Insider’s Summit
description
Transcript of Insider’s Summit
Presented
Insider’s Summit
Mayumi Young, CPA
Legal Disclaimer
This workshop is not intended to be for legal, accounting, or tax advice. Information provided throughout the program is for general educational purposes only. We recommend that you seek professional legal, accounting, or tax advice as you deem necessary.
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Money Mastery“It is financial fitness (mastering the game), not
financial literacy (mastering the rules) that leads to financial success.”
Your Life and Your Legacy,
Roger Hamilton
Mastery Takes Time
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We all start somewhere…cpa-moms.com
…to develop mastery.
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Four Levels of Learning
1. Unconsciously Incompetent
2. Consciously Incompetent
3. Consciously Competent
4. Unconsciously Competent
LEARN HOW TO:
be a real estate investor
be a business owner
Best Practices
“It's not what you've got, it's what you use that makes a difference.”
Zig Ziglar
Why?
Why Use Financials?
Business plans are the business owner’s map.
Financial statements are the business owner’s compass.
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The Numbers Don’t Lie
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finding the right solutionAccelerate Your Growth (from a Financial Perspective):
1.Accounting Technology
2.Financial Systems
3.Leverage Wealth Team
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finding the right solutionWHY have QUICKBOOKS or any accounting software for that matter?
Use the RIGHT TOOL for the job!
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financial systems
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Electronic Systems
Paper Systems
Policies
Procedures
Reporting
Money Movement
How?
• How much is your business worth?• How healthy & wealthy is your
business?
BALANCE SHEET
• How effective & productive are you with your business assets?
• How profitable are you?
PROFIT & LOSS
• Are you self-sufficient?CASHFLOW
BUSINESS OWNERS: FOCUS ON USE OF DATA
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Cashflow Report
Profit & Loss Report
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What is the Difference?
Cashflow: Measures how timely, and responsible the business has been in utilizing all sources of cash during a period time.
Profit & Loss (Income Statement): Measures how productive, and profitable a business has been in its operations during a period of time.
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Garbage In / Garbage Out
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3 Simple Steps
Start with Good Data, Consistent Practices, and Proper Tools:
1.Enter/Compile data in QuickBooks.
2.Run, reconcile & review reports (no less than once a month).
3.Be accountable to the results & make choices/corrections as needed.
repeat until you retire…cpa-moms.com
3 Numbers to Know(without looking at the books)
1. Gross Monthly Revenue
2. Total Monthly Recurring Cash Out (“Cash Burn Rate”)
3. Profit Margin (as a % of revenue)
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Wealth Team
“Talent wins games, but teamwork and intelligence wins championships.”
- Michael Jordan
“An expert is someone who has succeeded in making decisions and judgments simpler through knowing what to pay attention to and what to
ignore.”
Edward de Bono
FOCUS ON GROWING A PROFITABLE BUSINESS & SURROUND YOURSELF WITH FINANCIAL EXPERTS
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business questions for growth
Where Can I Leverage? How Can I Create a Scalable Business
Model?
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Assign & Measure: KPI of the Deal, Business & Team
Marketing: # of Leads, avg cost per deal Sales: avg conversion % from lead to
close Real Estate Agent: avg profit per agent,
avg # of deals per agent
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Attracting the Right Money Partners
Be a good steward of your investors’ money (and your own!)
Be prepared to show historical actual results and financial projections based on historical data (business and/or deal)
Be financially literate
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Wealth Team
AccountantTax Planner BankerAttorney Insurance ProfessionalFinancial PlannerCoachYOU! cpa-moms.com
BEST PRACTICES
1. BUILD SYSTEMS & AUTOMATE2. USE THE RIGHT TOOL FOR THE “JOB”3. MAINTAIN YOUR FINANCIAL INTEGRITY 4. USE YOUR FINANCIALS & CORRECT OFTEN5. LEVERAGE EXPERTS
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Market Research
For additional complimentary training, resources & support customized specifically for the FortuneBuilders
community make sure you specify:
FORTUNEBUILDERS in the “how did you hear about us” field.
www.cpa-moms.com(877) CPA-MOMS