What's Your Small Business Financial Health Like?? Season 3 Episode # 6

One of my coaching clients asked me a rather odd question, in particular the fact that he runs A multi million dollar business. His question was I don’t understand what cash versus accrual accounting is, and I’d really like to understand it because my financial people have not explained it to me. Because this to me seems so much it became a great topic , we did one for this episode of the service without excuses podcast. Having a simple financial education and understanding core concepts in your service-based business is crucial to keeping your company afloat day and day out. I just thought of a story an episode of Dave Ramsey which I have a ton of respect for, but in this particular instance he was telling somebody that wanted to open a food truck business, which God knows has a ton of liability on it that they did not in fact have to set it up as an LLC. On this particular factor I could not disagree or shout louder from the hills that that is an absolute moronic thing to do and honestly to say.. This person that was interested in opening their own food truck business was already prepared that that was the common sense way to do it, even though you don’t technically have to you would be a complete idiot to do it any other way. That advice might have gotten them in big trouble down the road if God for bid a lawsuit was ever in sued and they had no protection against their personal assets. This is coming from an extremely credible financial expert which again I have a ton of respect for. But let me ask you something if somebody like Dave Ramsey can make a statement that is actually foolish, is there a good chance your financial experts are giving you everything you need to know? In this episode I talk over and over about getting to know a simple financial education, and how to understand basic numbers in your business including things like simple accounting. We want to thank her sponsor again so tell us, you can visit them at sotellus.com/Roblyon to test drive again what I feel is the worlds best review management software. Also go to robmlyon.com to subscribe to our email list or even our YouTube channel Rob M Lyon