During this broadcast of A Look Under the Hood Radio Show with Paul Hood breaks down the importance of knowing your tax liabilities, knowing your hidden and often forgotten costs and knowing the number of customers you need per month to achieve your dream.
See below for the transcript:
Broadcasting from the business coach Thrive time show studios in beatbox that rocks it is Tulsa’s number one CPA and every way he’s a gentleman it’s time to take a look under your financial Hood with Paulwelcome back to the conversation. Welcome back Hood Nation to the conversation and welcome into the fold those of you who have yet to Behold The Glory, the greatness, the humbleness, the pageantry. All that is good, it is Paul Hood, says everyone CPA in every way and I’ll tell you real quick. Why? I love business coach client Paul Hood. The person who I am as some of you may you recognize this voice from touch feature films as crickets know, but probably from the the a.m. radio show me right on this station. The mothership here 1170 the drive time to run from 12 to 2 every single day, and what are the things that we do on the Thrive time show Monday through Friday? Is we teach business owners how to build a successful companies like business school without the BS? Are we hit as high as 525 rating on iTunes, the 5 ranking on the business section above iTunes, on the charts and my partner, dr. zoellner, and I we do the show every single day on the whole reason why we do thiswhat time show? Is he going to help business owners get unstuck? Nobody goes into business with the desire to fail. Nobody sets out on their path to start a business with the goal, the game plan and the Mantra to fail. Nobody wants to fail, but by default 8 out of 10 businesses according to Forbes sale by default 8 out of 10 businesses fail. You don’t believe that statistic. You should look it up there, okay, but yet business coach Bill Gates would say. If you were here right now, the notable quotable from Bill Gates Bill Gates would say knowing your number, knowing your numbers is a fundamental precept of business. What happened to his clients will come into our business coaching program, all the time saying. I want to start a grow. 6S, what company that we work with huge Branch me: phone. Phone Doctors, Barbie cookies to Tulsa, Oilers UPS, Maytag O’Reilly, Auto Parts. I mention all this to say that I know what I’m talking about work at thousands of customers in the former usba entrepreneur of the year when I sit down and meet with these business owners. I have found that the statistics aren’t just true, and I brought that were there true with a client right in front of me and almost every one of the clients I’ve ever met with. They want to focus on branding and marketing and systems which is important to put half of the battle. So you not doing your accounting is like having a football game where you say I want to win. I say great, you said 2 years ago. I want to play offense and Michael. You need a different, so you need, like you know some defensive players. Cuz. The other team has the balldo. You want to stop the music. Now, here’s the deal I’m going to invest only on offense of players going to have Tom Brady, I’m going to sign him a signed, Dez Bryant, I’m going to sign the top players in the league on off it’s where I’m going to happen, because I was going To come out, Market out, sell, sell market, sell market, sell to hearing all about Paul Hood more and more. When I would sit down and have the uncomfortable conversation up with clients over the past decade, I sit down every single time, sing, hey so who handles your accounting? You know, do you have an automated savings plan? Are you planning for taxes? Are you are you? Are you aware of your variable expenses? Are you aware of your heart cost and over and over they said no, and so I’ve been in a 10-year Quest, looking for a CPA that views proactivity in your business. The way that I do – and I finally have found that unicorn after a 10-year Quest – and that is Paul Hood – to pull it. How are you doing this morning? My man, I’m so honored to have you in thisUdi Winter life man? I am outstanding play so so now I’m Yoda and I’m a unicorn, that’s exciting, stuff that you know they say they say, but I don’t know who they are. They say: championships won by defense. Defense wins championships, a true yeah you can create. You can have. I had a business call you as soon as I had a business that I personally owned that we took from doing ,000 to EUR to over a year. You took the business 450,000 over a million per year. How long did it take you to do that? Less than a year, but you know what we lost money, because I didn’t understand it’s a restaurant in at you going to have the right operator, and so it if my ain’t my appoint, is it doesn’t matter how much money you bringing in it matters? How much you keep I’ve seen plenty of businesses where, where they bring in you, know half as much or third as much as another business but they’re there netting they’re, keeping 5 times 6 times as much because they playing and they work those numbers. You know just stepped inside the inside the studio, herehey Eric how you doing my man. What’S going on everybody, that’s her job. I thought that was the rock looks like they’re at the at the Thrive time. Show. Can you what percentage of, if you had like 10 clients you’re working with this week? I don’t know what you probably about 25 clients at a time right, it doesn’t say, you’re, meeting with 10 Jackie pick up an average civil matter. What how many of those 30 have a proactive approach to their accounting by default just by default.,
Maybe a quarter out of 30 you’re saying 25 for it? Maybe no, maybe maybe like not even like 1/4 of 1 out of 33 time to think about it. But those 1/4 of the one of the 30th, what kind of basic Financial things are they unaware of that when you’ve sat down and help it made a big impact, but they said I didn’t even know. I was supposed to know that oh man, profit per product, sold even write this paper product, even things like that. Like hey, I didn’t even realize that this is what I was making pretty girl. I thought that I was making guide going along, making decent money per deal and hadn’t really ever sat down and broke this down to what is my break even point? You know how many deals do I need to sell. You see it too. So it’s at every time it’s every single light Industries. Have you worked with an auto glass industry work with a Lock