of goods sold and operating,biggest way to identify that is
(25:23):
if it goes up and it's relatedto a product that you provide or
that you make and sell, it's acost of good sold.
Anything else is your operatingexpenses.
It's the easiest way you can,quick way for a company without
a bookkeeper and accountant toidentify where they're at and to
get a start at understandingwhere their numbers are.
That's going to tell you yourgross profit margin.
(25:44):
That's going to tell you yournet profit margin, where you can
begin to do that comparison ofcomparing it to your industry to
see are you at or below and doyou have a lot of opportunity
for improvement.
Jacquelyn Jackson (25:54):
Exactly and all of that that you're saying.
If they're going to try to getany type of substantial money,
lending or funding, then youneed to have that.
You can't get around that andpeople are going to have to
understand that.
So one nugget that I would liketo give to them, and if it's
okay with you, is that if youwant to have a consultant with
Dave, you want to get in touchwith Dave and talk to him.
(26:15):
We strongly recommend it.
Let us know, we'll get you guyswith him and I think, like I
say, you have programs that canhelp educate them on this, what
we're talking about today, soit's not like we telling you
about it.
Hey, hey, hey, he actually havewhere you can actually take a
course or you can go throughsome of his programs he have and
he can work with you and helpyou, no matter how big or how
(26:35):
small you are.
Okay, Just reach out and justcall, ask for the help.
That's the main thing.
Okay, that is great.
So I appreciate you coming outtoday.
It was very informative.
Like I told you every time Iwant to talk to you is so much
and you have so much going onthat you're there helping and
you give a lot to people tounderstand what they need to
(26:57):
understand in order to make itwe don't have to suffer by
ourselves, and that's right,because you, they have someone
like you or that entity isavailable that they can actually
get the hit, get the, get thehelp that they need.
So I would like to thank youfor coming.
I definitely want to thank youfor your insight and we are
looking for you as being onethat will come back and if
there's anything else that youall think of and want to know
(27:20):
again, reach out to us atpodcast TDJ equity funded
insiders.
In the meantime, let's thankDave.
Thank you for coming in todayand talking to us.
Dave Worden (27:31):
We enjoyed you.
Thank you for having me.
It was an enjoyableconversation, jackie.
Jacquelyn Jackson (27:35):
Okay, great, so we're going to have this.
So you guys, if you need toreach out to us on our Facebook
page TDJ equity funding insidersFacebook page or you can email
us at podcast TDJ equity fundinginsidersnet.
Until then, you guys, take care.
Introduction (27:54):
We hope you enjoyed this episode of TDJ
equity funding insiders podcast.
If you'd like to be a guest orget in touch with us, please
visit our website atTDJequityLLCnet.
Forward slash podcast or emailus at podcast at TDJ equity
funding insidersnet.
Until next time, take care.
Ready to get the inside scoop on equity funding?
Tune in to TDJ Equity FundingInsiders podcast for an in-depth
look at what it takes to accessfinancial capital and maximize
your investments.
Funds are from experiencedprofessionals, including bankers
, underwriters, loan officersand industry experts, as they
(00:36):
share their unfiltered storiesand valuable lessons on securing
funds.
Jacquelyn Jackson (00:47):
Hello everyone, and thank you all for
tuning in to our podcast today.
Today we have a special guest,Dave Worden, a business
strategist, and a growth expert.
He's from Ohio.
He's coming to us today tobring some information to
understand the power of ourprofit and loss statements.
(01:10):
I feel, as loan brokers, thatit's so important.
If you're in business, realestate, or business of any type,
profit and loss statements areso important.
What I like about what Davebrings is that he brings how
important it is, why it'simportant, and what you need to
be doing to make sure that it'show it should be.
(01:30):
I like that, and that's why wewanted to make him a guest host
today.
So, if you would, into divethe knowledge and understanding
that Dave had for us today andwelcome him to our show.
Welcome, dave, to our showtoday.
Dave Worden (01:45):
Welcome.
I'm glad to be here.
Thanks for having me.
Jacquelyn Jackson (01:47):
Okay, great If you would.
Let's start off with telling alittle bit about you and
actually what you do as abusiness strategy and growth
expert.
Dave Worden (01:56):
Absolutely so.
I help small business ownerstruly maximize their
profitability and their capital,and we do that through
implementation of variousstrategies and accountability.
I have 15 years of financial, Ithink, then executive
leadership and about seven yearsof small business consulting
(02:18):
and strategy help as well, so wereally help them focus on
reaching that next level intheir business that maybe
they've been struggling to do bythemselves.
Jacquelyn Jackson (02:28):
Okay, and that's something that's
definitely needed.
I think business owners don'trealize, and you notice too,
what I'm about to say.
A lot of businesses start outfrom the hill.
They just having to be in thebusiness.
They try to do everything, theywearing all the hats and all of
that, and they're actually justworking and the business is
moving, but at some point it'sstagnant, and it's stagnant
(02:49):
mainly because the strategy orthe growth is not there.
So that's where you come in, Ibelieve so important for the
company itself.
So, in your industry, or inyour knowledge of what you've
known in the field, what is yourassociation as far as with the
funding industry?
How do you help them to getmore funding in their business?
Dave Worden (03:10):
So we help our clients first put together that
funding package with thefinancial statements.
If they have a bookkeeper andaccountant, we help formulate
that, make sure their numberslook correct, and if they don't
have a bookkeeper or accountant,we can help them pull together
that funding package and a lotof that financial statement.
Basic package is their balancesheet, so it gives an idea of
(03:32):
their assets and theirliabilities and their equity in
their business.
The income statement, whichtruly shows the activities and
how well they're selling, andthen what they're spending their
money on in their business.
And then their cash flowstatement, so when they get cash
in, where are they spending it?
Is it investing back in thebusiness, is it for expenses or
is it to pay down liabilities?
(03:52):
And then, or are they doing anyfinancing activities as well?
So those three are the mainfinancial statements that any
small business should be lookingto pull together to provide to
a bank or a lender when they'relooking to get funding.
Jacquelyn Jackson (04:07):
Exactly.
So let me say this too, basedon what you were saying those
three documents are reallyimportant and it used to be
before COVID.
We had only mainly the P andL's and the balance statement.
It was after COVID we startedgetting more demands for the
cash flow statements.
So they're looking now at thatcash flow statement and I know
you probably would know what doyou think the reason why they
(04:29):
want to see cash flow now,compared to before?
Dave Worden (04:32):
just to to A lot of it for liquidity in terms of do
you have enough availableprojected flows of in versus the
outflows to make sure that youcan afford any new principal and
interest payments that youwould be paying on any future
debt?
A lot of times they mayactually ask to for a projected
(04:55):
P&L and then a projected cashflow statement.
That's something else thatcould be presented, where you
actually project the inflows soyour revenue is coming into the
business or any other proceedsfrom sales of assets, et cetera
and then outflows so anypayments of current debt and any
projected expenses, to see ifyou actually can cash flow any
new payments.
Jacquelyn Jackson (05:15):
Payments as well, if you can afford another
loan, that's true.
So let me ask you this with youbeing the business strategy and
growth expert, what part do youplay?
So, as a business owner, youcan come in.
I know my CPA and my bookkeeperhas all my financials, but I
don't understand my financials.
I don't know what I'm lookingat.
Is that something you can helpme with?
(05:37):
Well, I can understand thosethree and how to use them and
how to read, and if so, howwould that work?
Dave Worden (05:43):
So we believe in partnering with your accountant
and your bookkeeper to help youunderstand, for example, your
P&L.
So the main number you shouldbe looking at is your gross
profit margin.
If you produce products forsale, this is going to tell you,
out of every product you make,how much additional sales would
go to your bottom line if allyour expenses are covered.
And if you don't have anunderstanding of your gross
(06:07):
profit margin, this is where Iwould start helping you
understand.
One, what strategies can have adirect impact on increasing
your gross profit margin.
And two, if you're operatingbelow or even at the industry
standard for your business atthe gross profit margin level,
there's opportunities in therebecause the law of averages 50%
(06:27):
of your competition is abovethat average.
So you have a lot of capacityto add additional profit and
positive cash flow to yourbusiness just by increasing your
gross profit margin.
Jacquelyn Jackson (06:40):
Okay.
So that's basically what it'ssaying is, you can teach them
how to learn those numbers whichwe tell them as loan brokers,
that you should know if you canafford a loan or not, and you
should be able to tell how muchyou can afford.
A lot of people go to the bankand they apply and they like
whatever you can give me, butthat's not the way that should
be.
That tells us, that's a clearindication to a loan officer
(07:02):
that you don't know your numbers, and that is going to be a red
flag.
People do not realize that.
That you turn in and you fillout everything, the questions
you ask them or the things youdon't submit, or how you submit.
It tells them how you run yourbusiness.
That's why it's great to havesomeone like us as a loan broker
.
I think that know how yourlending package should get or
(07:23):
should be, or have someone likeyou as a growth expert or
strategist and business.
You know how they need to beset up and what they need to do
as well too, am I correct?
Because you'll know for it'snot necessarily set up as much
as it is how the company shouldlook in order for it to be
fundable.
That's what I'm thinking, right.
Dave Worden (07:39):
Okay, right, and we have worked with our clients to
one get that financial packetput together where, if they're
purchasing a loan, as youmentioned, they should go and
actually understand what they'regoing to buy with the loan
first, unless it's a line ofcredit, if they're going for a
loan, you're asking for aspecific dollar amount.
(08:00):
So have quotes pulled togetherso that you can easily identify
with your broker how much youneed and then project out and
prove to your broker if youpre-plan that you can afford
those new payments that you'reprojecting out for that loan.
That's a huge at least in myopinion a huge advantage when
(08:24):
you're kind of working withsomebody like myself, or even a
bookkeeper and accountant, topull that information together
ahead of time.
It makes you know your job asthe broker is a heck of a lot
easier.
Jacquelyn Jackson (08:33):
And you need to have this type of information
.
Whether your company isbringing in $20,000 a year or
$20 million a year, that'ssomething I think is a myth that
people believe.
Well, I'm not making that muchmoney, I don't need all this
type of stuff, but you do,because they tell a story.
They tell a story.
If you learn it right, you'llknow when your checkpoints are.
(08:54):
You know in your business or, Iguess, the goals you set for
yourself.
The numbers will tell you ifyou're there and because a lot
of us do business on feelingsand emotions and basically what
other people tell us to do, butit's not necessary professional.
I know you've had to clean up alot of that when you see people
.
So, in your opinion, what doyou see?
That's what is maybe your topinformation you can give a
(09:16):
business when it comes toworking with a business strategy
and a growth expert likeyourself.
Dave Worden (09:24):
It's a good question.
The number one idea would be toreach out to a business broker
if you're looking for a good ora business strategy, and growth
effort would be if you're tryingto reach that next level and
maybe you've been turned downfor a couple loans or you've
been trying to just increaseyour cash flow, getting a
support system around you isintegral piece to becoming
(09:47):
successful as a small businessowner.
95% or 90 to 95% of smallbusinesses fail within the first
five years because we as humanbeings think we can do it all
alone.
We try to go at it alone, butthere's a reason why
professional athletes andprofessional sports people, even
actors or any professional at ahigh level, has an entire team
(10:10):
of people around them to makesure that they're performing at
the optimal level.
It's really disparaging to mebecause a lot of small business
owners believe that they don'tneed it when in reality they do.
I know that because I had asmall business about 16 years
ago.
I thought I knew it all.
I was in my early 20s.
If I would have known then whatI know now about having a
(10:32):
support system around you, Imight not have failed at that
business opportunity back then.
It was a great learningexperience because it allowed me
to go in to the corporate world, learn a lot about leadership
and business and now, helpingsmall businesses over the last
seven years, we can now givethem that support system on a
regular basis.
Jacquelyn Jackson (10:53):
I know that is true because we've had
clients come in to us that haveworked with the business
strategy or growth expert atsome point in time and we can
see the difference.
We can see the difference intheir paperwork, in their
packaging and everything.
We even had one that startedout.
She was just doing about$60,000 a year but she actually
had a business strategy thatcame in when she started, when
(11:13):
she first started her business,and she said they worked with
her.
She started out at $60,000,$70,000 the next year and then
in the time she implementedeverything they had showed her
to do, even saving her a lot ofmoney.
She wound up making $360,000the next year.
It was a big growth.
She said that's why now she'sone of our revenues that make
$1.5 million a year and we giveher a loan.
(11:36):
Basically, that's what she saidshe started and that's what we
see.
It's important.
It's important how big you are,but you need to start that and
that's something you need tohave part of your business, like
I said.
So, being with the strategy andthe growth expert, I guess we
need to understand what dobusinesses usually get you guys
mixed up with because yourbusiness is strategy?
(11:57):
How does that work.
What is that going to do for mybusiness?
I guess that's what I'm tryingto get an understanding of,
where our listeners can know howit works.
Dave Worden (12:03):
Yeah, a lot of times we get confused with the
consultant right and my analogyis great here.
A consultant would be like areplacement player in a
professional sports team, wherethey would actually come in and
perform the plays right andactually act on the field.
We, as coaches, are on thesidelines.
(12:24):
We help you with strategy, withgame planning, with calling
audibles when they need to orcalling a timeout to help
reanalyze the strategy that'sgoing on in your business on a
day-to-day basis.
We will help with profitability, as you just mentioned in that
great example.
As a business coach, we help youwith the strategy to put
(12:45):
processes in place to ensurethat you're profitable and by
knowing your financial statement.
Going back to the first part ofour conversation, you can find
profit, ability and cash flowjust by understanding your
numbers and either cutting costsor taking a look at your prices
.
A lot of small businesses thatI come into contact with they
(13:07):
haven't even looked at theirpricing model in the last three
to five years and right now, in2023, 2024, we have a great
opportunity as small businessowners to really analyze our
pricing, and as long as we havea valid reason for increasing
our pricing, we can increase ourprices, and that adds directly
(13:28):
to the bottom line, as long asyou're a profitable organization
, because all your otherexpenses are already paid for.
Jacquelyn Jackson (13:33):
Right, exactly.
Dave Worden (13:34):
And the beauty of that is that you're not just
adding money nearly willy toyour top line.
You have in probably the same.
Three to four companies thatI've talked to over the last
three to five years have hadprice increases from their
suppliers but they haven'ttouched their price because they
feel like they have to becompetitive.
So it really impacts thatbottom line and that percentage
(13:57):
of gross profit and net profitthat really can determine for an
underwriter how positive ornegative that loan is going to
be for the future.
Jacquelyn Jackson (14:07):
Right, right, and so I know just what you're
saying.
I understand a lot what you'resaying, because we have people
come in in business and theydon't understand any of that.
So my thing would be to ask youwhich I know some of them have
thought of this as well, becausewe had someone ask us this is
that, what do they have to looklike in order for you to start
(14:27):
working with them as a business?
Dave Worden (14:31):
You know, my focus is anybody under a million
dollars of revenue that reallywants to reach that next level.
And I'm not even talking topline, I'm just saying, you know,
I want a business owner who'smotivated to become more
profitable and they don't evennecessarily have to be
profitable today, but they've atleast had a concept that's
proven and they've had sales.
(14:53):
So it could be anybody that'sbeen in business for, you know,
six to 12 months that has a highvolume of sales, and they don't
even have to be over a hundredthousand dollars of revenue to
see impacts from the strategiesthat we implement.
Just as you mentioned in yourprevious example, you're that
client that you've seen was atsixty thousand dollars and now
they're at three hundred and nowthey're over a million.
(15:15):
So it's very, and the power ofall these strategy
implementations comes in thepower of compounding growth and
exponential growth.
So you don't have to makehundred, two hundred percent
changes in each one of thestrategies to truly make a high
impact.
You can see really largeimpacts by having three to five
percent increases across theforty strategies that we use in
(15:38):
our software and our program.
Jacquelyn Jackson (15:41):
Right, and you know, I think as owners we
don't have time.
A lot of times we should.
We don't have time to work onour business because we're so
busy working in our business.
So I think it's great to haveyou guys and that's like I said.
You're just another entity thatI believe businesses need to
know about and that's what ourteam was talking about, that we
got to have this man on ourpodcast.
I mean, look what he knows andhow we know how people come in
(16:04):
and they basically come in.
They ragged it.
They come in a raggedy, theyreally do.
And so we realize and there'sso much work we have to do but
just for us to start introducingyou guys and putting you guys
out there is going to help a lotof us in the business
Tremendous.
That's why we are glad you'repartnering with us.
And just so our listeners toknow if you want to get in touch
with Dave, we want you to getin touch with Dave.
(16:25):
You can reach us.
You can reach him as well Cause, like I said, we get everything
to him.
We have a TDJ equity fundinginsiders Facebook page that you
guys can go to.
We're going to try to load somestuff up for you, Ask any
questions.
If you need a, message us forhim.
You can do that as well,because we know what he has is
something that we need Now inthis field, if you don't mind.
(16:47):
What I want to go to is thatwhat would you call a call of
action for our listeners dealingwith the strategy and the
growth expert?
What would be a call of actionyou would say for them?
Dave Worden (17:00):
I would get your financials and understand where
are you at with your grossprofit margin and go out and
compare it to your industry.
If you are at or below yourindustry standard, your call to
action needs to be to give intouch.
Doesn't even have to be me, butfind yourself a business
strategy and growth expert and abusiness coach that you feel
(17:24):
comfortable working with andtruly, you know, transform your
business, and it's right therein front of you.
You have the ability tounderstand it and what's great
about you know my business is.
I believe wholeheartedly what Ido and our strategies.
I guarantee a 300% ROI andeverything that I do at minimum.
Right, okay, so anybody in oursystem has a wonderful
(17:48):
proprietary software that canhelp you grow.
That's my call to action foryou.
You have the ability and thegreatest thing about it is that
your coaching is essentiallyfree as long as you're willing
to do the work, because withthat 300% ROI you're already
paying for your coachinginvestment.
You're already paying for thathelp.
All you have to do is implementwhat we advise and what we, you
(18:10):
know, kind of show you in termsof the strategies and you know,
the choices, yours to see thathuge transformational growth in
your business.
Jacquelyn Jackson (18:18):
Exactly and I know that is true from like
clients.
I told you we've seen that hadgrowth and they said they work
with a business strategist andthey work with a growth expert.
And that's what I'm saying.
I just think that's somethingwe didn't realize and if you
don't know your numbers, that'syour first sign that you need to
reach out to someone like Daveyou know, or like you say, a
business strategist, because youcan't keep running your
(18:40):
businesses and don't know yournumbers.
You know that's what'simportant.
Am I correct?
And like what I like about youtoo and what I found out?
The business strategy.
They save money.
They say the company money.
Like you said, if we haven'traised our head up as a owner to
see the changes in prices andwe still keep our prices the
same, we're losing money, but wedon't know how to adjust that,
and if you don't know how toadjust it, that's where you
(19:01):
think, that's where a businessstrategist come in and they help
you to save money as well asmake money, am I correct?
Okay, so yeah, so when it comesto that, explain that a little
bit, how you help people save on80N as well.
Dave Worden (19:15):
So one of the big things we help them fully
understand is where are theyspending their money?
And the first test we do is weactually go through their profit
and loss statement and gothrough line by line, you know,
vendor by vendor, and understandis this a client producing
expense?
If it's not, and it's justthere because they thought that
(19:37):
they should be spending on it,it's not actually leading to any
top line or bottom line growth.
We can eliminate it.
We will help with a lot ofemployee relations.
So how is your staffing levelscompared to their productivity?
Do they have a lot of capacity?
We can help in that aspect aswell, and a lot of that we do
(19:58):
partner with some partners inour network that are more
specialized, like an HRspecialist, to handle the
employee side.
But there's ways to trulyunderstand.
Just in your P&L, go through it, find expenses that maybe, as
you realize, you don't needanymore because it's not leading
to new clients or it's nothelping you with customer
(20:18):
service.
You don't need all those thingsin a life.
And now, in today'ssubscription world, a lot of
stuff we're finding are justsubscriptions, recurring costs,
right, that they didn't evenknow they were continuing to pay
Exactly, and so that's where wecan really help kind of save
money when it comes to their P&L.
Jacquelyn Jackson (20:36):
Right and I think that's just great for you
all to come in and overview.
Now I know I want to say thisbecause my team that's back at
the office made sure that doingthis podcast, that I mentioned
this.
When it comes to financials andyou need to turn those in for
lending, you cannot and shouldnot go to the website or Google
and use a template for yourprofit and loss, because they
(21:00):
don't understand that the profitand loss soul says way more
than just numbers.
Also, we tell people that andyou can tell me if I'm wrong,
but we, from dealing with ourlenders, that we let people know
your balance sheet needs toshow your liabilities so you
can't turn in a debt scheduleand then it doesn't show in the
(21:23):
financials.
Am I correct?
Because it's not.
It's no way you have to and Idon't think people know that
when they copy it from Google orwherever they get it from, what
goes with that?
And then you presented it to alender and some of them, some of
my listeners probably done it.
You presented to a lender andguess what?
It's?
The died.
It's the not, because they'realready looking at whoa.
(21:45):
This is not right.
So even if you can't read it,the lenders can read it.
So that's what I mean.
Do you agree?
I mean, have you ran acrossthat where people will think
they can just do that, and whythey can't just copy it off the
internet?
Dave Worden (22:00):
Well, again, I, like yourself or I, would never
suggest using anything off theinternet, especially, you know,
if, if you're a largeorganization, get yourself an
accounting software.
You know there's a lot of easyones out there, free ones out
there.
If you're smaller and you'relooking to save some money but
invest in a bookkeeper a highquality- you know, definitely
(22:22):
there's great ones out there.
They're going to help make sure.
You know everything in yourfinancial statements needs to
balance.
There there's an entry on oneside, one you have a debit
accredit on any entry that goesinto a financial on any side or
the other, and they need tobalance.
When you just use an excelspreadsheet off the internet, it
doesn't ensure that there's anybalancing going on.
(22:42):
So, like you said, you couldhave assets but zero.
You know liabilities.
The biggest thing when it comesto a balance sheet is your
asset total should equal yourliabilities plus your equity
Exactly those two num.
Those two should equal at theend of the day.
If they don't, then you're outof balance and you're probably
missing a debt balance.
(23:04):
You know a loan balance, acredit card balance, something
like that.
That's that's not identified inthat financial statement.
Jacquelyn Jackson (23:11):
Right, and so that's why we tell you those
numbers are.
When people ask for that.
It's not just piece of paper,guys, it is really seriously,
tells a story about your companyand and we're not saying that,
uh, okay, you don't know this,you should notice where you
should.
But we're saying there areprofessional people that can
help you.
You know, ask for the help.
You know ask, look for theunderstanding of what you need.
(23:34):
And because it's out here,there's no reason you can suck
people business on ourtelemolice.
You don't have to suffer byyourself.
There is somebodyprofessionally that can do what
you need to have done.
And it's not always about themoney.
I mean, you pay for it, but ifyou don't do it, you're going to
pay for it anyway.
Right, so it'll longer,absolutely.
So that's what we basicallytrying to get people to
(23:56):
understand that it's importantto get these professional people
in to help you with yourcompany and help them grow.
So the other thing we havewe're about to wrap everything
up Is it anything you think youwould like to say for any type
of final words of wisdom forbusinesses dealing with getting
a business strategy and growthexpert?
Dave Worden (24:17):
That's another great question.
The biggest thing I would sayis don't be afraid to ask for
help.
You know, a lot of people feellike, once they ask for help and
they ask for that assistance,that they're less of a business
owner or they are, they are lessof an individual because they
need support.
Jacquelyn Jackson (24:36):
That's a good way to look at it.
Dave Worden (24:37):
The most successful people in this world have huge
support systems around us.
So ask for support, ask forhelp, and a lot of times you'd
be surprised with what'savailable to you out there at
any given time.
So that would be my number onething is know your numbers first
.
If you don't have a bookkeeperaccountant, go ahead and get
(25:00):
yourself one.
You can easily pull together aP&L in four simple steps.
So grab your bank statements.
The last 12 months, all yourdeposits in your bank statements
are your revenue.
All your withdrawals are yourexpenses.
If and then you need to breakdown your expenses between cost
of goods sold and operating,biggest way to identify that is
(25:23):
if it goes up and it's relatedto a product that you provide or
that you make and sell, it's acost of good sold.
Anything else is your operatingexpenses.
It's the easiest way you can,quick way for a company without
a bookkeeper and accountant toidentify where they're at and to
get a start at understandingwhere their numbers are.
That's going to tell you yourgross profit margin.
(25:44):
That's going to tell you yournet profit margin, where you can
begin to do that comparison ofcomparing it to your industry to
see are you at or below and doyou have a lot of opportunity
for improvement.
Jacquelyn Jackson (25:54):
Exactly and all of that that you're saying.
If they're going to try to getany type of substantial money,
lending or funding, then youneed to have that.
You can't get around that andpeople are going to have to
understand that.
So one nugget that I would liketo give to them, and if it's
okay with you, is that if youwant to have a consultant with
Dave, you want to get in touchwith Dave and talk to him.
(26:15):
We strongly recommend it.
Let us know, we'll get you guyswith him and I think, like I
say, you have programs that canhelp educate them on this, what
we're talking about today, soit's not like we telling you
about it.
Hey, hey, hey, he actually havewhere you can actually take a
course or you can go throughsome of his programs he have and
he can work with you and helpyou, no matter how big or how
(26:35):
small you are.
Okay, Just reach out and justcall, ask for the help.
That's the main thing.
Okay, that is great.
So I appreciate you coming outtoday.
It was very informative.
Like I told you every time Iwant to talk to you is so much
and you have so much going onthat you're there helping and
you give a lot to people tounderstand what they need to
(26:57):
understand in order to make itwe don't have to suffer by
ourselves, and that's right,because you, they have someone
like you or that entity isavailable that they can actually
get the hit, get the, get thehelp that they need.
So I would like to thank youfor coming.
I definitely want to thank youfor your insight and we are
looking for you as being onethat will come back and if
there's anything else that youall think of and want to know
(27:20):
again, reach out to us atpodcast TDJ equity funded
insiders.
In the meantime, let's thankDave.
Thank you for coming in todayand talking to us.
Dave Worden (27:31):
We enjoyed you.
Thank you for having me.
It was an enjoyableconversation, jackie.
Jacquelyn Jackson (27:35):
Okay, great, so we're going to have this.
So you guys, if you need toreach out to us on our Facebook
page TDJ equity funding insidersFacebook page or you can email
us at podcast TDJ equity fundinginsidersnet.
Until then, you guys, take care.
Introduction (27:54):
We hope you enjoyed this episode of TDJ
equity funding insiders podcast.
If you'd like to be a guest orget in touch with us, please
visit our website atTDJequityLLCnet.
Forward slash podcast or emailus at podcast at TDJ equity
funding insidersnet.
Until next time, take care.
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