In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, interviews Tracey Bissett,Chief Financial FItness Trainer at Bissett Financial Fitness. Tracey Bissett is a cash-flow and financial management coach who helps people better understand, analyze, and manage their cash flows, and in particular business owners.
Episode Highlights:
● 01:07 – Tracey Bissett describes the kind of work he does.
● 02:00 – What are some of the more conventional challenges for business owners starting out in terms of cash-flow?
● 04:07 – What tools and learning lessons can business owners use to educate themselves on how to do better with cash-flow?
● 10:38 – Are there any books or resources that Tracey recommends?
● 13:30 – What does she think about the model in the book Profit First?
● 15:31 – She discusses payment cycles and collection cycles.
● 22:40 – Business bank accounts aren’t personal bank accounts.
● 24:10 – How does Tracey Bissett work in collaboration with financial advisors?
● 26:51 – What are the key things to do to stay on top of the cash-flow of your business?
● 36:08 – We
● 37:42 – What are the odds of experiencing a critical illness event?
3 Key Points
1. Common situations with entrepreneurs with cash-flow challenges include: not paying attention to where their money is going, not thinking about the way money comes in and out.
2. Talk to other business owners about their pain points and challenges and be careful when borrowing money from family and friends because it could fail and it could be hard to predict when you can pay it back.
3. Check your mindset and overcome scarcity feelings and figure out what you can concretely do.
Tweetable Quotes:
● “I used to be a banker for many years in commercial lending and risk management and helping entrepreneurs get access to financing and making
those lending decisions. When I started my own business, I took all the pieces that I like to do.” – Tracey Bissett
● “Money comes in. Money goes out, and the timing that it happens is that cash-flow cycle.” – Tracey Bissett
● “Unfortunately, as I have seen many times in my career, you can actually book a lot of sales. But if you only get paid after you make the sale, you can go out of business in as quick as 90 days.” – Tracey Bissett
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Website
● Linkedin – Tracey Bissett’s Linkedin
● bissettfinancialfitness.com – Website for Bissett Financial Fitness
● Profit First – Book; Profit First by Mike Michalowicz
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