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03-11-2022 AMA
https://vimeo.com/687280278/ab1bbcc265
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1:12 PBCK Problem: The problem is between the chair and the keyboard
1:13 Budgeting Template Review
1:14 What is your expected revenue, take some profit and taxes out of it, right off the top.
- This is the opposite of how accountants think of it. The ‘pay yourself first.
1:16 What is your employee wages? We are employees on a monthly basis.
1:17 Joe’s comment of Paying Yourself. It’s critical that you pay yourself, if not then you are not going to like doing this.
1:18 Most entrepreneurs are undercharging because they don’t consider themself as a part of doing the service.
1:20 The market price is always set by supply and demand.
1:22 What is your Office Costs, Sales and Marketing, Training/Travel. What is it going to cost you to deliver the service you want to deliver?
1:24 What to do every month
1:25 Expense Analysis Page, and how does your expenses track vs what your planned expenses is going to be
1:28 Stephen’s unrelated question, it’s a tech question.
1:33 Budgeting question. How do I not get bored?
1:35 Why are we in business, it’s to make money. The foundation it’s numbers. You gotta spend money, save money, earn money, etc. You must know the numbers
1:36 As an entrepreneur, you must know what your numbers are. I’m not interested enough in my business to know how it works or how well it’s doing.
1:39 If you are by yourself, then it’s okay to have a 3-line budget. Where it becomes important is when you start delivering services, subscribing to products, etc.
1:41 Rio Tinto story
1:45 How much time should someone set aside, 1-2 hours a month. To update numbers with your accountant or doing it solo. Maybe you should review the numbers once a quarter. Come up with a schedule that is in line with your business needs that is in line with the decisions you make.
1:46 How to add rows
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This discussion was modified 1 year, 1 month ago by
Carla.
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