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DGS 128: Navigating the Cash Crunch with Tim Francis
Description
Are you a business owner who wants to get good at financial decision making and CEO-level accounting? How can you build a runway to opportunities? By navigating mindset, expenses, and cash.
Today's guest is Tim Francis from Great Assistant and Profit Factory. Tim's training, Know Your Numbers, shows how businesses can deal with cash crunch and cash flow.
You'll Learn...[02:48] Free Upcoming Event: Navigate the Cash Crunch.
[03:20] Entrepreneurs: Like Indiana Jones, running as fast as possible from expenses.
[06:00] Pre-built Spreadsheet: Adding and subtracting, red boxes and green boxes.
[06:40] Beyond Profit First: In motion and cutting expenses when DoorGrow sales stop.
[10:23] 3-Step Method: Navigating mindset, navigating expenses, and navigating cash.
[11:29] Mistakes of sloth, and mistakes of ambition.
[12:19] Step 1 - Navigating Mindset: Be good to your body, protect personal and professional relationships, and early action is crucial.
[22:51] Step 2 - Navigating Expenses: Business's profit margin and bloat factor involves how many dollars to be sold at top line for $1 at bottom line to spend/buy something.
[30:08] Survive and Thrive: When sales go down, create a situation where you don't have to sell as much. You can meet it at a lower sales level and still get by.
[31:52] Step 3 - Navigating Cash: The Cash Flow Forecast figures out how much cash can you touch now? There's a big difference between cash and free cash.
[45:38] Opportunities for Growth: If your business doesn't cash flow, it will fail. Cash flow first, then focus on growth. Cash comes from different places.
TweetablesEntrepreneurs confuse revenue, sales, top line, or top of the P&L statement with cash.
There's actually a way to navigate the cash crunch, even if revenue is going down.
Property management industry has a massive opportunity due to big shift in the market.
Panic isn't productive. It's important to be urgent, not anxious.
There's a big difference between cash and free cash.
ResourcesNavigate the Cash Crunch with Jason Hull and Timothy Francis
DoorGrow Cold Leads Calculator
TranscriptJason: Welcome, DoorGrow Hackers, to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing your business and life, and you are open to doing things a bit differently, then you are a DoorGrow Hacker.
DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it, you thin