Ep: 107 Greg Tobias

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.
• 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.
• 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.
• 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.