Financially Simple

In episode 132 of Financially Simple, Justin looks at the Legal aspects of Entity Selection. When establishing your business, it is important to make sure the business is registered with the appropriate authorities as the proper business type and that all your supporting documents are in order. Justin goes over the processes and pitfalls of setting up a business as a legal entity, with a few examples of some common dos and don'ts. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Stay Savvy... The Basics That Minimize Risk to Your Business   TIME INDEX: 00:33 - The Risk Management Department: Entity Selection 02:03 - Operating as a Sole Proprietor or a Company 03:52 - Lawyer Up 04:05 - Operating Documents 07:05 - Review Your Operating Agreement 08:05 - All Fees Paid 09:21 - No Co-Mingling! 12:46 - Summary _________________ USEFUL LINKS: WealthSource Partners: https://www.wealthsource.com/partners/ Financially Simple podcast: https

In episode 131 of Financially Simple, Justin outlines the coming series on having a Best in Class Risk Management Department. Risk Management can be categorised as Legal and Insurance, and each of those can be further broken down into their respective subcategories. Justin looks at both the Legal and Insurance aspects of Risk Management. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:27 - The Risk Management Department 01:42 - From Legal to Risk Management 02:23 - Legal 03:23 - Insurance 03:46 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Inve

In episode 130 of Financially Simple, Justin wraps up this series on Best in Class Finance with a look at the 5x5x5 method. A simple strategy, but difficult to execute - however, if you can manage it you'll see exponential gains to the value of your business. Justin explains the 5x5x5 Business Value Growth strategy, and how it can be done. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG/TRANSCRIPTION: BLOG: The 5x5x5 Growth Technique - A Small Tip for Businesses That Could Yield Big Gains TIME INDEX: 00:58 - 5x5x5 for Business Value Growth 01:46 - 5% Increase in Revenue 03:11 - 5% Decrease in SG & A 06:43 - 5% Margin Increase 08:11 - Strategic Planning 12:43 - Wrapping Up USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and

In episode 129 of Financially Simple, Justin answers a listener's question on achieving financial stability. Having financial stability in your business is like having smooth, calm waters to go fishing. And having a financially stable business will increase its value and attractiveness to potential buyers down the line. Justin goes over three areas that business owners should address in order to achieve financial stability. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG/TRANSCRIPTION: BLOG: 3 Simple Ways to Build Financial Stability in a Small Business TIME INDEX: 01:41 - How to Build Financial Stability in a Small Business for Maximum Value 02:19 - Still Waters 06:05 - Recurring Revenue 09:23 - Broad Customer Base 11:33 - Team Centric 13:17 - Wrap up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recog

In episode 128 of Financially Simple, Justin goes over the numerous taxes that Business Owners can face. Nothing can be said to be certain except death and taxes, and in the case of a business, a lot of taxes. Justin lists and explains the most common Business Taxes that can apply depending on the type of industry and location of your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: "Missing" Taxes Checklist for Small Business Owners   TIME INDEX: 00:26 - The 11 Different Taxes a Small Business Owner Could Pay 01:47 - Income Taxes 04:15 - Estimate Tax 04:50 - Sales Tax on Products and Services Sold 05:32 - Property Tax on Business Property 05:52 - Excise Taxes on Use and Consumption 06:14 - Self-Employment Tax on the Owner's Share of Business Income 08:01 - Employment or Payroll Taxes 09:57 - Gross Receipt Tax on Businesses 10:29 - Franchise Taxes 10:59 - Sales Tax 12:04 - Real Estate Taxes 12:18 - (12) Professional Priv

In episode 127 of Financially Simple, Justin begins his deep dive into having a best in class Finance Department for maximum value growth by looking at the different types of Financial Reports. Financial Reports can cover different aspects of a business, from income and expenses, to liabilities and equity. As a business owner, it is very helpful to examine and understand these reports to increase the value of your business. Justin goes over the various reports, breaking them down and explaining how each can be useful in understanding a business's affairs. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: 9 Financial Statements Business Owners Should Examine Regularly   TIME INDEX: 00:22 - What are the best Financial Reports for Business Owners to examine? 01:30 - The Balance Sheet 04:28 - The Income Statement 07:47 - The Cash Flow Statement 09:27 - The Account Receivable Report 12:29 - The AR Day vs AP Day Report 14:27 - The Budge

In episode 126 of Financially Simple, Justin looks at creating a Pro Forma for your Business. A Pro Forma is a living document that will act as a record of a business, and will also allow you to make certain predictions of where a business is headed. Justin goes over the fundamentals of making a Pro Forma for your business, and explains why having one is of great benefit. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:26 - How to Build a Custom Pro Forma 01:19 - What is a Pro Forma? 03:36 - How a Pro Forma works 06:02 - Income 08:32 - Expenses 13:58 - Projecting Risks 14:40 - The Benefits of Categorisation 18:49 - Net Income 20:25 - Tracking the Growth and Value of a Business 21:57 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth m

In episode 125 of Financially Simple, Justin compares Zero Based Budgeting and Incremental Budgeting. Knowing how much your business will require to achieve a certain goal is essential to avoid problems in running the business, whether those goals are short-term or long-term. Justin looks at two budgeting techniques, Zero-Based and Incremental, considering their pros and cons, and when to use each type to attain your business goals. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Zero-Based or Incremental... Which Budget Strategy is Best for You?   TIME INDEX: 00:22 - Zero Based Budgeting vs. Incremental Budgeting 01:35 - What is Zero-Based Budgeting? 02:54 - What is Incremental Budgeting? 03:20 - Pros & Cons 03:33 - Zero Based Budgeting 07:51 - Incremental Budgeting 11:17 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO: Justi

In episode 124 of Financially Simple, Justin continues his deep dive into creating a best-in-class Financial department in your business, by looking at your Profits and Losses. Knowing the full extent of your revenue and costs will help develop a greater understanding of your Business's financial state and, in so doing, create a story that will help increase the efficiency and value of the Business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Profit and Loss - Reading Your Company's P&L Statement   TIME INDEX: 00:29 - How to make Your P&L tell a Story 01:20 - More than just a Paper Trail 02:27 - Putting the Pieces Together 02:53 - The Revenue Stream 03:32 - Cost of Goods 04:18 - Gross Profit 04:34 - Expenses 06:07 - Net Income 07:09 - Examining the Revenue Stream 09:58 - Examining the Cost of Goods Sold 11:06 - Examining Your Expenses - Required vs. Discretionary 12:58 - Calculating Your Margin 13:39 - Wrap Up   USEFU

In episode 123 of Financially Simple, Justin lists his tips for managing Accounts Payable. Keeping track of expenses and making sure the bills are paid on time is so important! Justin gives 19 tips on how to best manage the tasks, and create a best-in-class system that will be able to operate with minimal interference by the Business Owner. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG/TRANSCRIPTION: BLOG: How to Streamline Your Accounts Payable Process  TIME INDEX: 00:31 - Tips for Managing Accounts Payable 01:40 - 1 - Start Early 02:50 - 2 - Get Your Workers Focused 04:21 - 3 - Have Effective Communication 05:36 - 4 - Don't forget the Human Factor 06:19 - 5 - Apply the 5W1H approach 07:16 - 6 - Adopt the RACI Model 08:38 - 7 - Follow the KISS Principle 08:52 - 8 - Encourage Your Team to Share Ideas 09:29 - 9 - Simplify the Accounts Payable Process 10:20 - 10 - Review Records for Optimisation 11:09 - 11 - Cross Off Finished Items 11:18 - 12 - Bat

In episode 122 of Financially Simple, Justin gives some tips on managing your Accounts Receivable. How to get paid, without any hassle, and on time - it makes running a Business so much easier! Justin lists 19 tips on making the payment process easier for your customers, and less of a headache for you. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: 19 Tips for Improving Accounts Receivable Collections   TIME INDEX: 00:27 - Tips to Manage Accounts Receivable 01:16 - 1- Get Organized 02:44 - 2 - Expedite the Invoicing Process 03:13 - 3 - Use the Credit Limit 03:57 - 4 - Revise Customer Payment Terms 05:15 - 5 - Creatively Communicate 05:52 - 6 - Start Early 06:19 - 7 - Change Your Billing Cycle 06:51 - 8 - Offer Multiple Payment Options 08:20 - 9 - Don't Wait 08:55 - 10 - Remind Remind Remind 10:12 - 11 - Stay Professional 10:52 - 12 - Maintain Positive Relationships with Customers 12:10 - 13 - Collection Call 12:54 - 14 - Prepare

In episode 121 of Financially Simple, Justin advises on how much cash a Business should have on hand. Money in the bank is always good to have, whether it's to see you or your business through hard times. Justin goes over a simple strategy for having enough for yourself as well as your business - just in case of unforeseen circumstances; as well as when it's not good to have too many cash assets. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: How Much Cash Should You Stash in Your Business and Personal Accounts?   TIME INDEX: 00:28 - How Much Cash Should My Business Hold? 01:28 - The Four Account Method 03:26 - Personal Accounts 05:53 - Business Accounts 08:53 - Cyclical Businesses 10:35 - Focus on the CFO 11:02 - Money in the Bank 12:09 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a n

In episode 120 of Financially Simple, Justin continues his deep dive into a Best-in-Class Finance Department looking at the role of a CFO/CPA. Many small and middle-market businesses may only have a single bookkeeper, or the owner does their best to handle the various tasks of budgeting, payroll, and accounts. Justin examines the roles of a CFO/CPA within a business, the qualities required of a capable CFO, and how those qualities may vary depending on what stage a business is in. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Why Every Business Needs a CFO to Reduce Business Risk TIME INDEX: 00:28 - The Role of a CFO/CPA 01:17 - Most Small Businesses Only Have One Individual to Handle it All 02:49 - The Four Different Areas of a CFO 03:48 - 1. Treasury 04:22 - 2. Tax 04:42 - 3. Accounting 05:10 - 4. Finance 07:19 - The Four Faces of a CFO 07:45 - The Strategist 07:58 - The Operator 08:12 - The Steward 09:22 - The Catalyst 12:21

In episode 119 of Financially Simple, Justin begins a series of episodes looking at having a Best-in-Class Finance Department for maximum value growth. Many individuals and business owners lack the knowledge of proper book-keeping and financial management, leaving it to the accountants to figure out. But having a fundamental understanding and systems in place to manage the accounts will improve transparency and increase the value of a business. Justin asks key questions to assess your business and gives an overview of how a Best-in-Class Finance Department can enhance a business's value. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: An Introduction to Building a Best-in-Class Finance Department TIME INDEX: 00:52 - An Introduction to Best in Class Finance Departments for Maximum Business Value 01:20 - What's Your Financial Know-How and State of Finances? 03:47 - Having a comprehensive Finance Department and Strategy 05:34 - Some

In episode 118 of Financially Simple, Justin looks at what makes for a Good Operations Management System. A Business's Management Systems are the fundamental processes that keep a Business running on track. Justin goes over the five core elements of a good and efficient Operations Management System. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:23 - The Elements of a Good Operations Management System 00:29 - Clearing out the Chicken Coop 03:13 - The Five Elements 04:22 - 1. Processes and Procedures 05:49 - Streamlining 07:11 - 2. Roles and Responsibilities 08:39 - 3. Tools 12:45 - How much are you wasting? 13:15 - 4. Risk and Safety Controls 15:28 - 5. Metrics and Reporting 16:26 - Baseline Capacity vs. Demand Requirements 18:40 - Reporting Frequency 19:06 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______ BIO: Justin A. Goodbread, CFP®, CEPA, CVG

In episode 117 of Financially Simple, Justin gives an overview of what Lean Management is and how it applies to both Manufacturing and Service Businesses. Lean Management and Continuous Improvement can be thought of as the structure of a Business, with foundations, supporting levels and columns of processes and principles that hold up the success fundamentals of the Business. Justin goes over the different levels of this Lean structure, explaining how each matters in your Business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:21 - What is Lean Management and Continuous Improvement? 01:40 - Lean in Manufacturing 03:28 - Lean in Services 03:39 - The Structure of Lean 04:50 - The Foundations 06:32 - Manage by Fact 07:32 - Workplace Organisation and Visual Management 08:22 - Standardized and Stable Processes 09:58 - The Three Pillars 10:15 - Delivery 12:04 - Environmental 13:17 - Quality 15:15 - People and Teamwork 15:31 - Sustainable Contin

In episode 116 of Financially Simple, Justin looks at the history of Operations Management. Business and Industry has come a long way since the Industrial Revolution in the early 20th Century, with advancements in technology as well as the Operational Processes that manage them. Justin gives a brief history of the development of Operations Management over the last 100 years - looking at the key points of the evolution of Operations, and where it's headed next. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: The Evolution of Business Operations Management   TIME INDEX: 00:43 - The History of Operations Management 01:32 - The Principles of Scientific Management 02:34 - Assembly Line/Parts Standardization 03:41 - Method-Time Measurement 05:52 - Toyota Production System 06:58 - Six Sigma 08:10 - ISO 9000 08:39 - Lean Operations 10:03 - The 5 Key Principles of Lean 10;46 - 8 Waste Obstacles of the Lean Process 13:26 - Business Process

In episode 115 of Financially Simple, Justin looks at the Top 3 Operational Problems. If the Operational Systems and Management in your Business are not working to add value and growth to the company, you need to start looking for the cause of the problems. Justin goes over the process of finding out the root causes for Operational Problems, and what those problems can ultimately be. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG/TRANSCRIPTION: BLOG: 3 Operational Issues that Weaken Your Business's Infrastructure   TIME INDEX: 00:27 - The Top 3 Operational Problems 01:51 - The Salmon Run 04:51 - Operational Problems 06:08 - Tracking Back the Failures 08:53 - Finding the Source 09:52 - Challenge the "Why" 10:20 - The 3 Problems 10:29 - Inefficient Throughput 11:27 - Excess Capacity 12:58 - Inconsistent Execution 15:33 - Closing   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitte

In episode 114 of Financially Simple, Justin begins to look at the process of building Operations for Maximum Growth. To effect growth in your Business, having well managed Operating Systems is a must no matter how big or small the company - even the smallest improvement to the management of a process will yield positive results. Justin goes over the various elements of Operations management and their systems. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Operational Steps Service-Based Businesses Should Take   TIME INDEX: 00:46 - The Operating Elements of a Service Business 01:14 - What is a Service Business? 01:56 - The Master Blueprint 03:29 - Design & Engineering 05:09 - Account and Order Management 06:10 - Project and Production Management 06:56 - Procurement 07:48 - Materials and Inventory Management 08:42 - Facilities Management 09:11 - Tools and Tech 09:45 - Resourcing 10:56 - Quality and Risk Management 11:59 - Fie

In episode 113 of Financially Simple, Justin takes a look at Operations and Systems within a Business. The Operations of a Business will effectively run the Business. How well those Operations Systems work, will determine how well the Business runs and its value growth. Justin looks at Operations Management and Operations Systems, and what Business Owners should consider to make these processes work for them. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Build Business Operational Systems for Maximum Value Growth   TIME INDEX: 01:24 - Operations Department vs. Operations Systems 01:57 - Ant Farm Operations 04:05 - Definition of Operations 04:28 - The Big "O": Operations Management 05:47 - What the Operations Department Oversees 09:25 - The Little "o": Operations Systems 11:29 - 10 Tips About Operations 11:56 - 1: Operations Include both People & Processes 12:35 - 2: People is Often the Largest Cost in an Organization 12:51