Financially Simple

In episode 92 of Financially Simple, Justin takes a look at the Sales Funnel process. Effectively converting clients' interests into sales is a priority for any business. Justin goes over the Sales Funnel process, comparing traditional techniques to Best-in-Class techniques. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  BLOG: Changing to a Modern Sales Process from a Traditional Sales Process   TIME INDEX: 00:26 - What is a Best-in-Class Sales Funnel? 02:51 - The Sales Funnel Begins with Marketing 03:45 - Most Buyers Decide Before Reaching Sales 05:46 - A Few Customers are Looking for Alternatives 06:17 - The Sales Funnel 06:48 - The Traditional Sales Funnel 12:06 - The Best-in-Class Sales Funnel 12:23 - Marketing 14:31 - Relating to the Buyer 16:11 - Qualifying 17:40 - Closing the Sale 19:56 - Post-Sale Follow Up 20:35 - Conclusion   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Fina

In episode 91 of Financially Simple, Justin talks Best-in-Class Sales structures. One of the ways to efficiently improve your business's value with minimal costs is to be the best-in-class in Sales - stand out from the crowd! Justin goes over the fundamentals of what it takes to be best-in-class. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 01:04 - What is Best-in-Class Sales? 01:14 - What is Sales? 01:59 - Do You Have a Sales Process? 05:03 - Approach #1 06:38 - Approach #2 10:00 - What Does it Mean to Have a Best-in-Class Sales Process? 10:49 - Be clear, Concise, and Reasonable 12:32 - Achievable 13:28 - Well Articulated 13:58 - Sales & Marketing 16:06 - Win Big at Little Cost 17:09 - Maintain the Prospects Pipeline 18:14 - Provide Predictable Revenue 18:45 - Low Turnover Rates 19:00 - Minimum Customer Attrition 19:18 - Work as a Team 20:39 - Summary   USEFUL LINKS: Link to the corresponding blog post: 10 Ways to Create a Best-in-Clas

In episode 90 of Financially Simple, Justin wraps up the series on Leadership by explaining how good leadership adds value to your company. Having good leadership within your company will help drive the business towards your vision, and in doing so, will increase the value of the business. Justin looks at how an effective leader does this, as well as the difference between leaders and managers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! Blog Transcription:  How Does Leadership Add Value to Your Small Business?   TIME INDEX: 00:25 - Using Leadership to Drive the Value of Your Company 01:11 - How does Leadership Drive the Company's Value? 02:32 - Managers vs. Leaders 07:14 - Leadership & Planning 07:51 - Where Does Leadership Bring the Value to Your Company? 10:40 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter LisaHaisha.com ________ BIO: Justin A. Goodbread,

In episode 89 of Financially Simple, Justin talks about developing leadership within the business. When it comes time to sell your business, you and the buyer will want to know that the team you have in place will be able to continue to work effectively without you in charge. Justin considers the ways that a business owner can develop leadership within their team and employees, so that should the owner be absent the business will continue to grow. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!   TIME INDEX: 00:24 - How to Train Leaders in All Areas of Your Business 02:40 - Sustainable Urgency Aligned Around a Critical Business Opportunity 04:38 - How to Create Sustainable Urgency Without the Key Leader 05:06 - Hire Right 06:33 - Have High Standards for Leaders 07:44 - Have a Crystal Clear Vision 08:12 - Include the Team in Your Strategic Meeting 09:13 - Cross-Train, Train, and Teach 10:39 - Say it Again, and Again 11:01 - Ask & Implement Opinions, In

In episode 88 of Financially Simple, Justin looks at the 21 Personal Qualities of a good leader. To be a successful business owner, you need to be a good leader - for your team, employees, and even customers. Justin looks at the 21 most necessary Personal Qualities that make for a good leader. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  The Essential Leadership Qualities List for Every Small Business Owner   TIME INDEX: 00:25 - The Personal Qualities of a Leader 01:49 - Character 03:46 - Charisma 04:47 - Commitment 06:51 - Communication 08:23 - Competence 09:56 - Courage 11:37 - Discernment 12:33 - Focus 14:17 - Generosity 16:28 - Initiative 17:27 - Listening 18:06 - Passion 19:04 - Positive Attitude 20:38 - Problem Solving 21:12 - Relationships 22:08 - Responsibility 22:54 - Security 23:31 - Self-Discipline 24:17 - Servanthood 25:05 - Teachability 25:48 - Vision 26:13 - Summary   USEFUL LINKS: Financially Simple Financially Simp

In episode 87 of Financially Simple, Justin looks at the top ten things that good leaders do. Jeff Immelt, former CEO of GE, shared what he thought the good qualities of a leader are in an interview with Fast Company Magazine. Justin goes over the top ten qualities and analyzes each in context for the small business owner. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  "World's Best CEO" Winner Jeff Immelt Shares His List of Leadership Must-Dos   TIME INDEX: 00:32 - The Top Ten Things Leaders Do 01:36 - #1 - Personal Responsibility 03:15 - #2 - Simplify Constantly 04:43 - #3 - Understand Breadth, Depth, and Context 06:29 - #4 - The Importance of Alignment and Time Management 07:55 - #5 - Leaders Learn Consistently, and Also Have to Learn How to Teach 09:58 - #6 - Stay True to Your Own Style 12:59 - #7 - Manage by Setting Boundaries with Freedom in the Middle 14:23 - #8 - Stay Disciplined and Detailed 15:48 - #9 - Leave a Few Things

In episode 86 of Financially Simple, Justin talks Leadership. What makes for a good small business leader; someone that will direct the company and its team where the business is meant to go? Justin looks at the qualities of a leader within the context of a small business, as well as comparing top-down and multi-directional leadership. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  An Overview of Small Business Leadership… Motivation & Inspiration   TIME INDEX: 00:25 - What is Leadership in the Small Business setting? 01:09 - Leadership from a Small Business Owners' Mindset 04:15 - What is Leadership? 06:32 - Definition of Leadership 07:49 - Qualities of Leadership 12:02 - Why is Leadership Important? 13:45 - Who is the Leader of an Organization? 15:17 - Multi-Directional Leadership 15:59 - Levels of Leadership 20:27 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financi

In episode 85 of Financially Simple, Justin wraps up this series on Business Planning. A solid business plan that is well executed will increase the intrinsic value of your company. Justin wraps up this series on planning, taking a last look at the process and the 1:4:12:52 model of structuring a business plan. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!   TIME INDEX: 00:32 - How Planning Can Increase the Value of Your Company 01:23 - Good Execution of the Plan is Paramount to Success 02:42 - The 1:4:12:52 Model 04:40 - Example 06:50 - Keep Your Team Focused and Informed 07:43 - The Goal is to Increase the Company's Intrinsic Value 08:53 - Planning Takes Time, It's a Constant Process   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, spea

In episode 84 of Financially Simple, Justin goes through the motions of the Business Planning Cycle. Thought your business plan was a one-off? Think again! Business plans are constant throughout the operations of a business. Justin goes over the Business Planning Cycle, considering each turn of the wheel and how it integrates into a business's growth. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!   TIME INDEX: 00:29 - The Business Planning Cycle & Challenges to Business Planning 00:51 - Turn, Turn, Turn 02:24 - Personal Planning 03:55 - Business Planning 06:48 - Critical Success Factors 09:49 - Planning Challenges 11:42 - Tips for Implementing a Successful Value Growth Plan 14:20 - Conclusion   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,

In episode 83 of Financially Simple, Justin talks Tactics and Actions. Setting out your business strategy objectives follows the rule of three - focus on three objectives. Each objective has three tactics to achieve it, and each tactic has three actions to enact the tactic. Justin goes over this strategy, explaining the how and why. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  Tactics and Actions…How to Implement Your Strategic Plans   TIME INDEX: 00:32 - Strategic Planning: Tactics & Actions 01:55 - Strategies for Your Business's Objectives 02:27 - Tactics for the Objectives 03:43 - Those Who Plan the Tactics Need to be Actively Involved 05:40 - Objectives, Tactics & Actions 06:53 - Actions Implement Tactics 08:57 - 3 Objectives x 3 Tactics x 3 Actions 11:26 - Example 12:39 - Wrap-Up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO:

In episode 82 of Financially Simple, Justin goes over the core strategies of Strategic Planning. There are three considerations of strategic planning - engagement, positioning, and growth. Justin examines each of these strategic aspects and the factors of each one. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION: 3 Questions to Ask When Developing Strategies to Meet Business Goals   TIME INDEX: 00:34 - Strategies Within the Context of Strategic Planning 02:13 - The Three Questions to Ask 03:18 - How Will You Engage with Your Customers? 04:23 - Operational Excellence 06:19 - Product Leadership 08:46 - Customer Intimacy 10:35 - What is Your Business's Strategic Focus? 13:19 - How Will You Position Your Business? 20:11 - How Are You Going to Grow the Business? 25:34 - Conclusion   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Cliff Bowman Porter Generic Strateg

In episode 81 of Financially Simple, Justin talks about setting strategic objectives for your business. As your business grows, it's important to have clear goals to define the development of the business and keep it on track to your ultimate objective. Justin goes over setting goals, what they should be, and how to reach them. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  7 Steps to Setting Achievable Long-term Objectives in Business   TIME INDEX: 00:35 - Setting Strategic Objectives 02:15 - What Are the Objectives of Your Business? 04:00 - Having a Time Frame 06:22 - Only Set 3 Goals at a Time 08:39 - Make One Financial 09:26 - The SMART Filter 10:19 - Be Specific 12:05 - Make it Measurable 13:06 - Make it Assignable 13:52 - Make it Realistic 14:03 - Is it Time-related? 14:42 - Objectives Must Align with VMOSTA 18:00 - Goals & Objectives Should be Set by Management 19:29 - Write Your Objectives Down   USEFUL LINKS: Financiall

In episode 80 of Financially Simple, Justin looks at SWOT Analysis for business. A SWOT Analysis can help define a business' strengths, weaknesses, opportunities, and threats - knowing each of these aspects in a business can help it succeed and grow. Justin goes over each aspect of the SWOT Analysis, and how each relates to a business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  Using the SWOT Analysis to Increase the Value of Your Small Business   TIME INDEX: 00:45 - Strategic Planning: SWOT Analysis 01:33 - Developing a SWOT Analysis 02:32 - Origins of SWOT 03:25 - Strengths 07:32 - Weaknesses 11:07 - Opportunities 14:42 - Threats 16:46 - SWOT Template 17:41 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Albert S. Humphrey USP Analysis ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, busines

In episode 79 of Financially Simple, Justin takes a look at the values that will define your business. An individual's values and the values of their business define the character and reputation of them and their business. Justin examines the different values that are involved in business, why they matter and how having the right values can determine a business's sustainability. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  How Your Personal Values Affect Your Business and Its Strategic Planning Process TIME INDEX:00:29 - Strategic Planning: The Values of a Company 01:17 - Individual Values 02:09 - Relationship Values 02:55 - Organisational Values 03:14 - Societal Values 03:48 - Reputation Reflects Business Values 06:00 - Values Are Not Beliefs 06:44 - Values Determine Decisions 08:38 - Why Values Matter 10:15 - Resolving Organisational Values 11:49 - Conclusion   USEFUL LINKS: Financially Simple Financially Simple on YouTube Finan

In episode 78 of Financially Simple, Justin compares the Vision and the Mission of Strategic Planning Setting out a business's strategic plan as the owner, you'll need to know where you want to be in X years time and how you're going to get there. Justin explains and compares the Vision and Mission of VMOSTA. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  BLOG TRANSCRIPT: BLOG: Understanding the Difference Between Business Vision and Mission   TIME INDEX: 00:35 - Strategic Planning: Vision vs. Mission 01:01 - Planning for the Future 04:28 - What is the Vision 04:51 - What is the Mission 05:42 - Vision vs. Mission 09:04 - Know Where You're Headed 10:57 - 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 manager, author, speaker, and entrepreneur. H

In episode 77 of Financially Simple, Justin outlines the strategic planning process. Drawing up a strategic business plan can be a daunting task for many business owners - where to start, who to involve, and how to proceed. Justin explains his process, VMOSTA, and explains each step, as well as the who, when, and where. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  The Strategic Planning Process Steps   TIME INDEX: 00:34 - The Strategic Planning Outline: Long-Term Planning for Increased Business Value 01:51 - The Vision: Test & Execution 03:09 - Different types of Planning 03:31 - Strategic Planning 05:39 - The Strategic Planning Process 07:02 - VMOSTA 07:28 - Vision & Mission 08:41 - Values & SWOT 09:32 - Objectives & Strategies 10:22 - Tactics 10:37 - Actions 11:40 - The Who 16:29 - The When 19:08 - The Where 20:12 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Face

In episode 76 of Financially Simple, Justin introduces Business Planning 101. As Benjamin Franklin once said, "Failing to plan, is planning to fail". In this episode of Business Planning 101, Justin looks at the planning habits of most business owners and goes over the core fundamentals of having a business plan and executing that plan. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  The Business Planning Process…4 Steps to Help Make Your Plans Successful   TIME INDEX: 00:32 - Business Planning 101 02:07 - Buying a Car vs. Saving for Retirement 03:18 - Entrepreneurs Planning Habits 04:40 - Planning Gets the Least Attention 05:49 - So What Exactly is Business Planning? 07:20 - The Ultimate Definition 08:53 - Planning with Military Precision 11:46 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Agility PR Solutions' Study Business Planning Definit

In episode 75 of Financially Simple, Justin looks at the Dupont Formula and how it can be improved upon. The Dupont Formula is a Return On Equity strategy, first applied in the early 1920's. Justin examines this well established method, and updates it for the modern business world. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!   TIME INDEX: 00:31 - The Flaw in the Dupont Company Formula 02:48 - The Dupont Model Has Value 03:37 - A Technique for Business Evaluation 05:43 - What Is the Dupont Formula? 06:09 - Revenue Growth 07:45 - Operating Margin 09:22 - Asset Efficiency 10:40 - Where it's Flawed 11:44 - VMOSTA 15:51 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter The Dupont Formula ________ 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 o

In episode 74 of Financially Simple, Justin gives an overview of the eight key areas of business and the respective personality types of each. When it comes to running a business there are eight identifiable areas of expertise, and with that comes different skillsets and suitable personality types for each area. Justin goes over the eight key areas and looks at the qualities and desirable personality traits of the people that work in each sector. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG TRANSCRIPTION:  8 Foundational Components that Drive Up Your Business's Intrinsic Value   TIME INDEX: 00:53 - An Overview of the Eight Key Areas of Business & the Personalities of Each 02:38 - The Eight Key Areas 07:38 - The Four Sectors of DISC 11:21 - The Corresponding Personality Types 13:10 - Team Selection 18:08 - Conclusion   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter __

In episode 73 of Financially Simple, Justin looks at the key concepts of Value Growth. There are various terms used in business that might be unfamiliar or confusing, and knowing the correct definitions of such terms is important for many reasons - not least, knowing the valuation of your business. Justin goes over some of the terminology relating to Value Growth of your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!   TIME INDEX: 00:27 - The Key Language to Understand in Value Growth 02:29 - The Terminology 03:46 - What is Cashflow? 05:51 - Normalizing Cashflow 07:44 - Free Cashflow Calculation 09:34 - Working Capital 12:57 - Cap Rate vs. Discount Rate 15:38 - Risk Adjusted Cost of Debt 18:39 - Hurdle Rate 19:15 - Use of Capital 20:40 - 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 recogni