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The Three Pillars of Financial Success: Cash Flow, Budgeting and Pricing with Ken "Mr Biz" Wentworth
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In this episode of Mr. Biz Radio, Ken Wentworth discusses the three pillars of financial success: cash flow, budgeting, and pricing. He emphasizes the importance of these pillars, especially during times of economic uncertainty. Ken explains that cash flow is not just about profit, but about the movement of cash in and out of a business's account. He provides practical tips for improving cash flow, such as invoicing immediately and automating the invoicing process. Ken also highlights the significance of budgeting and pricing in measuring and improving a business's financial results. He advises using a zero-based approach for overhead expenses and incorporating cyclicality and seasonality into the budget. Lastly, Ken emphasizes the impact of pricing on a business's profitability and shares examples of how adjusting pricing can lead to higher net income. - Cash flow is the movement of cash in and out of a business's account, not just about profit. - Improve cash flow by invoicing immediately and automating the invoicing process. - Use a zero-based approach for overhead expenses in budgeting. - Incorporate cyclicality and seasonality into the budget to reflect the business's sales patterns. - Adjust pricing to increase net income and profitability.
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