ONE THING: Day 6: My Financial Statements
Day 6: My Financial Statements
Yesterday your ONE THING was about the 5 all-time best marketing promotions of a company with an over one-Billion-dollar market cap.
All 5 had ONE THING in common and that wasn’t a coincidence.
Today I’ll change it up a little and make your ONE THING to understand financial statements and to stop being fearful of them.
MATH is the central theme which shouldn’t surprise you.
An Uber driver makes $100k and ruins a $60 car doing it.
He can’t read financial statements (fear) and thinks he earned $100k.
Ummmmmm…. you might want to hold the order on your new Ferrari for just a little while longer and stop yelling “this rounds on me” at the bar, Big Shoots.
I have over 100 accountants that use my business coaching platform, software and online lead generation tools.
Therefore, it’s not uncommon to have multiple accountants listening when I do a presentation.
The accountants at my presentation in Cancun Mexico, were pretty impressed. One of them told me afterwards “You just gave everyone in that room a 2-year accounting degree in less than 30 minutes. I’ve been doing accounting for 30 years and never heard reading financials explained that well”
Not sure I totally agree, but not bad for a short fat guy with below grade 8 math skills.
I was taught by my mentor (otherwise known as Rich Dad) to explain accounting / financial statements with normal words like “things” “stuff” “things you own” “money you owe” rather than confusing the heck out of everyone with debits, credits, liabilities, accruals, amortization etc…
Here’s a standard example I’d give you as a coach / consultant.
Both of these companies have profits of $40. But which one would you rather own / coach and what strategy would you help deploy for each to get started?
If you help Company 1 grow (Facebook ads, cough cough, laugh laugh, throw up in my mouth) the next project, due to their insanely low margins, will likely be helping them file for bankruptcy.
If you don’t know how to drive don’t hit the accelerator.
Make NO MISTAKE the accounting [and banking] profession is designed to confuse you. That way you, and your family, keep giving away your hard-earned money.
And, unfortunately, it works. Banks are billion-dollar corporations and the chiropractor is trying to make $100k (with bad MATH).
To stop yourself and your clients from getting raped and pillaged… you must educate yourself.
GOOD NEWS: This is not complicated in any way and you don’t need an accounting degree to assess financials effectively with a little common sense.
I could go on… but I need some sleep and hopefully this made sense for you.
No massages for me tonight.
BTW Is my 30 days (Monday to Friday) of ONE THING over yet…
Can I sleep now? Please.
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Obsessed with your business coaching success,
The man by the pool with, unfortunately, no belly button.
PS. Please send me and email response if these have been helpful and you think I should keep going??
This late at night it can be easy to assume I’m just talking to myself and creating an email for me to read, over critically LOL, in the morning when I wake up.
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Karl Bryan gets clients for Business Coaches...period. He is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Leader Publishing Worldwide, home of the largest private community of Business Coaches (24 countries and counting) in the world.
His goal is straight forward… to help serious coaches/consultants get more clients.