We are lucky to have Amanda Fisher, the Cash Flow queen herself and the author of numerous business books and a CPA to help us understand the numbers of your business. She is here to let us know that business owners need to know the numbers and finances and understand them to foresee the future their businesses.
[3:13] Why should anybody listen to you?
I have learned that there is so many things that people need to learn. I have run my businesses. I have seen people do the wrong thing and it goes down to lack of knowledge. There is so many things that people need to understand.
Cash flow is about the money coming in and coming out but what people needs to understand is when you make the sale and when the money comes in and they are not the same as the money that comes out. It is more about learning to understand the bits, understanding what the numbers mean and how it works.
[6:00] Where to start?
Get an education on the matter. Get online classes have somebody teach you on the matter. It is really good to know how it runs. Read about it and learn from a book and there are many ways to learn how you can get through the numbers.
[10:57] Who needs to get the books?
Anyone that is in the business who does not know where you are going. When you get surface knowledge you ask the right or smarter questions.
[12:35] How did you love the numbers?
I was always good at science and math; through my working career I don’t feel like I fit in. When I hit rock bottom, I realized I needed to analyze and figure out what I have and how I can pull out from it.
[17:00] Critical questions people never ask
People don’t like to ask numbers; we need to get over that it is about looking into the future. The important question to ask is “what the future would look like?” So, the real question is “how I can forecast the future?” You can plan the numbers and plan accordingly.
[19:00] What Promise God made to the world when he made you.
He made the promise that I would educate business partners with their numbers.
[7:20 – 7:36] “If you’re a business owner it is your responsibility to keep your business to survive and thrive and give it opportunity”