What You’ll Learn From This Episode:
- Finding out if you are D.U.M.B.
- Importance of practicing expense control discipline
- Knowing your valuable proposition and competitive advantage
Related Links and Resources:
Inside this resource page we've got an inventory control sheet, there's probably 10 different spreadsheets and I'm just going to give it all away to your listeners Bill. Whatever we got on that resource page and they can have it for free. They can go to https://www.elevatefinancialtraining.com/resource-download or https://bit.ly/3tk5hFp
Mike Milan or "Cash Flow Mike" is the President of Simplex Financials whose mission is to help small business owners overcome financial challenges with a combination of software tools and education. Mike has trained over 10,000 bankers, accountants, and business owners in the art of financial management and was recently named to the Top 100 Tech Innovators and Influencer list by Intercon.
Here are the highlights of this episode:
1:21 Mike’s ideal Client: Frankly, it's US; it's that small business owner who's looking to build or trying to build a lifestyle friendly business. They're looking for that way to just connect their business with their life.
1:53 Problem Mike helps solve: What you don't know is that I'm also called "Cash Flow Mike" so one of the principle things that I to do is help business owners 'get, keep, and grow their cash.'
2:36 Typical symptoms that clients do before reaching out to Mike: I built several companies and it's a feeling that you get when you don't know if you'll be able to pay bills, you're struggling to pay your bills. But it's not only just the companies that are struggling, there's a feeling that they get when they're growing, "can I keep up with my growth?". Whether you're successful or not, it's that feeling of being behind.
3:34 What are some of the common mistakes that folks make before finding Mike and his solution: Actually, my free resource will actually point to some of these but here's what I'm going to tell you. First of all, we take too much out of the business; we're robbing it, we're stripping it of the actual fuel that it needs. Secondly, don't take this the wrong way, but we're 'dumb'; but not dumb as in unintelligent it's D.U.M.B.= we Don't Understand My Business. Those are the two big mistakes that I think we make.
4:25 Mike’s Valuable Free Action (VFA): Simply it's practice, expense control discipline. There's one rule to rule them all. If you're going home tonight, if you're going to look at your financial statements, Look at it this way, here's the calculation: the change in operating expense should mere the changing growth profit. What that means is that if you have less money to spend (gross profit), you should spend less money (operating expense). If you have money to spend, spend a little bit more money.
5:17 Mike’s Valuable Free Resource (VFR): Here's what I will offer. I have a PDF called "The 10 Things that D.U.M.B. Business Owners Think" it might be you. I've thought of them, especially in my businesses, it doesn't stop there though. Inside this resource page we've got an inventory control sheet, there's probably 10 different spreadsheets and I'm just going to give it all away to your listeners Bill. Whatever we got on that resource page and they can have it for free. They can go to elevatefinancialtraining.com/resource-download
6:24 How do I make more money? How do I get my hands on more cash? There are all sorts of hidden opportunities inside your business but I'm going to tell you the first philosophy about money. First of all, you cannot chase it. I don't care what you do, you do not chase money, you have to attract it. And it goes right back to the core. You start with 'why' you start within your mind, who are you in the market place and there's two things you tell the market. One: you need to have a valuable proposition. That's your promise, "what are you going to deliver to the customer". And then two: what is your competitive advantage, "why should I buy it from you". That's what you tell the people to get them to come to your table and then attract them to what you're doing. So, combine your marketing with valuable propositions and your competitive advantage and people will flock.
When you start off your business, you're pushing your message out into the market, you're telling everybody, you're chasing it out, you're asking people to come by. There's a point in time when that tips in your favor and you feel the pull from the marketplace. Customers are asking you; they're coming to you now. So. money actually has to be attractive; you have to get people to understand why they should buy from you. That Simon Sinek that's start with WHY. And what they're doing is that people like to buy from people who believed the same thing. That's how Apple made it so big, we believe in thinking differently, and if you think like we do, you should buy from us.
“I'm going to tell you the first philosophy about money. First of all, you cannot chase it. I don't care what you do, you do not chase money, you have to attract it" – Mike Milan