Greg Tobias runs GT Business Advisory, a firm that helps small business owners ensure the financial success of their businesses and write themselves bigger paychecks. He applies his background as a management consultant and data analytics expert to show his clients the roadmap to mastering their money.
Show Notes:
- Greg’s number one habit is knowing when he does his best work and taking advantage of that.
- He wakes up at the crack of dawn everyday because it’s when his energy is flowing and ideas come to him.
- Greg’s job is to help people understand the story that their numbers are telling them.
- Greg’s financial advice is:
- If you do your finances yourself, look at your net income, look at your balance of cash in your bank accounts, and look at your operating cash flow number.
- All of these should look quite similar.
- You can make money and run out of money at the same time.
- Get help!
- People go into business because they have the passion for something they want to sell or create.
- Get someone who is passionate about numbers to help you with that side of your business.
- People go into business because they have the passion for something they want to sell or create.
- If you do your finances yourself, look at your net income, look at your balance of cash in your bank accounts, and look at your operating cash flow number.
- The Money Mastery Road Map is about how to get your business in a more successful financial position. It considers three perspectives in time:
- Looking backward through the rearview mirror
- Do the 3 point inspection of your bank accounts.
- Look at your spending.
- Track your decisions over time.
- Figuring out where you are now
- You want to establish your goals and what you want to achieve.
- Make sure that you’re compensating yourself appropriately.
- How much is your business worth?
- Looking forward to where you are going in the future
- Create a budget.
- Forecast your cash flows.
- Package everything we have talked about into your business plan.
- Looking backward through the rearview mirror
- We should always be revisiting and revising our goals.
- Greg uses the OKR rubric for goals.
- Objective and key results.
- You want to be able to measure numerically if you’ve passed or failed.
- Have specific and concrete goals.
- Greg uses the OKR rubric for goals.
- Check out Profit First by Mike Michalowicz.
- He also appeared on Episode 61 of the Charge Podcast!
- You must have a spending plan (or budget).
- Know how much money you will have to spend and where you’ll be spending it.
- Give every dollar a job.
- You should have a business plan because it helps guide you.
- Common mistakes business owners make when it comes to finances:
- Not dealing with it. You have to fix the problem at some point.
- Trying to do it themselves. It’s not the right use of your time as a business entrepreneur.
- Mixing your business and personal finances.
- Lowballing on the price when it comes to people who help you.
- You want to track your business financials for taxes but also so that you know where your business is going and how it is going.
Greg Tobias’ Recharge Round
- Share with us how you believe your mindset affects your life? Mindset is critical. If his mindset is down, his ideas dry up and he feels down.
- What do you do daily to bring Energy into your life? It’s about timing. You have to use the most impactful hours on the highest value tasks.
- Share the number one connection that has made the biggest impact on your life? The connection he has with himself.
- What advice has Influenced you the most in your life? “If you say it enough times you’ll eventually believe it yourself.”
- Recommend a book and share why you love it? The Lord of the Rings trilogy by J.R.R. Tolkien
- Define in one sentence or less, what legacy you want to leave on the world? He wants to leave a legacy of love.
Contact:
- If you send Greg a message and set up a time to talk just mention the CHARGE podcast to receive a discount on the first element of the Money Mastery Road Map!
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