Dave: 0:25

Good morning everybody. Good morning, good morning. It's another beautiful Friday and it's I cannot believe that it's the end of August and we're here with another episode of the Business Unscripted Podcast. It's episode 25. So we're a quarter of a way to 100, which is again another pretty, pretty cool thing to think about. We're one episode away from half a year doing these things, so love it.

Dave: 0:49

And if you are a recurring listener, we appreciate you. And, as always, if you find something in today's episode that is impactful to your business and could possibly be impactful to somebody else in your network, if you share it or like it and comment and do all that fun algorithmic stuff, we definitely would appreciate you there. And if you're a business owner or maybe you're aspiring to be a business owner and you're looking for advice and tips and strategies that people who have gone into business have gone through or ways that we have helped our clients through situations, this is the right podcast for you. We talk about many different things. A lot of times in the name the unscripted part we don't really know what or where the show is going to go, and typically, if you're watching a replay, you're probably going to know way more about the show and where it's going to go than we do at this moment right now live. But hey, that's life and that's how we like to have our conversations Today. Dwarin is off again this week, but we wish him the best in his recovery with his ankle and in the future. One of the things that I'm going to be setting up in September. I know I've mentioned this before, so, just before we kind of jump into the show, just wanted to let everybody know, if you are a business owner and you're interested in coming on a future episode and you want to talk about your business briefly as well as maybe talk about an obstacle that you're going through and we want to work it out live on air, we are going to start doing that. I'm going to build that sort of process in September for you all so that we can start getting you guys on the podcast and start making live impacts to everybody that's listening. So I look forward to that.

Dave: 2:39

Following our social media for Triumph Business Solutions, you know that we have released and opened up a let's call it a grant program, a service grant program, because it's not money that we're giving away. What it is, it's a service for you. So we're opening that up and it's only running through next Thursday, so a little less than a week and it's only open to 50 business owners and we're about 20% full already. And what you want to do is down below I will put a link to the application page and what you're going to be expected to do in there is fill out the application and one out of 50 of you is going to win six months of our done For you Profit First Cash Clarity Program and in that program it's an $18,000 program for six months and we do everything for you and with you, your basic bookkeeping will actually go in and help you with your automations, will help implement cash flow projecting and forecasting and modeling and all the things that you need in your business to make better financial decisions. And the reason we're doing that is we want and we're on a mission we've said this before we're on a mission to impact a thousand businesses by 2028, the end of 2028. 1,000 businesses by 2028, the end of 2028. And so that's why we decided for Labor Day, because it's Labor Day on Monday. If you want, you can take advantage of this, and it's only open, as I said, until September 4th at midnight or when 50 applications are submitted. So go ahead and get submitted now. We're going to make the announcement here next week live on the podcast episode. So if you submitted your application, make sure you tune in next week live when we're going to announce the winner. Also, if you apply and you share the application page that I just I shared it down below and I'm going to share it now down below in LinkedIn and Facebook as well. But if you and I'll show this here just so you can kind of see it, there's the application page if you're interested in getting to know more about that If you refer somebody and that person happens to be the person that wins the grand prize, and that person happens to be the person that wins the grand prize, you will also win six months of our done with you service.

Dave: 5:09

So if you refer and your referral wins the grand prize, you also will win a six months of our done for you service. Now and it's not limited to just one referral you can, if you want to refer 10 people in your network that are business owners, you can refer all 10. It's not just one referral. So if you submit let's say it's you at your application and you submit nine other people and you refer nine other people to the application, you have a 20% chance of winning something, right? Because not only will you have a chance of winning the grand prize, but then you also have nine chances to win the referral prize. So you have 20% opportunity to win something. And so that's why right now, we are running this thing and again, it's only for Labor Day, so it's only going through.

Dave: 5:55

Next Thursday at midnight is when we are going to close applications, or the 50% or not 50%, sorry, 50 applications. You know all this live stuff that we're doing, so so, if you want, go ahead and get out there, and the application link is now down below Facebook and I'm going to do it live. This is when you, when you're doing these things live, you got to go out and you got to. You got to multitask, right, so so that's the big thing that's coming up for us. This week. We were, you know, obviously being a small team, you have a lot of backend work that you got to do, so we were building all that this week head down focused. So we're excited.

Dave: 6:34

I'm excited to kind of. You know some of the applications that I've read already. It's awesome the potential impact that this service could make for somebody. I'm excited to possibly give this away to somebody that is going to have a great impact, and that's essentially. It's not a random giveaway. So, if you are going to fill in the application, make sure you're filling it out, because what we're looking for is we're looking for people that the impact is going to be the greatest time, because I don't want somebody that can have a minor impact or maybe doesn't even fill out the application in completion. I want somebody that's actually ready to make a change. They've been struggling and this is going to make the biggest impact in their business. So if that's you, you're in the right spot. I've now shared the link to YouTube, facebook and LinkedIn. It's open for you and, remember, you can refer as many people as you'd like and go ahead and get started.

Dave: 7:28

So, with that, today, what do I want to talk about? Well, we've talked about profit first in the past, and so when I was thinking about today and when I was going to be alone and I found this out a little while ago the first thing I want to talk about is real revenue in a business, and so when we think of real revenue, when you think of accounting terms, there's not real revenue. They just talk about gross revenue and then net revenue. And so, for Profit First, our methodology that we teach people not only on the bookkeeping side, because there are same functions to both. But real revenue in Profit First is your top line revenue, so the number that comes in minus any direct expenses for materials and subcontractors or payroll.

Dave: 8:31

And so why we have to look at real revenue when we talk about profit first is when you bring money in, it's going to have some sort of service with it, whether it's an employee that has to. If the employee isn't there to deliver that service, the service doesn't come in. That's what we're talking about when we're talking about direct subcontractor or payroll expenses. Same thing with materials. If you have a subscription or if you have direct raw materials that go into the delivery of a product, that's part of that cost of goods sold that we look at in Profit First to determine your real revenue. Now there's a lot of things that general accounting considers to be cost of goods sold, but we don't look at that because essentially those things can eventually be cut. What we want to look at is for you to deliver a service, a product. What is the things that are absolutely needed for that thing to happen and those are the items that we subtract from revenue to determine your real revenue.

Dave: 9:32

So, for example, if you have a million dollars, you don't want to apply the profit first methodology to all a million dollars Because, let's say, 400,000 of that is direct deliverable fees that you have to pay, whether it's licensing fees, employees, taxes, things like that. If you applied it to all a million, you would be cutting yourself short, maybe not having enough money set aside to pay your payroll. So that's why we had to look at the real revenue number. So if you take the million minus the 400,000, now what's left is hey, this is everything. That's going to be the profit. It's going to go to owner's pay, it's going to pay the taxes as well as the other operating expenses of the organization. So we look at that $600,000. So for your business, if you're trying to, you know maybe you're implementing profit first now or maybe you're you're thinking about implementing profit first in the future.

Dave: 10:29

Real revenue is your top line revenue minus any expenses that is directly related to the delivery of that product or service to your client. If that expense happens, whether or not you have a sale or not, then it's part of your operating expenses down below. So that's the first thing I wanted to kind of highlight is real revenue. So at the start of any sort of engagement or any sort of calculation that we look at with Profit First is we always calculate real revenue and it helps you get an understanding of what is the actual size of my organization. Right, because if you're a million dollar business, you're not necessarily making a million dollars. If you have 400 or $500,000 that are actually required to bring in that million, you're actually only a $500,000 net organization minus all your other expenses. Yes, top line revenue is great and a lot of people are like they're hyper-focused on their top line when in reality you could have a million-dollar business and still be losing money, still be losing cash.

Dave: 11:36

And the idea is, what would you rather have, a million-dollar business that's barely breaking even or a $500,000 business that's making you $100,000 a year? Which one would be more impactful for you? I'm going to guess it's probably going to be in terms of your wallet. It's probably going to be the business that's making half a million dollars, that's netting you $100,000 a year. If you're more focused on your ego and maybe not your wallet. Then maybe you said the million dollar business. And don't get me wrong If you have a $500,000 business that's netting you 100,000, you could be scaling to a million in the future. So what you want to do, whether you're just starting out if you're listening to this and you're just starting out or you're an established business, you want to focus on these systems and these processes now, when you're smaller, especially if you're just starting out. If you can implement these systems now and you keep them in place throughout your entire growth, I mean you're going to be unstoppable growth. I mean you're going to be unstoppable.

Dave: 13:21

As we've said before, 82% of businesses 82% fail because they have a lack of cash management and a lack of cash flow monitoring. Four out of five of you listening to this episode or at your next networking event are going to be either struggling or eventually fail because you don't have any cash systems in your business. And even profitable business, even businesses that might have money in the bank, still don't have a cash management system. In fact, I have a client that's got six figures in the bank but they don't have a good cash management system right now, which is why we're working with them and essentially, they were scared, right? You're scared to take money out of the bank. And you're scared to take money out of the bank because you don't know what's allocated. Where is that money supposed to be used? And so if you look at your bank account and you feel like you're stealing from your business every time you take money out for a personal draw or your owner's pay, that means you probably don't have a good cash management system because you don't know what the money should be used for. You, as an owner, should never feel like you're stealing from your business in terms of taking an owner's draw or taking profit away from the business. And if that's you, if you're feeling like man I just took an owner's draw but I did feel like I was taking money out of my business Maybe it's because you don't have or haven't looked at a cash management system, a behavioral system, in your business, which also then brings me to the idea of profit in an organization, and we've talked about, like, whether you're breakeven or you know whether you're netting $100,000 a year in profit.

Dave: 15:03

If you're not actually planning and you know, feeling where the profit is in your business, you probably are the ones who, when your tax guy comes up at the end of the year and says, hey, by the way, you netted $150,000 this year. You're probably like, well, wait, where did it go? What happened? And it's probably because you've been taking money out or you've been spending things loans and you're making loan payments back, or you're paying back for things that happened in previous years, so you don't have a good understanding of where the money is going in your business.

Dave: 15:42

Profit is one can be guaranteed in any organization by putting it first instead of last, the typical accounting axiom that we've all been taught. I was taught when I went to school for accounting. You all have been taught, probably by either listening to your accountant or your bookkeeper or going to business classes in college. The old axiom states right, revenue minus expenses equals your profit minus expenses equals your profit. Well, in reality, whatever happens last typically ends up either getting forgotten or is an afterthought. And in that equation, that makes profit an afterthought.

Dave: 16:33

When, as a business owner, in order for us to grow whether you're for-profit or even a nonprofit organization, like nonprofit organizations have to operate as a business. Right, they have to be profitable, otherwise you're not going to be able to reach your mission, you're not going to be able to impact the people that you want to. So, even if you're a nonprofit listening to this, it's the same mentality, the same focus, the same structures that need to be put in place as a for-profit business. But at the end of the day, if you're doing sales minus expenses equals profit. Profit becomes an afterthought. Profit needs to be at the forefront of your mind. Profit needs to be at the forefront of your mind. Profit needs to be something that you think about first, not last. And so that's why our focus right through the Profit First. You know, mike Michalowicz says it in the Profit First book, as we teach our clients it's sales minus your profit equals expenses, your profit equals expenses. And what that does is it now makes your profit forefront. And you can always guarantee that you're profitable if you stick with and you build the habits right.

Dave: 17:52

Profit is a habit. So if you have sales of a million dollars and you set your goals to be at 3% to 5% profit, you're always going to be allocating to that profit account when money comes in 3% to 5%. So what happens at the end of the year? You're guaranteed to have profit because everything else is done with the leftovers. So what you want to do is you want to make expenses your operating expenses that are not mandatory for you to make a sale resources expand into the time given in business. It means your spending will expand into the resources that you give it in terms of the funds that are available for you to spend. You are now allocating these and you're shrinking the plate or the bucket that you have available for your operating expenses, and it helps you make better decisions. So if you know that, hey, I only have $10,000 a month for expenses and you're already at 8,500, you're not going to go and make an investment into that $2,000 a month plan. You're going to look for something, maybe a little bit less, or be more innovative, or think outside the box. That's also the side benefit of actually knowing and managing where your funds are, because you are now able to, one, think proactively and, two, think innovatively.

Dave: 19:34

The one example that we talked about previously on this podcast was the Savannah Bonance, when they implemented profit first. Excuse me, they were $1.8 million in debt and they were facing bankruptcy. They were about to lose the team. They were about to lose their house, their cars, everything. They've talked about this, this, but they implemented profit first and they were able, one to highlight where the money was going and think outside the box in terms of being innovative, and the one example that I've seen Jesse share was they were trying to figure out ticketing and they, they just decided because it didn't fit right. The new methodology, the new checklist of hey does it? Is it mandatory? Is it something that we need? Is it something that's going to improve the fan experience? Right, they had a whole checklist. Once something got checked off that it didn't meet those needs, they didn't do it, and so instead he went out and they bought a six, I think it was. They bought like 100,000 or 10,000 tickets I don't remember the exact number of banana-shaped tickets for $6,000. And so he saved $94,000 just by thinking innovatively, running an expense or a new investment through a checklist that they were able to develop for themselves, based on having a habit in the business to make better decisions, and it allowed them to save all that money.

Dave: 21:11

Now, obviously, today it's a lot bigger, so things have grown, but that you have to get out of the ditch that you're in. If you are, or maybe it's a big hole or a big valley, you have to get out of that first, and so how you do that is by building up this habit of making better financial decisions, by shrinking the available funds that are available for you to spend. And so if you are currently out there and you're currently only operating with one business account one you know, hey, I have one checking account for the business. I look in every day and I say, oh, I got money I can go spend. Now is your day, like, take this as your kick in the butt to begin to make a little bit of a change. So go out and at least open if you're going to do it on your own, just start slow. Go out and open up a second account and make that your profit account. So today, if you got time, or tomorrow, go to your bank, if you're listening to this, and open up a profit account. And then, anytime money comes into your business, before you think about hey, I got $5,000, I can go pay $5,000 of bills or I could take some money out to pay myself Of that money, take 5%, take $250 and put it into your profit account and don't touch it. Okay, you can get started right now. You can get started today. Use this as the kick in your butt to get started. Go open up that profit account if you want to get started, and then you can learn more and start. You know, once you get into that, build up that habit, then you can start, you know, fully implementing and doing more. And if you're interested in that, you can comment down below and I can talk through it, or go fill out the application and we can help implement it in your business.

Dave: 23:42

The other thing that I want you to think about when it comes to profit understanding in your business is that profit should be a celebration. Profit should not be hey, I'm taking money out and I'm going to go pay my utility bill, or I'm taking money out and I'm going to go pay my mortgage. Those are your everyday expenses, that's your lifestyle expenses. Those should be spent right. That's your, your owner's pay. That's your owner's pay money. That's your owner's pay money.

Dave: 24:14

Profit is that quarterly distribution that you're going to take from your profit account and celebrate with it. Do something that is not part of your everyday routine, do something that's not an everyday bill. So, whether or not you've been thinking about getting a new iPad or a new iWatch, or maybe you were thinking about taking a weekend trip away, that's profit. That's when you take your quarterly distribution from profit. Those are the things that you should be doing with that money. You should be celebrating the time and the effort that you're putting into your business with your profit distributions. And if you have kids or if you have a spouse, let them know. Have them share in the celebration. Let them share in the excitement of your profit distribution right, because you're probably eight to 10, 12 hours a day sometimes Maybe you're even gone on weekends you might be either running late or you're missing some events because you're in the business. Let them also get used to that quarterly time that comes along where everybody gets to share in the profit.

Dave: 25:26

Maybe it's hey, I'm going to take the kids out to Dave and Buster's because it's the profit distribution. Or maybe we're going to go out to that nice steakhouse with my partner. Those are the things that your profit distribution should be used on. It's the celebratory activities, not your everyday. I'm going to pay my bill or I'm going to go out and pay my mortgage. Once you begin to do that, it builds that emotional, behavioral bond and the habit that we talk about making so that you can see the rewards of your effort within your business. That's the goal is that you want to feel like your business is doing something for you, not you're the one working for your business. That's the difference. So profit should be celebratory and you can get started. Obviously, if you're just going to get started now, your first couple of profit distributions maybe, hey, honey, we're going to go out to Applebee's right, or we're just going to go out to dinner. Maybe you don't get to go out to dinner. A lot Like it's small, but hey, it's profit distribution time. It's the end of the quarter, it's profit distribution time.

Dave: 26:27

We're going to do something and the idea is that you get started. Just do something a little small to start. And so the process for that we could talk about. We talk about it in our program. We also have a sprint. So if you're interested, comment down below. We have a five-week sprint that's just getting started. On September 8th If you comment the word sprint down below, wherever you're at, whether it's on YouTube, facebook or LinkedIn comment the word sprint, I'll share you the information about that. It's a $500 five-week intensive sort of get started push and at the end of the sprint, if you make it all the way through and you complete all of the activities and the deadlines and the checklists and the milestones, you actually get your $500 back. So it's $500 to get started. We want to make sure that you're invested in getting started, but at the end of the five weeks you can get your $500 back if you do all the milestones and you do all the work. So if you're interested in that comment, the word Sprint down below. So we talked about a lot so far.

Dave: 27:24

Right, we've talked about real revenue. How do you calculate real revenue in your business? Talked about profit, which should be your first account that you're allocating to in order to guarantee that your business is profitable. It's sales minus profit. So money coming in minus profit equals all your other expenses in your organization. You can have a guaranteed profitable business if you just switch that mindset that we have been taught all of our lives and for me I could talk to that because I have an accounting degree. I went through that old sales minus expenses equals profit, and profit should not be left alone. Profit should be done first. So how do you build a profitable business? Well, it's by making sure that you have profit in every income that comes in. And as you're just getting started, maybe it's one or 2%. That's fine. You're building that habit. So that's kind of the profit first portion of the podcast. I hope you guys, if you have questions on that, share it.

Dave: 28:30

But one of the other things that I wanted to you know kind of talk about, you know is really paying attention and I've said this in in terms of like leadership or any sort of role that I've had that I that I had team and it's important to have clear expectations, right and and clear communication, because a lot of times if people aren't on the same page you know things are going to things are going to be misunderstood and so ensuring that people, when you're, especially nowadays, like I highly suggest, if you're not using a note taker in your business or in your meetings taker in your business or in your meetings, you should be using a note taker, whether it's Zoom's native AI companion or any of the other sort of different note takers that are out there. Personally I use fixerai. I love how it also integrates with your email and helps kind of organize your email and actually draft some email replies, you know, right away. It also records all my meetings with the video recording and what I love about Fixer is that you can go back to any meeting and you can actually like have a chat with the meeting notes, right. So you know you could go back and say, hey, I'm interested, you know, I'm trying to just make sure I didn't miss something here. Was this said in this meeting? And the AI is going to let you? Yes, this was covered. You know, and this is what was said, or no? This you know issue wasn't brought up or this issue wasn't talked about. And it's beautiful in terms of now you can prepare. But on top of that, right with the note taking in Fixer that I enjoy, right is that when you have recurring meetings, it sends you before the meeting. Hey, by the way, here's some things to focus on in the upcoming meeting. So if you're not using a note taker or you know, for me I highly suggest Fixer or any other note taker that's out there. You're probably missing because you probably found yourself second guessing yourself about a prior meeting. I've used it to check my own expectations about different things that might've been discussed or things that I need to follow up on.

Dave: 30:46

So the beauty of having a note taker, especially because things are going back and forth. You're a business owner, I'm a business owner, you're doing so many different things. Sometimes you can make mistakes and you can be wrong about something, and that's why I love having the AI note takers, because I can go back and make sure that my understanding of the communication that happened in the meeting was correct or, if it wasn't, I can correct it and apologize if I made a mistake which I do. I'm human, right, we're all human. Nobody's going to be perfect, so don't expect you're going to be perfect. Sometimes you're going to go back to a meeting note and realize maybe you thought you said something and you didn't. That's cool Because, especially when you're talking about with your clients, your clients are going to set expectations for you, and if you make an expectation to your client based on things that happened in a meeting and then you feel like, well, I didn't really say that and the notes say differently, you know, maybe it's you have to, you know, bite a bullet there and just say you know what?

Dave: 31:41

I apologize Like I messed up here. You know, I'll make it right and let's kind of move forward and we'll make sure we work on this in the future. And that's the beauty of any relationship is that you can, you know, identify something that went wrong and correct it, as well as like there's no need to. You know, I feel like there's no need to. Sometimes, in the moment right, emotions are hot and heavy and I'm going to be, you know, relaxed and figure it out. You know, either I made a mistake or we can correct it moving forward, and I kind of took that approach with all my teams you, my teams when I was in executive leadership in corporate world. I'm going to set clear expectations and it's one of those things that you have to make sure that, with your teams, you understand your limits. And so here's an example for myself that I'll share with you all, share with you all.

Dave: 32:38

I understand that I see things maybe quicker or maybe even more clearer in my head than sometimes come out of my mouth when I'm explaining a project or a system, right, and so I have always explained to my team, ask me questions, like there is no wrong question that you can ask me when we're leading into a project or about to start a deadline that you have to hit. But if we're in that session and you don't ask me questions and I set an expectation and then you don't hit that expectation when you didn't ask me questions for clarification. That's when we're going to eventually have to have a problem we're going to have to talk about, we're going to have to fix it and even, like, leading up to the deadline, if you have questions or things have changed or you have different ideas, like, bring that up. So if your boss is not, or if your leader we'll call them, you know, leader, so it may not be your boss, or are you as an owner, are not that open with your team or with your staff, then it's going to eventually come to a head right because people are going to be you know, they're, they're. You know, if you don't take that openness, they're not going to feel like they can come to you. And we've talked about it in other sessions and it may not be on the podcast, but I've talked about it in trainings.

Dave: 34:03

You have to have that openness. You can't shut people down when they bring you questions, you know, or be frustrated when they ask you something. Because if your default is frustration, people are going to stop coming to you. People are going to stop bringing things up. If you just get defensive all the time or try to make an excuse all the time, don't, you know, be open, listen to the question and give them the answer or maybe even point them in the right direction, because you don't want to always just do right, you want to actually help, teach and let them learn. So that was the second thing that kind of came up for me this week that I wanted to bring up to you guys is have clear communication, have open channels, especially if you're trying to run a business and you've never led teams before, you never had employees before that you were responsible for.

Dave: 34:53

This could be a big shift for people, especially going from being on the employee side to trying to lead. And I hear this from not only business owners, but I hear it from employees who had a coworker that used to work alongside them and have now moved up to be a boss or a leader, and how their entire mentality mentality changed. Right, and they're not the same person. You could probably think of a couple of people that that's happened in your environments in the past. The difference is because, well, one, they probably haven't been given the right let's say, leadership, support or training to be an effective leader and they feel like and if you think of the leaders before then they were probably more of that tyrannical, you know, sort of like hey, do it my way. Or the highway type of leaders and that's who they learned from. So they feel like, all right, I'm in a leadership role, I have to do it the same way, even though the funny thing is that leader that same person didn't appreciate how that person led them. But now they're in a leadership position and they're doing the same exact thing to the you know who used to be their peers. I've heard that many times.

Dave: 36:03

So if you're either new to leadership or you're running a business and you're potentially thinking about having employees, it is important for you to always have open communication, to always have open communication, always be clear with expectations and even your let's call it your weaknesses, so that your team can understand you. If you have questions on that, like, make sure you can share it down below. If you're a new leader or you're a business owner, that's you know, thinking about having employees or and you've never had a leadership role in your life and you want to talk through that, drop a question down below. We'll make sure to answer it, whether it's live or on a future episode. But clear communication is important and always being open to being wrong. I can be wrong sometimes and I am, which is why, again, I mentioned having an AI note taker for your meetings. Why, again, I mentioned having an ai note taker for your meetings? Because it's going to be important for you to always refer back to, always have that information available at your fingertips.

Dave: 37:06

And the last thing I want to leave you guys with today and again I try to keep them a little bit shorter when it's just be, so that you don't just listen to me talking is don't feel like you're ever, don't feel like you're ever alone because you're not. There's been somebody who's been through your situation before in life, whether it's life or business, whatever it has to be. So don't feel like you're ever alone. Surround yourself with people that are going to give you that support, that are going to push you that support, that are going to push you forward. And if you find that you're around people right now that are either trying to hold you back or tearing you down, or you're trying to push you in a direction that is not where you want to be, you might have to consider limiting the communication or limiting those people from your life. You should be surrounding yourself with people that are going to continue to push you forward, continue to keep you moving along the path that you want to be in your business, in your life, and if people that you know that you are surrounding yourself with are trying to pull you back or hold you back, you need to start cutting them from your life or at least limiting your interactions with them, because it's causing you to not make movement forward.

Dave: 38:28

So always pay attention and always evaluate, like who are you learning from? Who are you listening? So if you're listening to this, it's a first step, but we're not the only good podcast out there that talks about business. There's a lot of good ones. There's a lot of good. You know Alex Ramosi has a podcast. You know Gary V has a different podcast and videos. Look at who you're getting your information from, who are you learning and educating yourself with and that and evaluating that versus. Is that taking me in the direction I need to go? Are these the people that I want, that I need to listen to in order to get to that next step of my life, to get towards that next step of my goal? If it is great, continue and do more of it. Repeat it right. Once you find things that are working, repeat it If you evaluate yourself and you evaluate circle around you and you realize that you're listening to maybe too many dog videos or you're listening to too many things that aren't pushing you towards your goals, limit those.

Dave: 39:23

Begin to make corrections in your daily life and hold yourself accountable to it. It's that habit we've talked about. It's not only profit habit and cash management habit, but it could also be your influences habit. Find ways to limit that, and on any social media. Remember their goal is to keep you on the platform. Their goal is to keep you locked in so that they can make money by showing other ads or doing different ways to make money. So what they're going to do is when you start giving attention to something, they're going to give you more of that. So if you start giving more attention to business type videos or business type posts, they're going to show you more of that type of activity because they want to keep you on a platform. So if you find something that's not impactful to you or that's not driving you towards your goal, hit the little three dots and say hide more posts like this or show less. Then the system knows. Hide more posts like this or show less right. Then the system knows. The algorithm learns from you, not trying to. It's not going to predict what you want based on what you're looking at. It's actually going to. You're going to be proactive in your social media algorithm creation. So be active in your actual where you're putting your attention. So I hope you guys got something from today's episode.

Dave: 40:41

You know, I know, business is hard, it's not easy and it's not for the faint of heart. But if you can install habits and processes and systems in your business, you can turn it around. You can make all that work, all that effort worth it. But you have to start with changing your mindset. So if you've always thought in the old way, hey, I got to make sales and then I got to pay expenses and then hopefully, I'm profitable at the end of the day, that's the old thinking, that's the old model of thinking yes, you still have accounting, right, you still have accounting. That's got to be done in order to pay your taxes. But day to day, if you change your thinking to, I got to get sales and then I got to set aside my profit and then I got to take care of my number one employee, which is you, and then I got to take care of the tax man, because he's going to want his bill at the end of the year or every quarter, depending on your tax filings. Then whatever's left, that's what I'll pay for expenses.

Dave: 41:55

You can guarantee yourself a profitable business year after year. Maybe you have to work your way up to the owner's pay that you deserve or that you desire and that you're looking for, but by installing the process now, while you're small, you can guarantee that when you grow and when you scale that business, that you're always going to be profitable. And that's the number one success piece for any business is profit and cashflow. It's not how much of your revenue can you spend on expenses. So when you're thinking of as an operational side, not from an accounting side from an operational side, you need to focus on sales minus profit equals what I have left to pay my expenses. And, just like the Savannah Bananas did, you can create a checklist of determining if an expense is warranted or not, if an expense is actually needs to be allocated from your income or from your expense bucket.

Dave: 42:55

And again, this applies to for-profit businesses and nonprofit businesses alike. Nonprofit businesses need to have profit, just like for-profit. The only difference is that, instead of being profit distributions to the owner. You're now building up reserves in a nonprofit to better serve your mission, to make sure that in the future, your mission will always be served. So if you have a nonprofit, or maybe you work for a nonprofit and things are tight, always there's a better way to do it. There's a better way to you know, allocate funding, allocate spending in order to do what you need to do to ensure that that mission is reached for your nonprofit.

Dave: 43:45

So we talked about right. We talked about that. We talked about communication. We talked about you know surrounding yourself and where your influence is coming from your life. So if today's lesson, if there's something that you found impactful in today's lesson, in today's podcast, this episode maybe not lesson, but in today's episode please, I want you to share this video with your network. Help us increase our reach right as we're just starting this podcast. You guys, if you're listening to this, we appreciate you so much for listening to it for 10 minutes, listening to it for 30 minutes, whatever it may be. We appreciate you. I know I do. I know Duarn does Help us, help others. So if you got something out of today's episode and something was impactful for you, share this, give it a like, give it a thumbs up, whatever it is, share the video with your network and make sure you're subscribed and you're following on our channels. Right now we do these live shows on Facebook, linkedin and YouTube, so if you could give us a like and give us a follow, we would greatly appreciate it.

Dave: 44:44

And remember next week we're going to be announcing live on the show the winner of the Triumph Profit Grant the Labor Day Profit Grant and it's going to be an $18,000 service grant for six months of our done for you service. And if you apply and you share the application with somebody and they win, you also win. You'll win six months of done for you. So if your referral wins, you win and there's no limit to the number of people that you refer the application to. So if you've already applied, great, we're already 20% of the way full and it's only been just over a day 20% of the way full. Share the link with as many business owners as you know that could use the service and then the more you refer, the more you have a chance to win, because we're only limiting it to 50 people. So if you refer nine people and then you have your own application. That's 20% chance of winning something, some impact for your business. And that's the goal is that we're looking to make an impact on your business, as we've talked about today, to help build that habit, build that behavioral shift in your business.

Dave: 45:50

So I hope you guys had a wonderful and fantastic episode. I hope you guys have a wonderful and fantastic Friday. As always, we're here every single week at 8.15 in the morning. This is episode 25. Next week is going to be half a year. That's going to mark the half a year mark that we've been doing these Business Unscripted podcasts. It is crazy to think. I love coming here. I love talking to you all. I appreciate you listening. If you've listened Until then. I hope you guys have a wonderful weekend and we'll see you next week. Remember, get your applications in. The link is down below in the comments. We'll see everybody later.