Episode 77 Electrician Cash Management Secrets Pt III

Joseph and Clay discussed various financial topics, including lines of credit, debt, and the importance of financial discipline. They also briefly mentioned a book called "Profit First" and congratulated Derek on the birth of his son. Joseph was sick but had good energy. - PLAY @0:00Clay and Joseph discussed the importance of cash management and the Profit First method by Michael McAlliwitts. They emphasized the need to pay oneself first and allocate a percentage of profits to a separate account to force accountability and smarter spending. - PLAY @8:58Clay and Joseph discussed the importance of paying yourself first in business and the concept of allocating profits to different accounts. They also talked about the Parkinson's Law and the need to manage finances to avoid depletion of profits. - PLAY @18:30Joseph and Clay discussed the importance of saving money for taxes and having a 90-day nest egg as a safety net. They also emphasized the need to treat employees well and manage expenses to maximize profits. - PLAY @28:0Clay and Joseph discussed the importance of financial literacy in both personal and professional life, and shared tips on how to improve financial management, such as auditing expenses and investing in mutual funds. They also talked about the Kaizen philosophy of constant improvement. - PLAY @36:46Actions: 1) Grab a  cashback Credit Card and defer those savings into a savings account! Watch it grow!ALLSTAR:2) Following the series, use the PnL leverage to take three profit producing steps:a) Audit pricing and increase 5-10% for growthb) Audit fixed expenses and reduce 5-10% c) Audit COGS and aim to reduce 5-10%d) Now with new perspective of profitability, put away your predetermined amount into a separate profit account! (High yield savings!)Come see this and more on www.facebook.com/groups/electricpreneursecrets