Listen to “#728 Dumb Financial Mistakes Business Owners Make” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1 with Ruth King, starting at 0:00: Many business owners make the same dumb financial mistakes. Ruth King is here to call them out and tell you how to avoid them.
SEGMENT 2 with Precious L. Williams, starting at 19:15: Whether you’re talking to customers or your bank or an investor, it’s all about the story you tell. Precious L. Williams is here to help you tell your story and give a killer pitch.
SEGMENT 3 with David A. Perez, starting at 37:40: It is the worst time a year again… tax time. What are the best tax strategies for small business owners? David Perez is here to share the tax strategies that most people don’t utilize.
Sponsored by Truly Financial.
More on each segment below.
Segment 1: Ruth King is a Profitability Guru and the President of Business Ventures Corporation. Ruth has a passion for helping businesses get and stay profitable. She is especially proud of one small business owner who had $750,000 in revenues when Ruth started consulting with him. Sixteen years later the business had grown to $10 million and it was sold for $9 million in cash. Ruth holds an MBA in Finance from Georgia State University. Her latest book, 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them, will be released in September, 2023.
We discuss dumb bookkeeping, sales, pricing, and balance sheet mistakes—including:
- Abdicating the responsibility for the financial side of the business
- Mercedes Benz syndrome
- Blindly accepting what your CPA reports on your taxes
- Ignoring your weekly cash flow report
- Not billing
- Why it’s a bad idea to keep the financial goals of the company a secret
- Not knowing where your leads are coming from
- Not tracking sales people’s closing rate
- Not firing a customer
- Not having a buy/sell agreement with partners, even if the partners are family members
- Not knowing why you’re in business
- Pricing incorrectly
- Growth masks pricing issues
- Paying commissions based on gross margins
- Not raising prices when costs increase
- Not recognizing that your balance sheet is more important than your profit and loss statement
- Not collecting your accounts receivable
Segment 2: Precious L. Williams is the Pitch Queen. Her company, Perfect Pitches by Precious, teaches you the tools and tenacity to pitch with power, sell with storytelling, and develop a masterful mindset for communication. She is a 13-time national elevator pitch champion. She has also been featured on “Shark Tank,” CNN, Wall Street Journal, Forbes Magazine, Black Enterprise Magazine, Essence Magazine, and the movie “LEAP.” Her current clients include Microsoft, LinkedIn, Google, NBCUniversal, Federal Reserve Bank, Intuit Quickbooks, Yelp, Harvard University, and more. Precious is a dynamic international professional speaker, effective corporate trainer and 4X #1 bestselling author.
- Why do people have a hard time pitching?
- What is the key to #SlayAllCompetition with your pitches?
- Pitching is about knowing your audience and taking them to the next level
- Summarizing your offering in a way people can remember
- When Precious realized that her childhood pain would unlock the gift of pitching in herself
- Where do you start in coming up with your perfect pitch?
- What makes a pitch a killer pitch?
- The best way to practice your pitch
Segment 3: David A. Perez, popularly known as Mr. Economy, is the number one Tax Strategist in America and the founder and CEO of Tax Plan Experts. Mr. Economy specializes in helping high income earners and owners of hyper-growth businesses avoid or eliminate their tax liability by building their own economy.
- How do you build your own economy?
- How did you start on this quest?
- How to pay as little income tax as legally possible
- What small business owners miss in bookkeeping that can help them pay less taxes
- Maximizing investments as a way to lower your taxes
