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#249 - Finance Basics For Small Businesses
Manage episode 493288351 series 3645113
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In this episode, Lloyd James Ross breaks down the real reasons most small businesses fail and the crucial financial habits that set successful entrepreneurs apart. From sobering stats like "60% of small businesses fail within 3 years" and "only 1 in 5 track their numbers weekly," Lloyd emphasizes why tracking your money, managing your cash flow, and focusing on sales and marketing—not just perfecting your product—is what keeps your business alive. He shares practical insights from his own businesses and coaching experience, highlighting time-wasters like admin and "fake work," the trap of chasing perfection before market validation, and the importance of paying yourself consistently. Whether you're a coach, consultant, tradie, or brick-and-mortar owner, this episode will show you how to avoid the most common financial pitfalls and get your money working for you.
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Timestamps
00:00:00 - Introduction
00:01:30 - The importance of tracking your numbers weekly
00:03:45 - 60% of small businesses fail within 3 years
00:04:50 - Only 39% of owners pay themselves a salary
00:06:15 - 83% of failures are due to poor cash flow
00:07:30 - Why sales and marketing matter more than product perfection
00:08:10 - The "fake work" trap that kills productivity
00:13:00 - Focus on lead generation and revenue-producing activities
00:14:50 - You don’t need to be the best—just be effective
00:17:05 - Admin time-wasting and ego-driven hiring mistakes
00:19:40 - Why big teams don’t always mean big profits
00:21:15 - The 4 key metrics every business must track
00:23:00 - Real story: Cutting expenses after a 50% profit drop
00:25:10 - Why you should work weekends in the early stages
00:26:40 - Reverse saving: how Lloyd handles business income
00:28:50 - How to protect your business and still build personal wealth
258 episodes
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