Key Takeaways:
- Watch important financial ratios: Pay attention to numbers like your cash-to-debt ratio and how long it takes customers to pay, since they show how healthy your cash flow is.
- Use a 16-week cash flow plan: This helps business owners focus on the areas that bring in the most profit.
- Avoid unprofitable paths: Say no to money-losing opportunities and strengthen existing relationships to keep finances strong.
- Stay disciplined after hard times: Using lessons learned during downturns helps build long-term success when revenues grow again.
- Plan big purchases carefully: Good financial planning makes it easier to buy major items, like a luxury car, with confidence.
Chapters:
Timestamp Summary
0:00 Creating Asymmetric Upside for Business Owners
1:46 Managing Financial Metrics in a Transition Economy
2:26 Effective Debt Management and Customer Payment Strategies
3:20 Balancing Short-Term Survival and Long-Term Business Positioning
4:02 Optimizing Cash Flow and Ratios for Financial Success
7:09 The Importance of Saying No to Unprofitable Efforts
10:44 Financial Discipline and Planning for Business Growth
Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Phillip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Ready to turn your investing dreams into reality? Our "Wealth Building Made Simple" premium newsletter is your secret weapon. We break down investing in a way that's easy to understand, even if you're just starting out. Learn the tricks the wealthy use, discover exciting opportunities, and start building the future YOU want. Sign up now, and let's make those dreams happen!
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Cardiac Cowboys
The heart was always off-limits to surgeons. Cutting into it spelled instant death for the patient. That is, until a ragtag group of doctors scattered across the Midwest and Texas decided to throw out the rule book. Working in makeshift laboratories and home garages, using medical devices made from scavenged machine parts and beer tubes, these men and women invented the field of open heart surgery. Odds are, someone you know is alive because of them. So why has history left them behind? Presented by Chris Pine, CARDIAC COWBOYS tells the gripping true story behind the birth of heart surgery, and the young, Greatest Generation doctors who made it happen. For years, they competed and feuded, racing to be the first, the best, and the most prolific. Some appeared on the cover of Time Magazine, operated on kings and advised presidents. Others ended up disgraced, penniless, and convicted of felonies. Together, they ignited a revolution in medicine, and changed the world.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.