In this Episode:
Financial expert Joe Knight tells Brian many of the ways business owners get tripped up by their financials, including Not tracking cash flow, not having a business relationship with more than one financial institution, and never negotiating financial matters. Listen in, take notes, and then apply the advice to your own business.
Takeaways from Joe Knight:
- Often the difference between winners and losers in business comes down to managing cash flow.
- If you try to get a credit line on Thursday and payroll is on Friday, it’s not going to work out for you. Learn to project your cash flow needs out at least 1-2 quarters.
- When looking for credit, it helps to have relationships with multiple financial institutions. You might get your capital from one bank and your credit line with another bank.
