Show Me The Money!

Day two of ECL and by now the brains of the attendees are sizzling! Yesterday was a big day with a lot of information. Yesterday I taught on:

  • EntreLeadership Defined
  • Dreams, Visions, and Goal Setting
  • Time Management
  • Personality Styles
  • Communication
  • Building Unity and Loyalty
  • Compensation

Today I teach on:

  • Team Math – Adding and Subtracting
  • Delegation
  • Recognition
  • Financial Peace for the EntreLeader
  • Accounting
  • Art of Outsourcing

Of all of today’s lessons, the one question we get the most is, “You can’t really run a business debt free, right?” In “Oh, I Wasn’t Supposed To Do That?” I talked about how you can run your business debt free. It is THE most vital part of running your business as far as I am concerned. (Well, right after having a product that people actually want, hello Colgate Kitchen Entrees!) And the reason for that is, it gives you options when you don’t have debt. So check that out.

On top of that, I want to talk about the importance of accounting. Today I will ask a room full of entrepreneurs, “Who likes to do the accounting?” Inevitably, no hands will go up. Business owners don’t like to mess around in the accounting. It’s a pain, it’s not exciting, and it’s too many details. It’s like a root canal that happens every month. The problem is, when you don’t do the accounting early and often, you don’t have an actual clue where you really are. It’s like not balancing your checkbook at home and wondering why you bounced checks!

When you get on the accounting and get it done, you can budget and forecast better, as well as predict the future by looking at the past. You can see where your high and low months are; that way you can save money out of the high months to cover the low months. I know, there’s that crazy idea of saving money to spend thing! Then you don’t have to go into debt in the down months, which most companies don’t pay back in the high months anyways. So when it comes to accounting, your new mantra is “Early and Often!” Get it done so you know where you’re going.

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