A lot of people are not aware of the financial side of their business, which can lead to mismanagement of money and a lack of factoring in essential costs that are linked to your business. Do you know where everything is going in your business and your current numbers? WTR welcomes David Richter, the simple CFO. In today’s episode, we will discuss how you can recession-proof your business and make more profit along the way.
Ingenious tactics to accumulate wealth, for people who see things differently.
David Richter
Website
https://simplecfosolutions.com/
Website #2
https://simplecfosolutions.com/recession-proof-business/
Website #3
https://simplecfosolutions.com/apply/
Facebook URL
https://www.facebook.com/thesimplecfo/
NOTES
- [00:27] Kevin: Today, we're joined by guest David Richter, who is the simple CFO. What we're going to talk about today is something we call Less Stress and More Profit, and how we can recession-proof your business for all the entrepreneurs out there and anyone who's a manager
- [01:08] Would you mind giving our listeners a little bit of background about where you came from and what inspired you to get to where you are today?
- [01:16] David: Sure. When I was in college, I read "Rich Dad, Poor Dad" and that unlocked a big portion in my mind (my mindset completely shifted)
- [02:07] Even though I was working a 9-5 job, I was learning a lot of entrepreneurial skills and I got to see a different side of things which was really neat. It wasn't just coming in and putting your head to the grindstone and there's all these rules and regulations, it was more like coming in and how can we create profit today and what can we do to push the company forward?
- [03:02] I came to Richmond and worked with another investor and that's when I took the lead into entrepreneurship because I saw a lot of people I was working with who didn't really know their numbers, where their profit was going to, what their profit even was, etc.[03:25] I saw the biggest need there and I wanted to fulfill that need
- [03:46] Kevin: You touch upon one thing, there's a need out there for what you're doing. At WTR, one of our core beliefs is that there's more to be had by first plugging holes before you go chasing rate of returns in regards to your money and how you manage it. There's places people lose money and they don't know that they're losing it and it's the same thing with business
- [04:19] Let's start talking a little bit more about profit
- [04:26] David: A lot of people have read "The Richest Man in Babylon" and it has a lot of good financial principles in there, and one of them is pay yourself first
- [04:59] Entrepreneurship gives you that opportunity to say "hey, I can set up different accounts and I can make sure that every single dollar that comes into my company is a portion to different accounts, whether that be income or saving for your taxes at the end of the year."
- [08:48] Kevin: Let's try to make a list here for our followers to follow. If they want to have less stress and more profit, what do they do next?
- David:[09:00] Knowing where everything is going and opening up those different accounts (income account, tax account, owner distribution
