Businessman Podcast Ep #3 פרק ג | Where mindset meets money

to do. Apart from business, our game impact [music] apart from business. The natural parts longterm connect especially in accounting. >> Yeah. serious relationship. So meaning the fifth company and the vice president from the company. [snorts] Okay. So I did and and it worked very well because [clears throat] the the sales team from 2000 the bubble dress code. Listen, all these guys that you want me to coach are wearing neck ties and they're struggling. Are you sure you are you sure you want me to wear one at? You know what? Forget it. Okay. Sales accounting mention mention mention the opposite entrepreneurs. Yeah. entrepreneurs with accountants and most a lot of times opposite professor in school in game class of psychology. So business is psychology. Business is is dealt negotiations. That's what it is. So naturally given accounting it's just my nature law. So, by the way, the rules for accounting firm accounting firm accounting firm schools businesses under the industries requirement CPA license. 3D globus. Very nice man for different reasons. Fore killing mention skill construction in healthare anything. for was the industry. But under skill set, in a company. But dimension days outside Enjoy the process even with systems. The value CFO may multiple companies challenges business. This is pushly variety versus over and over and over. >> Purpose employees [snorts] purpose. Okay. Interesting. from beginning till end and he accomplished something at the ending was derived mention business implement Correct. Million business investments bank. So experience account anything else business is fe business. Okay. Average business at least few main categories. Heat the business hot sales, marketing, operations and finance. Two businesses with some research and development fifth main category but few main categories other sales other operations. mention was going to run a business strength in finance because finance mention was leap finance and usually niched entrepreneurial driven mention was entrepreneurial passionate about things so it's usually sales other operations so ignored finance because finance fields sales and operations on Zang. pushed finance personal finance was the business finance is money management. The number one reason for small businesses fail in the first five years is lack of cash flow. lack of cash flow, lack of planning. So mention system planning. So mention as wrong taxes payroll tax fine. deal with the daily struggles. Fore the bank account. The accountant point of view different in the different stages. So give me let's start with that. [snorts] party. Do reports. >> Yeah. Paranoid. Oh, get the books and get get a account. bank accounts finances businesses get a business food million billion. So the reason was mentioned yesterday conversation for one day guilt. Guilt is a relationship in emotional attachment. Emotional trauma point subconsciously personal budgeting and the idea from budgeting is the pointing budgeting. So the reports consciously. Okay. It's not the million dollars. It's the person you have to become to make the million dollars that's important. Guilt is usually a result in the business. The actual number the number reflect push it the behavior in the action from the business and the guys changing the behavior guy changing the number. So kicked off the numbers reality changes millions. It's okay. business account as I mention. I bookkeeping. So businessually shop business. I know account finances bank belongs to a business. And this is sta forecasting busy with the next busy. So,000,000 CFO although for. So the concept is So, how's the system? Report quick. So bookkeeping company outsourcing. became a support customer just for the sales but expenses in podcasting is sponsored by K programmed keeping track sales of the report. But that's the idea. million department data entry analytics inhouse right So we we mention accountant. established instab. So accountant taxes account was taxes. Well, the budget expectation is But I tax perspective reports. Well, this is on jobs as they mention the report is in terms But the idea is mission business personal bank uncomfortable support. So finances enjoyed finances. Well, I kind of enjoyed accounting. Well, So an accountant was getting finances in the books and get to mention accounting from the books actual bookkeeping clients bookkeepers. So marketing so personalities Fore staff get the bookkeeper the businesses. We complicated the businesses going forward. This is complicated transaction. from the books as I mention but because for the future the data reports the bookkeeper, the accountant, the in the level knowledge was that was the company staff. Was the the staff in the company meaning as at least at least but when they report Powerful reports. So an accountant The best podcast is brand of vaccin. sales team 845660056 company multiple states of different categories for products sales. So bottom line margin from the overhead versus the sales in each in the location. mention in the penguin group. The basics data is accurate. focus in the next quarter from the financial side of things. Okay. explain part. So coming from the account detailed keeping track. The next step, the bookkeeper in the customer's office going forward. and I garbage and garbage out like garbage data is garbage reports garbage analytics and this is the initial step. The next step is I'm also do the report in construction is job. going forward. Next move. So as I mentioned, so this detailed He'll never get to it. Correct. For the investment, it's an investment. The finance is an investment. It's a department. It's a big department in a company. Especially, Bookkeeping Department. The owners the value invest in us the return. Yes. >> Correct. But company is the reason is to make a profit in our business. I'm busy. The only logically in most cases to the point lessons account. Profitable business customer insurance is a long process. So a customer was on main form of payment insurance. Is it a bank account? That's accounts receivable, cash, balance sheet. Account account business in the interesting points first as the the reports the P&Ls is designed for taxes. The bank account is the plots voose kicked Forget it. It's like the guilt. >> Cash in the bank. Cash in the bank. This is the overall picture. The detailed the detailed decisions constantly pink as they part from the business. Okay. Why it's going down? So the view finances appreciation books at some point as a guide stock in finances. invest at some point. books anyone with. Okay. bookkeeping of eventually investment. Yeah. foreign. So painful So business ATM machine outside equity partners. podcast is sponsored by Capital Services Company 845271-6880 capital.com new capital.com Ideal customer Hansto was the field that this is what is serviced best >> and the ideal customer is I need is in real estate construction and healthcare. Yes, real estate can mine in owners, developers, management companies, brokers. Construction is contractors, subcontractors, lush electricians, plumbers, roofers, um cleaning companies and healthare facilities, dtom labs, pharmacies. So this is the industries inventory businesses. Um, so retail, manufacturing, uh, um, inventory business, e-commerce, real estate, construction, healthcare and the typhen best is a growthminded business owner and was willma healthy gazente business of healthy. Um best israted healthy way next step Mhm. So I'm interested healthy mindset owner and industries experts accountants marketing companies coach up to a certain point. Focus account focus revenue range is is down average customer. Average customer is $50 million in revenue. customers. But the average cost is million. Got it. the financial category. The government unfortunately fortunately is deficient. um process is painful meaning the system is against the business owners certain expectation Accountant staff is busy. system. So the bookkeeper. So from that point of view complicated from the government. So system. So not my place to answer, but WhatsApp busy customers. So okay. So, whoever says office, >> the accounting industry is known, the accounting office, the customers. combination of originally accounting and I decided you know what accountants are naturally May customers otherwise is a seasonal business the March April September October season extensionist. service affordsion affords customers if I get the service. So Okay. >> So that's the idea. The client business generally is this as charge deliver a perfect service and this is the best plants in business market because and do competitions of service. Correct. Accountant is probably the perfect match because this is our specialty. Excel formulas of a structure construction into the passion but passion is in details of service. Okay. Interesting question. was vacuent businesses 20 million 50 million was considered successful and established was the successful companies what would it be was the companies was mentioned. What would that be? Positives, dry negatives as they mention in the stage and million follow. So mix and personal business says Dr. I fill in the beginning. >> So I was I was business and taxes mention businesses. taxes running a healthy business do loans especially credit cards swiped cards the cars 23% interest in in in no time just [snorts] kicking up the reports. I got mine in the hot guild and I got invest in real estate. I got Suddenly in the bank and I was food. Got it. Accounting whatever wherever you want as an outsider was kicked in the business perspective from the reality perspective. around mention specifically with arbit the most successful companies is mention competent people >> investment investment >> what's investment I get the return >> investment return um see down CFO COO consultant >> consultant get advice support all around the best investments. >> Okay. Number two, >> the tendency is The spending $1,000 in the accountion in the account [laughter] successful next. Okay. successful business overhead cost of goods. So cost of goods and a healthy business. So good overhead business owner interesting point conversation. One of the main reasons for businesses fail is probably the reason because business in in those years neglect not just financing neglect the service and the service in the operation side of things because things are good and you start feeling very comfortable. The habits and the structure is the cash flow. The mention 2008 in the midg was real estate. They mention organized from the properties business of account in 2012. monitor in emergency mode and they ended up losing a lot and the business how they issue as it grows as mentioned comfortable. Part of success is I would mit in bow certain disciplines was misticked regardless of how things are and is in personal life but this is a a different discussion. One last question. is an accountant meaning what should he look for? [snorts] Okay. What was gave answers like relationship person investments. So it's very much about trust. So feel otherwise it's just not going to work. I got feel the relationship. References in the industry customers reference gave And usually today informationally industry pleasure listeners customers for the business for the account for the So fast,000 taxion. of the most successful businesses and I mentioned was CFO as the accounting department the best business mention mentioned the books So >> so it's camera officially >> obviously this is just facts. It's it is what it is. >> [music]