Your Accounting Must Be Viewed As Your Front Dashboard Not Your Rear View Mirror

Business Coach | Ask Clay & Z Anything

Audio Transcription

Are you on top of your business’s financial picture? During today’s Thrive Time Business Coach Radio Show, Clay Clark and Doctor Zoellner teach the importance of taking a proactive approach towards managing the finances and accounting aspects of your business. During today’s show they cover fixed expenses, break-even points, tax liabilities, variable expenses and more.

 

Your Accounting Must Be Viewed As Your Front Dash Board Not Your Rear View Mirror

 

FUN FACTS:

  1. “63% Of Americans Don’t Have Enough Savings To Cover A $500 Emergency” – Maggie McGrath – Forbes

  1. “100% of the non-homeless and non-cult member people I’ve met say they want to become successful.” – Clay Clark

  2. “8 out of 10 entrepreneurs who start businesses fail within the first 18 months.” – Eric Wagner – Forbes

 

SUPER MOVE #1 – Know the # of Customers Need Per Month to Break-Even:

  1. NOTABLE QUOTABLE“Know your numbers’ is a fundamental precept of business.” – Bill Gates (Co-founder of Microsoft)

 

SUPER MOVE #2 – Hard / Fixed Expenses Per Month:

  1. AMPLE EXAMPLES:

    1. Office Space

    2. Phone Bills

    3. Internet

    4. Insurance

    5. Team Salaries

    6. Printer Costs

    7. Heat and Air

    8. Water

 

SUPER MOVE #3 – Variable Expenses Per Transaction:

  1. AMPLE EXAMPLES:

    1. Pay Contractor Per Action Item

    2. Merit-Based Pay

    3. Cost of Goods Needed to Deliver a Service or Make a Product

    4. Advertising

    5. Savings

 

SUPER MOVE #4 – Tax Liabilities:

  1. AMPLE EXAMPLES:

    1. Payroll Tax (Medicare and Social Security)

    2. Income Tax On Your Salary

 

SUPER MOVE #5 – Hidden and Often Forgotten Costs:

  1. AMPLE EXAMPLES:

    1. Shrinkage Due to Theft

    2. Loss Due to Errors  

    3. Legal Bills

    4. Worker’s Compensation

SUPER MOVE #6 – # of Customers Needed Per Month to Achieve Your Dreams:

 

SUPER MOVE #7 – Know Your Pro-Forma

  1. Pay Yourself First

    NOTABLE QUOTABLE – “Be the big pig at the trough.” – Dr. Robert Zoellner (Thrive Time Show CEO and optometrist turned tycoon)

    NOTABLE QUOTABLE – “Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett (An investor, and philanthropist worth over $70 billion)

 

SUPER MOVE #8 – Take Action:

  1. Step 1 – Find a Quality Accountant Who Has a Proactive Approach to Accounting

  2. Step 2 – Find a Payroll Processing Company and Bookkeeper Who Has a Proactive Approach to Accounting

  3. Step 3 – You Must Schedule a Weekly Time to Meet with Your Bookkeeper

  4. Step 4 – You Must Schedule a Monthly Time to Meet with Your Accountant

  5. Step 5 – Cut 3% of Your Expenses

  6. Step 6 – Set Up a Budget

    NOTABLE QUOTABLE – “A budget is telling your money where to go instead of wondering where it went.” – Dave Ramsey

 

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