One of my business mantras is “Cash ain't cash, unless it's cash...”
I heard that from the late Red Scott. He was the CEO of Snapper Lawnmower and the CEO of Vistage Florida.
His point is simple...
Receivables “ain't” cash.
Your line of credit “ain't” cash.
Your brand “ain't” cash.
Cash is cash.
Sometimes it's easy to believe otherwise in business...
In this episode you'll hear...
- The importance of “return on life” as a metric.
- Why the old "work for 50-years, then retire" model is broken.
- How to understand both sides of the money equation and why focusing only on cutting back is short sighted.
- The vital importance of paying yourself first in your business, and how to do it.
- How to create a plan for the money in your business.
- Avoiding cash flow problems...'cause cash ain't cash, unless it's cash!
This is a subject that isn't talked about very often in business, but it's an important conversation. I know you'll enjoy it!
00:12 Steve introduces Justin Krane.
01:38 Justin tells us how he started off in business, from working on Wall Street to the effect 9/11 had on him to the inspirational talk he heard from a blind Olympic weightlifter
04:39 Justin’s philosophy “ Return on Life” is what he considers makes him unstoppable. The opposite philosophy he got from Wall Street.
06:44 Steve points out that there isn’t the finishing line for careers there once was.
07:43 Justin explains the difference between savers and spenders.
09:28 Justin tells us how he deals out financial planning.
11:54 “Pay yourself first” - Justin explains how to create more profit.
13:34 Steve gives examples on Strategic Coaching.
14:46 Justin tells us about the importance of cashflow management and the steps you need to take.
19:12 Justin tell us how recurring revenue helps so much.
20:08 Justin goes through how he works with a client.