Six Steps to Great Cashflow with King of Cashflow George Theodosiou
Nick is with George Theodosiou who is on a mission to make a difference for businesses with their cash flow
Referred to as the ‘King of cashflow’ George has created a system and process that is a great structure to follow in your business, whatever its size.
Nobody ever started a business to work more hours for less money, with more stress - you need to put yourself in the best position and benefit from your business. Cashflow is critical in any business and George shares practical advice and great content on how to get the numbers right.
KEY TAKEAWAYS
The six steps are a solid foundation for you to build your business and any future businesses on, it can grow as your business grows You need to understand exactly how much it is going to cost to run your business – the fixed operating costs that are always there If you have to reduce your prices to secure the work then you are losing You should have a subscription-based customer offer to bring in money every month After £100,00 have a main account, a VAT account, and a profit account When you are having a bad day looking at your profit account will make it a little bit better When you get to a certain level you need to benefit before you are taxed twice through profits and personal income tax Put private health care, life insurance and key man insurance through your business You need to take money out of your business in the best way possible for you and in line with your future plans Retention of clients is key and you should focus on this element in your business Serving at a very high level will bring referrals and a referred client is usually higher quality Nobody ever started a business to work more hours for less money, with more stress - you need to put yourself in the best position for you and your family
BEST MOMENTS
‘The concerns and conversations around cash flow are the same just with more zeros’
‘There are certain numbers that you should know, in the same way, you know your birthday’
‘You should know how many clients you need to break even every month’
VALUABLE RESOURCES
https://keapnow.com/empirebuilders
ABOUT THE HOST
Nick James
Nick dropped out of university at the age of 21 and failed spectacularly with his first coaching business, which forced him to take a £16k/yr telesales job.
Within 12 months he was the top performer and left to start his second business at 24. This time he discovered a winning formula and before long had a multi-six-figure company.
He then made a huge mistake which nearly put him out of business and cost him £50,000 in personal cash!
Fortunately, Nick kept it afloat, turned it around, and sold that business 2 years later in a seven-figure deal.
He then co-founded a multi-million-pound marketing company, which he exited in 2015, and created Expert Empires.
Today, Expert Empires is known as the UK's number one business event for Experts, with world-renowned celebrity speakers like Gary Vaynerchuk, Grant Cardone, Chalene Johnson, David Goggins, and Lewis Howes gracing the stage.
Nick also specialises in helping Coaches, Consultants, Speakers, Trainers, and Authors take their businesses from zero to six figures and beyond through his Expert Empires Mastermind programme.
