EP 114: Hard Skills That Will Pay You Forever (Part 2)

From my experience, I’ve found that…
Learning skills that are hard, tend to reap the highest rewards.

The first “hard” but crucial skill that comes to mind is…
Financial Accounting

In my mind, it’s an absolutely critical component to success as a business owner.

Put simply…
My business financials are the feedback loop that I use to direct my strategy and actions.

I use my monthly reports to discern what actions are needed going forward!

Lower net profits? – Maybe I should reduce the number of services I offer…
Higher ROI from paid ads? – Hey, maybe I’ll lean into TikTok ads even harder!! 😉

Now, a problem I see a lot of new business owners struggling with is that…
as they’re scaling…
They only look at their P&L.

While neglecting more important metrics like their cash flow, assets, etc.

Their P&L will say they’ve made a certain amount of money… but it won’t be in their bank account.

Eventually, they wonder – “Should I start using debt??”

All the while, they simply don’t understand what issue this may cause in their business.

Only once they understand how to read and combine their P&L, Cash flow and Balance Sheet…
They finally realise why they’re f&#%ed 👀 😅

Now, look.
You don’t have to make those same mistakes…

If you can understand the P&L, cash flow, and balance sheet you’ll be in a position to make better decisions as well as identify potential problems.

Now when it comes to financing, there’s definitely a learning curve.
I’m not going to sit here and act like it’s easy…

Fortunately, once you learn it – it’ll become second nature.

First, focus on applying the groundwork…
Then, I promise you that it’ll be significantly less difficult.

In this week’s podcast episode, Grant and I are back for part two! We’re breaking down the hardest skills to learn… that will have the most impact!

We’ll be discussing:
– consistency,
– sales and communication,
– as well as education, finance, and more!

Tune in now!

All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision

Episode Highlights:

00:00 Welcome to Business and Investing
02:24 Having a feedback loop
10:27 The role of accountants and bookkeepers in the feedback loop
12:02 Repetitiveness and consistency 
14:21 The importance of sales and communication 
19:07 Why is sales a hard skill?
24:43 Acquiring knowledge and skills through research and education
30:15 Why you should consume as many resources as possible
34:40 Honing your finance skills
40:37 Reading financial statements 
47:33 A wrap-up of the skills you need 

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