Financially Simple

In episode 367 of Financially Simple, Justin answers a question on the cost of hiring a comprehensive financial planner as a small business owner. There are a multitude of benefits and gains to be had by having a financial planner as a part of your team and business strategy, however, the term "comprehensive financial planner" can be misrepresented. In this episode, Justin discusses what "comprehensive" means in relation to small businesses, and the role a financial planner should play in the success of your business - as well as what you might expect it to cost depending on a few variables. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:28 - How Much Does it Cost to Hire a Comprehensive Financial Planner 04:18 - Are They Truly "Comprehensive" 09:20 - What Makes for a Good Financial Planner 13:40 - So, How Much Will One Cost 18:55 - Specifically for Business Owners 25:34 - Summary   USEFUL LINKS: Work with Our Team Subs

In episode 366 of Financially Simple, Justin considers the costs of having a financial advisor manage your wealth. As a Business Owner, you always have an eye on the future - your future and retirement; however, it can be difficult to decide how to manage your investments, with manager's fees differing from one service to the next. In this episode, Justin looks at the costs and weighs the benefits comparing the different options available. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - What is the Average Cost of Hiring an Investment Advisor to Manage $1,000,000 or More 03:39 - How Much Does a Financial Advisor Cost 08:56 - Is The a Cheaper Option 16:12 - Risk 21:07 - Summary _________________   USEFUL LINKS: Work with Our Team Financial Advisor Fees - US Rankings Subscribe to the Financially Simple Newsletter Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO

In episode 365 of Financially Simple, Justin looks at the preparations for having a mid-year strategic meeting. The last six months have breezed by, and now it's time to take stock and assess where we are with the strategic business plan that we laid out at the beginning of the year. In this episode, Justin goes over the preparations necessary to allow you and your team to reflect on your business plan in order to effectively stay on track and achieve the goals that you had set out six months ago. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - How to Prepare for Your 6 Month Strategic Planning Meeting 05:59 - Create an Agenda 17:28 - Choose an Appropriate Location 19:34 - Have a Facilitator 23:47 - Summary   USEFUL LINKS: Work with Our Team Subscribe to the Financially Simple Newsletter   Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread,

In episode 364 of Financially Simple, Justin provides a quick guide to creating a budget for your business. According to Small Business Genius, half of all small businesses don't have an official, written operating budget to record their expenses. Many times those business owners who begin maintaining a budget, start to see more profit because their business account is no longer a blank check for spending. In this episode, Justin goes over a four-step plan for creating and maintaining a budget for your small business.  Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:43 - Four Easy Steps to Creating a Small Business Budget 03:15 - Some Facts 06:08 - Have Separate Accounting  Software 06:57 - Profit and Loss 09:12 - Adjust the Historical to Reflect the Future 11:32 - Program the Budgeting Tool 12:09 - Summary 13:53 - Wrap Up   USEFUL LINKS: Work with Our Team Subscribe to the Financially Simple Newsletter Intuit Quickbooks

In episode 363 of Financially Simple, Justin provides an overview of Inflation. Inflation is an economic factor that influences so much of the goings on in our business matters, yet few of us really know what it is and how it affects us and our work. In this episode, Justin gives the run down on Inflation - what it is, how it works, why it matters, and how business owners can respond to changes in the rate of Inflation. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - Is Inflation Approaching? 01:46 - What is Inflation 03:43 - Why Measure Inflation 05:19 - Why Does it Matter 06:41 - Indicators of Inflation 11:58 - Responses to Inflation 14:54 - What About Our Businesses 17:19 - Example 20:04 - Wrap Up   USEFUL LINKS: Work with Our Team Subscribe to the Financially Simple Newsletter Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEP

In episode 362 of Financially Simple, Justin gets digital, giving an overview of Cryptocurrencies. In recent years we have seen the rise of digital currencies like BitCoin, but amidst all the noise, as people have rushed to embrace this new technology, few have stopped to understand it and ask whether or not cryptocurrencies are a legitimate investment opportunity. In this episode, Justin explains what cryptocurrencies are, how they work and provides some guidance on whether or not these digital coins are a good investment. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:52 - Should Business Owners Go "All In" On Cryptocurrency 02:50 - The Block-Chain 07:53 - Cryptocurrency 11:35 - What's the Fuss All About? 13:23 - Are Cryptocurrencies a Good Investment? 16:02 - If Not Now, When? 18:07 - Have An Investment Philosophy 22:45 - Diversification 24:45 - The 7 Basic Asset Classes 28:31 - So, Should You Invest? 29:24 - Summary

In episode 361 of Financially Simple, Justin continues the allegory of his fishing trip in relation to Business Owners setting out and seeking better waters. If you've had to pivot, or change course and deviate from the business plan you had crafted, you will inevitably have to deal with some negativity and noise from the naysayers. In this episode, Justin shares his experience setting out to find better fishing grounds, and likens it to Business Owners and Entrepreneurs who are charting a new course, giving some guidance on how to succeed. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - When You Leave The Shore, Expect To Hear Some Noise 02:30 - The Types of Noise You May Have to Deal With 13:29 - How to Succeed Despite The Noise: Visualize Your Dreams 17:34 - Value Endurance 19:15 - Mental Strength 21:45 - A Word of Caution 23:41 - Summary   USEFUL LINKS: Work with Our Team The Reality of Change, by Fred Johnson

In episode 360 of Financially Simple, Justin shares his recent fishing adventure. The last year or so has been unprecedented and extremely tough for business owners, with many having to make difficult decisions in order to keep on track with their business plans. In this episode, Justin recounts battling a Bull Shark, and likens the experience to handling the challenges many business owners are facing - you could cut loose, or just take it head-on. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - Sometimes You Have to Fight The Shark 10:22 - So, What Do You Do? 13:44 - What's Your Shark 15:38 - Wrap Up   USEFUL LINKS: Work with Our Team Subscribe to the Financially Simple Newsletter   Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, s

In episode 359 of Financially Simple, Justin takes a look at the Business Cycle. To paraphrase The Byrds, to every business there is a cycle, and knowing at which stage of the cycle your business is at can help you to move on to the next stage and also avoid the bad phases. In this episode, Justin goes over each stage of the Business Cycle, highlighting the importance of recognizing when you're headed for a rough patch and how you can continue on a smooth growth path. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - The Business Cycle 03:10 - Launching Your Business 05:13 - The Growth Phase 05:56 - The Washing Machine 08:53 - Auto-Pilot 11:11 - Atrophy 12:34 - Recovery 13:55 - Summary   USEFUL LINKS: Work with Our Team Subscribe to the Financially Simple Newsletter   Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a n

In episode 358 of Financially Simple, Justin answers a listener's question regarding Formal and Informal Valuations. If you are planning on selling your business, having the business accurately valued is important to determine its worth in order to get a fair offer. In this episode, Justin compares Formal and Informal Valuation criteria, and gives a breakdown of each. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - Formal vs. Informal Valuation 02:45 - What is a Business Valuation 04:55 - What is Value 07:18 - When are Valuations Needed 09:12 - The Difference 15:30 - Summary   USEFUL LINKS: Work with Our Team Subscribe to the Financially Simple Newsletter   Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. H

In episode 350 of Financially Simple, Justin talks to The Go-Giver author Bob Burg about the importance of Leadership in a business. While the objective of a business is to make money, it is not the most important factor when deciding how to run a business. In this episode, Justin and Bob ask the important questions that result in money being the by-product of the answers and subsequent actions. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - Leadership, with Bob Burg 04:03 - "Does it make money?" 08:11 - A Bit of Backstory 14:51 - Coaches and Mentors 22:17 - Always Learning 26:46 - A Pearl of Wisdom   USEFUL LINKS: Work with Our Team The Go-Giver, by Bob Burg and John David Mann Subscribe to the Financially Simple Newsletter Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, b

In episode 344 of Financially Simple, Justin gives an overview of how a Business Owner can go about letting go of some of their responsibilities. Burn out and stress are two common issues Business Owners face in the running of their company, and as the business grows there comes a point when you can't continue to do everything and will need to start delegating tasks in order to maintain that growth. In this episode, Justin explains how you as a business owner can begin relinquishing control over areas of your business, and handing those responsibilities to other team members so that you can have more time to focus on the work you want to do. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:46 - How a Business Owner Can Relinquish Control of Their Company 01:29 - Key Points 02:33 - Delegation 07:57 - How Do We Relinquish Control? 12:35 - Summary   USEFUL LINKS: Work with Our Team Financially Simple Energy Audit Erisaminer

In episode 343 of Financially Simple, Justin gives a quick explanation of why keeping Meeting Minutes is useful as a Business Owner. Who said what, when, where, and what happened next - knowing these things from your business meetings is important to keep track of important decisions and growing your business successfully. In this episode, Justin explains how to keep meeting minutes effectively. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:46 - How to Keep Effective Meeting Minutes 01:54 - Who is Required to Keep Minutes? 03:05 - What Should be Included in Meeting Minutes? 03:34 - Putting it into Practice 07:04 - Keeping a Record 09:04 - What Do You Do With Your Minutes? 09:47 - Wrap Up   USEFUL LINKS: Work with Our Team Erisaminer Webinar - Sign Up Subscribe to the Financially Simple Newsletter   Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodb

In episode 342 of Financially Simple, Justin looks at improving efficiency with effective time management. Time is money, as the saying goes, and most business owners would agree that they would rather use their work time effectively rather than squander it on frivolous tasks. In this episode, Justin explains how having a schedule that is properly organized to manage your time between work and life will improve your efficacy and happiness. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:46 - How Small Business Owners can Build a Schedule for Maximum Efficiency 06:54 - Time Management 07:59 - Decide When To Work and When Not To 10:00 - Block Out Your Schedule and Inform Your Team and Clients 11:19 - Schedule High Priority Items at Peak Times 12:59 - Provide Blocks in Your Daily Schedule 14:41 - Build an Efficiency List 17:05 - Delegate Low Revenue Activities 17:40 - Refine Your Schedule 18:13 - Summary   USEFUL LINKS: Do

In episode 341 of Financially Simple, Justin goes over the benefits of having an Operations Manual for your business and how to use technology to make the process easier. Having an Operations Manual for your business can make your life as the owner much easier, as the manual helps to bring new hires up to speed on the processes that you currently use. Furthermore, the manual will help the new CEO or owner of the business understand how you run things when you sell or retire. In this episode, Justin explains the reasons why having an Operations Manual is important and gives tips on how to use technology to document the processes that you use. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:50 - How to Use Technology to Accelerate Your Operations Manual 04:29 - What's in the Operations Manual? 06:31 - Does it Matter? 09:59 - Where to Start 15:07 - The Results 17:00 - Summary   USEFUL LINKS: Work with Our Team Eli Goldratt

In episode 340 of Financially Simple, Justin looks at the three main causes of stress for small business owners. Running your own business is incredibly stressful, there are so many factors that you as a business owner must consider daily and it can take a toll if you don't manage yourself and your business effectively. In this episode, Justin goes over the three biggest stress factors for small business owners and offers guidance on handling it all to avoid burnout. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:46 - How to Stop Stress as a Business Owner 01:08 - Why are We Stressed Out? 01:56 - Cashflow Concerns 04:18 - Tax Regulations 06:29 - Time Management 11:49 - Wrap Up   USEFUL LINKS: Work with Our Team Subscribe to the Financially Simple Newsletter [BOOK] Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationa

In episode 339 of Financially Simple, Justin considers why Business Owners' personal finances can be such a mess. Running your own business is like spinning plates, there's a lot going on and if we don't pay attention something gets overlooked and crashes, and, oftentimes, this is our own financials. In this episode, Justin looks at reasons why the business owner's personal finances are usually overlooked, and gives some ways to address the problem. There are many different ways that business owners can allow owning a business to harm their personal finances. For the sake of time, I'm only going to outline a few of the primary offenses that get business owners into personal financial trouble. If you read through this list and find that you can personally relate to any of them, don't worry. I'm going to follow up with ways to help you protect yourself, so you don't end up looking at your personal finances in your 30s or your personal wealth in your 40s, 50s, or 60s and think, "I'm going to have to work well in

In episode 338 of Financially Simple, Justin looks at the main reasons that a small business will likely fail within the first few years. Failure to plan is planning to fail, and never is this more true than with new businesses that start out without proper planning. In this episode, Justin lists the seven main reasons that small businesses don't last more than a few years and offers solutions to overcome each of the issues. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - 7 Reasons Small Businesses Fail 02:58 - Failure to Create a Business Plan 05:13 - Failure to Investigate the Market 07:21 - Financing Obstacles 08:33 - Poor Marketing Decisions 09:57 - Failure to Innovate 12:06 - Expanding too Quickly 13:11 - Poor Management 14:47 - Summary   RESOURCES: Work with the Financially Simple Team Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale

In episode 337 of Financially Simple, Justin goes over having a vision for your Business. The majority of Small Business Owners begin with an idea of their business, and this vision of what could be inspires and motivates them to start and to keep going. In this episode, Justin talks about having a vision for your business and how it can drive your team forward to be a success, as well as some advice on keeping the vision alive. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:44 - Can You Cast Vision as a Business Owner 02:02 - Personal Example 05:55 - Define Your Vision 08:38 - Be Inspiring 10:23 - Follow Up Consistently 12:01 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit Financially Simple Business Planning

In episode 336 of Financially Simple, Justin talks to David Kent of Heritage Investors about the Power of Two to Influence One. Two heads are better than one, so the saying goes, and as a business owner running your own business it can be helpful to have a second in command to free up your own time and resources and to make the business more efficient. In this episode, Justin and David introduce and explain the concept of The Power of Two to Influence One, and how it can improve your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:58 - The Power of Two to Influence One 02:22 - Numbers Matter 05:19 - The Concept 11:45 - How it Works 17:43 - Reducing Owner Dependence 21:21 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business f