The Secret Ingredient to Great Cash Flow – Amanda Fisher

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11/15/2021

Show Notes:

One of the keys to business success is cash flow, yet too many business owners and entrepreneurs struggle to understand their own numbers. Our today’s guest is here to share some valuable tips on how to take control of your business finances and cash flow.

Amanda Fisher, also known as the Cash Flow Queen, is a mentor, a CFO, an award-winning financial educator, and a best-selling author. She mentors business owners and entrepreneurs with the skills they need to improve cash flow, increase profits and grow their business. From developing budgets and cash flow projections to regular management reporting to business advice and accountability. Amanda’s goal is to help other entrepreneurs gain confidence and control over their business through financial awareness.

After overcoming a business crisis of her own back in 2008, Amanda realized the true power of understanding your numbers. Now she wants to teach others the importance of cash flow.

In this episode of the Think Business With Tyler podcast, we shed some light on accounting and discuss why it’s not that complicated after all. We also talk about cash flow and how you can improve it through some simple tactics. Why different situations in business require different approaches to numbers. And why you need to work on your financial awareness to be able to scale. If you want to learn more about ways to ensure business success through understanding your business numbers, tune into this episode to find out.

Guest-At-A-Glance

💡 Name: Amanda Fisher

💡 What she does: She’s a Mentor, CFO, multi-award-winning financial educator, and a published author.

💡 Noteworthy: She’s the author of Amazon Best Sellers ‘Strangled By The Numbers’ and ‘Unscramble Your Numbers’.

💡 Key Quote: “You need to be forecasting, you need to be looking at the future. I think, again, accountants traditionally, we’ve always been reporting history, we’re looking over the shoulder what happened last month, last year, last quarter. Cash flow is about looking into the future.”

💡 Where to find Amanda: LinkedIn | Facebook | Twitter | Instagram

 

Key Insights

Despite the popular opinion, accounting is not complicated. There’s a common misconception surrounding accounting and finances that it’s too complex and impossible to understand. Amanda begs to differ. She says that the accounting profession has put a mystique around it, but that it’s actually fairly simple – that is, if you take the time to learn your numbers. “A lot of people don’t look at the numbers, because they don’t know what they’re looking at. And so it’s like this sheet or page with all these numbers on it that don’t mean anything. I think that’s one and I think then, if they do know a little bit about it, then it’s the fear factor of how bad is it? So it’s a combination but it is an area that a lot of people just don’t put any time into.”

Cash flow is about looking into the future. Take it from the Cash Flow Queen herself, you need to be forecasting, not looking back on your past expenses and revenue. Amanda says that cash flow is all about looking into the future, as opposed to focusing solely on the past. The stash of cash and forecasting are the two things that make a difference in working with cash flow. “We know what our costs are. So the big thing is, what are your expenses going out because going backwards from that, if you know what money is going out, you know what money you need to get in to plug in. […] So for me, the big thing, is doing that plan and a week by week 12 to 16-week plan. It also gives once you get that in, the funny thing I find about that is it kind of takes the stress off.”

Different situations in business require looking at different numbers. When creating management reports for your business, it’s important to understand that different situations require different approaches. If you’re in one type of scenario, you have to look at the numbers relevant for that particular case, otherwise, you might make a faulty conclusion. “The management reports are all about the stage of the business. Are you a start-up, have you been going for a few years, or are you just getting a bit of a go on? Or if you’ve been in business for many years, and it’s mature? […] It really depends on one of those areas to focus on. And never be focusing on more than three, maximum five, because it’s too much working on focus on one area to improve your two or three of those. Because that’s enough, those little tweaks make big differences.”

Financial awareness is power. According to Amanda, it all boils down to financial awareness and whether you know your numbers. Her biggest tip for all business owners out there is to take the time to look at the numbers regularly, at least once a month. “Make the time to start to learn about it. And once you do, you’re going to feel much more empowered and much more in control of your business and be able to make decisions, not just from the gap, but also know how it works and what the impact is. Because sometimes those gap decisions I made were the right ones, but a little tweak on it might have been a financial impact.”

Top Quotes

“I kind of ended up becoming what I now call a financial educator, and helping people to understand their numbers. And that’s just so critical in business is to know what the numbers are, how to use them, how to see through them to the stories they tell, and make useful, informed decisions from them.”

“I think for a lot of business owners, it’s just they don’t have the knowledge. So it’s a scary area. I think the accounting profession has put this mystique around it, that it’s complicated that you don’t need to know… You just need to know the numbers, you don’t need to know all this other stuff that I do behind the scenes.”

“They treat it as their own personal bank account. So if there’s money in the account, Oh, goody, I can go and buy these. So I can take the kids on holiday, or I can do whatever without understanding that cash flow, or hang on a minute, you’ve got bills to pay, and they must be paid first before you can take money out for you.”

“If you had a product, selling products, then the gross margin and gross profit are very key and making sure that you’re pricing correctly, I also believe for a service-based business that they should be doing that as well. Because in a service-based business, whilst you’re not selling a product, you’re selling time, there’s a cost to that time.”

“But it’s that difference between if you are invoicing being paid later, then your revenue is not the same as your cash. And that’s even a bigger reason to be looking at a cash flow moving forward.”

Links

The Cash Flow Queen Website

Business Barometer: Check the Pressure of Your Business Finances

Strangled By The Numbers: Unlock The Secrets To Your Business Success

Unscramble Your Numbers: Unlock The Secrets To Your Business Cashflow

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LinkedIn

Twitter

 


Full Show Transcription

Amanda Fisher 0:01
But then it went badly downhill for a number of varying reasons. And I took the view that so many business owners take that you just get out, hustle and get more income, just go get more clients get more revenue, just hustle, hustle, hustle. And that’s what I was doing. And oh my god, one day, my office manager came to me and she said, I quit. And okay, right. And then she said, You don’t replace me. You can’t afford to replace me. And at that point, it’s really it’s you know, the dagger in the heart.

Announcer 0:38
Welcome to think business with Taylor sharing our methods and strategies for success. Join in on our conversations with business owners. As we highlight their triumphs and detail how they overcame the challenges they faced while continuing to grow and scale their business. It’s time to think life think success and think business with your host Tyler Martin.

Tyler Martin 1:02
Hey, everyone, my guest today is Amanda Fisher, also known as the cashflow queen, Amanda mentors, business owners and entrepreneurs with the skills they need to improve cash flow, increased profits, and grow their business. Amanda’s goal is to help other entrepreneurs gain confidence and control over their business through financial awareness. After overcoming a business crisis of her own back in 2008, Amanda realized the true power of understanding your business numbers. Now she wants to teach others how to take control of their cash flow. In this episode, we chat about why accounting is not all that complicated. If you learn to analyze your numbers properly, how to improve your cash flow by focusing on the future, not the past, why different situations require different financial approaches. And finally, the importance of financial awareness and knowledge. If you tend to get overwhelmed by accounting and numbers, make sure to listen to this episode. Trust me, it’ll change your perspective on finances entirely. Let’s get started. Hey, Amanda, thanks so much for being on the think business with Tyler podcast. Joe, how are you doing today?

Amanda Fisher 2:08
I’m really good. And thanks for having me. Tyler. Yeah, so

Tyler Martin 2:10
I’m really excited to get started here. He can you start out with telling us a little bit about yourself and what you do now? Yeah,

Amanda Fisher 2:17
so like, I’m a CPA by training. And I’ve done that for probably more years. And I’m going to confess to, but I did all the tax filings. And for a long, long time, I thought I was just like, every other CPA, you know, the there I say, you know, boring, you know, just get in and get the numbers down. And that’s it. And I always felt there’s something more to it than that. And through that series of things that happen. And we’ll probably talk about them as we go through, I realized that I did things differently, and didn’t do the way everybody else did. So the end result was I kind of ended up becoming what I now call a financial educator, and helping people to understand their numbers. And that’s just so so critical in business is to know what the numbers are, how to use them, has seen through them to the stories they tell and make useful, informed decisions from them. So it’s been an interesting journey of ups and downs along the way. I’ve traveled a lot as well. And of course, I can’t do that in today’s world, which is a tad disappointing. And I love my white Christmases. And I don’t get to see them either at the minute. But But yeah, so that’s kind of, yeah, it’s a bit of a short one, I think we’ll get into it more as we talk.

Tyler Martin 3:34
Absolutely. And what I love, I’ll give a disclaimer to the listeners, we’re not going to get super geeky and numbers. But this is I think both of us can agree on this. This is one of the things that I often see most glossed over by business owners because they are kind of scared of the numbers. And the beautiful thing about you I’ve read about you, you have a book, we’ll talk about it probably at some point here, you break it down in very simple to understand ways. And that’s what’s so needed with small business owners or just business owners in general, because they’re just so scared to numbers. And they just, it’s just gobbly goo a lot of times the way we communicate it. So I want to start out with you’re known as the cashflow queen, which I love. And there’s a reason for that it kind of built up can you go back to what got you there? I’d love to hear your story.

Amanda Fisher 4:15
Yeah, so and it’s not a fun one in a sense, you know, it’s one of those, one of those dark days and and then were dark days, we’d gone through a recession. I’m born into a business and accounting practice a couple of years prior things were going well, but then it went badly downhill for a number of varying reasons. And I took the view that so many business owners take that you just get out hustle and get more income, just go get more clients get more revenue, just hustle, hustle, hustle. And that’s what I was doing. And I got one day my office manager came to me and she said, I quit. I’m okay right now and then she said If you don’t replace me, you can’t afford to replace me. And at that point, it’s really the dagger in the heart. It’s really hit home. I’ve gone movies a lot worse than I thought it was. I knew it was bad. But you know what the reality was? I wasn’t looking at the numbers. I mean, the I’m an accountant. I know about numbers, but I wasn’t looking at them. Because I was too afraid to see how bad it was. Because I knew it was bad. And I just, I thought, I know, I don’t need to know how bad it is. So sort of the day she, she quit on me. And she was doing the right thing. God bless her, you know, she was absolutely doing the right thing for me, as well as for so. And I started to look at the numbers. And yes, I get that I know what to look at when I look at the numbers. But the moment I looked at the numbers, it was crystal clear why needed to do to get out of the hole I was in. And it wasn’t just a hassle to get more clients, yes, that was a component or what, but there were a series of other things and decisions I needed to make to get out of it. And it didn’t come quickly, happen overnight. But over a period of time, I made those decisions, implemented them and slowly kind of crawl and pull that business back into back into the black again, into a profitable situation and, and a business that was a joy to go to again. And that was that was a massive turning point for me. In also taking me from being that everyday or garden variety accountant into realizing that I had a lot more to give. And I had a lot more lessons that aren’t learned that I needed to share with other painful. And then kind of what happened over a period of time is people started calling me the cashflow Queen because of what I was talking about. And I and I actually went Now, number one, I’m not a queen, because I’m not precious and you know, Queens rough on pencils, right? It should be and it’s not me, I’m just so you know, your, your everyday girl next door like not that. And then it’s like cash flow, but then that, that kind of then pockets mean just into talking to cash flow. And I, I just talked about so many other things. And I’ve got a much broader knowledge. So, but anyway, it’s stuck. And I’ve embraced it. In the end, I kind of went yeah, you know what? It’s good branding, let’s use that.

Tyler Martin 7:27
That’s a powerful story. I’m curious, because you just made me think of something, as you said, you know, Hey, you didn’t really want to look at your numbers, you just kind of didn’t want to the truth. What’s your feeling? Do you think a lot of business owners go through that where they’re like, you know, as long as I don’t know about it, things are okay. And people are getting their paychecks. Do you think that’s a common thing? Yeah,

Amanda Fisher 7:45
I think it is very much so. And there’s a couple of reasons for that, I think, for a lot of business owners is just they don’t have the knowledge. So it’s a scary area. I think the accounting profession has put this mystique around it, then it’s complicated that you don’t need to know you just need to know the numbers, I’m telling you, you don’t need to know all this other stuff that I do behind the scenes like this is you know, I’ve done years of training to do this. And we have I’m not taking that away from us. But they put out this whole thing that it’s complicated. And one of my things I find when I’m training people is it’s not accounting is simple. Maths is adding subtracting, sometimes we multiply divide do percentages, like it’s not complicated. So I think a lot of people don’t look at the numbers, because it’s it is too, they don’t know what they’re looking at. And so it’s like this sheet of page with all these numbers on it, that don’t mean anything. I think that’s one and I think then, if they do know a little bit about it, then it’s the fear factor of how bad is it? So it’s a combination. I think that but it is an area that a lot of people just don’t put any time into.

Tyler Martin 8:53
Yeah, yeah. No, I agree with you on that. So, you know, I’m curious, you’re the cash flow cube, Queen. So I would be remissed by not at least starting to talk about cash flow. What are some common things that you can say about cash flow, what it means to business owners? What’s your guidance, generally, for business owners about cash flow?

Amanda Fisher 9:10
The first thing is, you need to be forecasting, you need to be looking at the future. I think, again, accountants traditionally you know, we’ve always been reporting history or looking over the shoulder what happened last month, last year, last quarter. Cash flow is about looking into the future. In Yes, I do get often from plants and people ask me questions here, but I don’t know what the future is. Yeah, I get that. We don’t put we do know some things. And depending on the type of business you have, you may already have income that’s coming in over the next few months. So for me cash flows, looking at the next 12 to 16 weeks, specifically, yeah, you can take it longer, but that’s some more known in most cases, you’re already doing pretty on top of business to say you’re doing work you kind of build it at the end of this months you should get paid next month, you know what’s coming up in the next period of time. Or you can take a fairly good guess at it. And we know what our costs are. So the big thing is, what are your expenses going out, because going backwards from that, if you know what money is going out, you know what money you need to get into plug, if you haven’t got a gap to plug a gap, or to make sure you’ve got the mic funds coming in. So for me, the big thing is, is doing that plan on a week by week 12 to 16 week plan. It also gives, once you get that in, you know, it works, the funny thing I find about that is, is it kind of takes the stress off. And within that, here’s the second thing on there is building, what I call a stash of cash now is in the bank, not necessarily under the bed. But just having having a buffer, even if it’s one month’s worth of your expenses in the bank account at all time, you know, you got your month cover, you get out do what you got to do from a business perspective, which is why you went the business personally do the fun stuff. And then you know, the money will come in, and you’ve got nothing next month. And so I think the stash of cash and forecasting, they’re the two key things to make a difference on working with cash flow.

Tyler Martin 11:19
Yeah, there’s so much wisdom there. I love that. You know, when you say forecasting, I think a lot of times people think, oh, a year, two years, three years. And it’s just like, you can’t really forecast that. But when you’re saying, you know, three to four months, and especially cash, it’s like, wow, what a great tool for business owners to have some visibility looking forward, but not too far outwards, not not something that they can rely on. So that’s really cool. I also like your stash cash idea, I think. And I’d be curious if you see this sometimes with clients, you know, good times, when they’re happening, they take all the money out of the business, they’re flying high, and then the inevitable curve hits. And they’re not quite as flying as high. But now there’s, you know, there’s expenses and not a stash of cash sitting there. And now they’re in a crunch. Do you see that frequently when people aren’t doing these steps?

Amanda Fisher 12:06
Absolutely. And I even in the good times, I’ve seen exactly that money being ripped out to buy the fancy car and have the nice holidays, all the rest, but but they’re not paying this credit. They’re cutting their suppliers, they’re not paying the bills. And I’ve been in a situation where I’ve had a client not pay me for 12 months, but then went on this overseas fancy holiday and spent, I don’t know, 3040 grand or something on on this big thing. And I think Geez, you owe me money or all these other people money. It shouldn’t be spending money, I understand we need a break, I don’t need to have an expensive one. Like you know, even if that whole living beyond your means and certain levels of business, in terms of size and business, bigger businesses doesn’t happen in the sort of smaller end. It’s like they treat it like their own personal bank account. So if there’s money in the account or money, I can go and buy the so I can take the kids on holiday or I can do whatever without understanding that cash flow or hang on a minute, you’ve got bills to pay, and they must be paid first before you can take money out for you. And yes, I know Napoleon Hill wrote the book, you know, you pay yourself that 10% First, and I love that. And I’d love to do that for some people you can if if you haven’t gotten the income there, you can pay yourself first and let everybody else go to hang out to be paid months later.

Announcer 13:31
If you’re a business owner feeling stuck in your business overwhelmed responsible for everything that happens and working long hours, Tyler helps his clients develop processes hire high performing team members and better understand their financial metrics and numbers to allow for a more predictable, less hands on business. To schedule a free no pressure consultation, head to think tyler.com and click the Meeting button. Tyler would love to see if he can help you work on your business, not in your business. schedule a consultation today at Think tyler.com Think life think success think business.

Tyler Martin 14:04
I’d love to know your philosophy. last few years, maybe it’s five years now there’s been a lot of discussion about business owners having 510 business accounts and moving you know if they have taxes into an account, I can see your reaction. So I’m gonna love to hear this. Sorry for those folks that aren’t on video. But, you know, I just wanted your thoughts on that because I definitely have passionate thoughts. And I just be curious what yours are.

Amanda Fisher 14:29
I agree to a minor extent. So I agree to have an account for taxes and employment costs that you pay the wages for the team and there’s all these various costs that have to be paid as well. They get their net paycheck but you don’t have to pay the taxes and the other bits until later. I agreed you’re potentially having a bank account to cover that or to cover your sales tax your GST event. Yeah, the local taxes. Well, I don’t agree with it is the whole philosophy or when you have a bank account, when you put money in to cover the rent, and to cover these costs, and that costs, I just I’ve seen, I’ve had a few clients who’ve tried it, and then just getting the biggest pickle, because there’s not enough money in one account to cover at the end of the day, somehow, I didn’t get enough in there. So then they’re robbing out of it. Yeah, they’re sort of robbing Peter to pay Paul, they’re taking from here to there. And it just becomes a myth. Not only that, it’s actually an accounting miss. And I, I think that the people that propose that, whilst it’s dumbing down accounting, and they’re not kind of get what sort of what’s trying to behind it, but then my view, they’re treating people as being dumb. And I don’t think that’s right. I think that you need to educate people so that they have the tools, it’s like, you know, teach a person to fish, you know, like, give them that the knowledge so they can work sensibly, rather than just give them this sort of framework that is clunky. And I don’t think it teaches them anything.

Tyler Martin 16:05
Right. And to your point, I think it also basically gives them a license not to manage their business. I mean, I feel like if you’re managing, I chuckled when I first read the book, because I felt like, wow, you know, I’ve been for the last 20 years working with clients that have no problem paying their, you know, keeping track what bills they have to pay, and what’s coming up and whatever. And that’s because they’re managing their business. And if you’re managing your business, you really don’t need to go through frankly, I mean, no disrespect anybody. But to me, it feels a little gimmicky. When you start breaking it out so much. I agree with you. I definitely have clients that put money aside for taxes. I think that makes a lot of sense. It’s usually a big hit. So yeah, philosophically, I love your thoughts there. I’d be curious, in terms of like meaningful management reports, do you have any tips for what you would tell a client in terms of how to create them and or what ones are important or what they should be looking at?

Amanda Fisher 16:56
Great question. Thank you for that one. I do. So one of the things I learnt and realized as a result of my cash flow crisis, was that different situations in business require looking at different numbers? Again, sort of traditionally, we’ve kind of said, Look, you know, what’s your revenue? What’s your gross margin? Just, you know, kind of how much money you’ve made? If you’re selling product? How much money is owed to you, you know, and how much money have you got in the bank? Yeah, a few kind of key numbers that get thrown around kind of regularly, that’s what you need to look at? Like, well, actually, maybe not. Because maybe if you’re in a different scenario, those aren’t the right numbers to be looking at. And you might be needing to look at what your bills are owing, you may be need to be in to look at just what your stock turnover is what type there’s a whole range of other numbers. So for me, the manager reports are all about the staging business, or you start up have you been going for a few years, you kind of just beginning getting a bit of a go on if you’ve been in business for many years, and it’s mature. So the stage of the business? Also what’s going on in the business? Is it? Are you in a growth phase? Are you in a kind of a tread water? We’re just hanging in there stage? Are you kind of just plateaued? Or are you struggling? Each one of those means looking at different numbers. And I’ve got a whole framework that I created called what I call the modern business framework, which talks about the different areas that and the different numbers that you need to know and look at. I think once you’ve worked out what that is, that then dictates what you put in the management report. Yes, you can put in the standard income statement in your asset liabilities, your balance sheet can put those in definitely looking at your forward cash flow. So definitely that should be part of what’s being looked at on a regular basis. But then when we come to other things in that report, it really depends on one of those areas to focus on. And never be focusing on more than three, maximum five, because it’s too much working on focus on one area to improve, you know, two or three of those, because that’s enough, you know, those little tweaks make big differences. If you’re too spread out and got to I’ve seen reports that have got like 20 KPIs on them and I Yeah, okay. What are you going to focus on? It’s too had too much.

Tyler Martin 19:26
Or there’s some common key performance indicators, KPIs or measurements or dashboard? Are there some common metrics there that you do? See businesses often should be focusing around? They come to mind or can you even give us an example of some that you see most commonly?

Amanda Fisher 19:42
Yeah, obviously if you’re in a product, selling products, then then the gross margin and gross profit is very key and making sure that you know you your pricing correctly. I also believe for service based business that they should be doing that as well. Because in a service basically Is this whilst you’re not selling a product, you’re selling time, there’s a cost to that time, whether you’re paying wages to the team, or whether you’ve got contractors doesn’t matter. And there may even be some little, little other costs associated, depending what you’re doing, as well, some software costs and things. Those need to find a way to be able to identify how much of the time of the team is being spent on doing the deliverables, and then working your gross margin on that. So I think your gross margin is always a really good one. And but sometimes it’s about breaking it down into the different types of work you do. So Bing, sometimes the KPIs are more specific around what’s going on in each division. Working capital is a you know, is a bit of a geeky term is a bit of a jargon term, but it basically explained that is money in the bank, money people owe you and money, you owe less than money you owe your suppliers and for your bills. And that’s a good one to look at. And better than looking at what your money in the bank is. And I’ve certainly known a few people who run their business just save up money in the bank, I’m good. Maybe, maybe not. So some of those, and then we get into more detail. I tend to Delve, when I’m working with clients, when talking more we go into details, we might be looking at a particular line of costs and going okay, how can we improve? I was working with a florist. And yes, they got flowers and people putting the bunching them up together whenever they do the florists doing their thing. And delivery costs. It was an online florist. And so we’ve delved into, you know, how much is the flower cost for each of the different types of product? What’s the market, like we’ve gone into massive detail, and it’s made and made a big difference, we’ve, we’ve increased that gross margin by over 30%. Because we’ve looked at it, haven’t looked at it, when it’s kept going away, it was a

Tyler Martin 22:01
pretty big change. I’d be curious, you know, one thing I’ve heard you say is that focusing on revenue may not always result in profit, I think it’s probably falling in line with what you’re talking about. I’d love for you to talk about that. One of my favorite sayings is revenue is vanity. Profit is sanity. And so I think it’s going to probably fall around this, I’d love to just know your thoughts.

Amanda Fisher 22:22
Yeah, and I think the most misunderstood or harness to understand part of accounting is, you know, that whole exercise of, ah, you say I’ve made a profit, but where is it, I’ve got no money in the bank. And it’s that difference between, if you’ve got a if you’re a cafe, or a restaurant, a new, you know, you, you’re still selling your food, your people come in, they buy from you, you get paid straightaway. So your revenue and your cash flow is very aligned, you’re buying fresh food pretty much daily, you may or may not pay for it daily. But you know, there’s there’s extract very clear and alignment with the revenue and the cash. But for businesses that are invoicing and being paid later, so you’ve you’ve provided credit to your customers, you know, if your service business, you’re doing the work, you invoice them, they pay you, hopefully on time in your 1430 days, whatever, but they pay you later. So there’s this big difference between when you when you actually take up the revenues and when you’ve invoiced so you might invoice, you know, this month, but you might not get paid for another two months. And so that’s the big difference on the revenue side on the cash flow. And then you got the same in terms of expenses. But it’s the difference on what we call accrual versus cash. And that’s again, jargon term. But it’s that difference between if you are invoicing being paid later, then your revenue is not the same as your cash. And that’s even a bigger reason to be looking at your cash flow moving forward.

Tyler Martin 23:55
Yeah, that makes a lot of sense. Do you also find some times when companies and owners are so focused around revenue, that it’s kind of back to your gross profit margin thing you were talking about? They kind of lose focus on the quality of the revenue. So they’re Yeah, their revenue is growing, but their profit isn’t? Because they’re just doing a lot lower quality business. Do you see that happen? Very often.

Amanda Fisher 24:15
Yeah. And I’ve got a great example of that one to one of my friends actually, he’s runs a business with a couple of colleagues and they had three different divisions like three separate kind of components. It was a and website development. They were doing some graphic design, and I think it’s my tea, though I’ve had so they’re quite different, but logically together. And they just had all the monies together and they’d growing and growing, the revenue was going and they just weren’t making any more profit. What’s going on? It’s okay guys, you need to separate it. And lo and behold, because I used to have arguments, literally arguments over which was making more money, I know I make that I’m making all the revenue in this section. And anyway, so we separated it out and long. Hold was classic, actually, because one area was making a lot of money, easy make money really pro highly, highly profitable. There was one area that was doing our kind of donor business. And then other areas, it was hemorrhaging money hand over fist, it was losing losing money. And it was the area they were actually promoting the most. So they flipped it on its head and promoted the white area that was making the most profit, they decided to still keep doing the loss making one because it was a bit of a loss leader in other work. But they stopped focusing on it. And they also looked at how could they be more efficient about it so that could they put their prices up? So the classic on that, when you do that breakdown is, is looking at, is there a way to reduce your costs? But also do you have your pricing? Right? I did that even with a product business. And and she hadn’t put her prices up for quite a few years, she was in a kind of in the disability sector feeling like, you know, there’s a limit to how much you can charge. But we sat back and looked at, and we went through line by line on on her major, you know, major, the biggest price item, we put the price of her beat, and just fine putting that price up, made a massive difference to the bottom line, because it is a bit of a captive market in that one. And the number of sales didn’t stop. But we actually were making a an appropriate margin on it wasn’t wasn’t over the top was an appropriate one as opposed to kind of making $1 for a $10,000 sale. It didn’t make sense.

Tyler Martin 26:31
Yeah, that’s really good feedback. Hey, I’m just curious, before we wrap up here, do you have a tip or some type of guidance you could give us that we can apply? Whether that be on our personal lives or our business lives? I’d love to just hear something that you could share with us.

Amanda Fisher 26:46
Thank you. Now let me think about that one for a second.

Tyler Martin 26:49
Nothing like a curveball. Right.

Amanda Fisher 26:51
Here’s a good curveball. That one. Oh, I’ve got so many. But I think the big thing for me is that just look at the numbers, make a time, put a appointment, even if it’s with yourself. But if you can with somebody else who’s appropriate in your diary, once a month, for an hour, and look at your numbers, just put that in as a regular must do. I’m not saying weekly. No, I mean, some things need to be looked at weekly. But there’s no point in looking at a lot of the numbers more frequently than monthly, but just make the time to start to learn about it. And because if you do once you do, you’re going to feel much more empowered and much more in control of your business, and be able to make decisions, not just from the gap. But also knowing that how it works and what the impact is. Because sometimes those decisions, they may not be the right one, but a little tweak on it will make a big financial impact. And then if you don’t know, you may, you may miss out on

Tyler Martin 27:59
that empowerment and control that comes from having your business awareness is just I’m sure that’s one of the biggest charges you get is once you see your clients like the light goes on. I’m sure you just love that.

Amanda Fisher 28:12
Yeah, and what I find with Benny’s that I do myself out of a job effectively. Once I’ve gone through, and literally that’s my whole purpose is at a certain point in time, the person that I’m working with, is able to do, you know, make those decisions themselves. That doesn’t mean they don’t ask for advice and still put they’ve got that confidence. So you know, these decisions I can make myself I now no longer need to rely on. Yeah. And your advice. And like, that’s great. Perfect.

Tyler Martin 28:44
That’s awesome. So a couple things. You’ve got a book called strangle by the numbers. Awesome book, I read through it. So that’s one thing I want to let the listeners know is out there, take a look at it. You also have a website called appropriately the cash flow queen. There is a link a special link. It’s a little bit long to save over audio, but I’ll be sure that I put it in the notes. So someone could click there. And I believe it’s a barometer that they can actually go through. Is that Is that correct?

Amanda Fisher 29:09
Yes, that’s correct. So you can get to it from you can also get to it from the cashflow queen.com website. And it’s a it’s a test to see how well you know your numbers and kind of the areas that you need to focus on.

Tyler Martin 29:22
Awesome. I love that too. I’ll put all this in the show notes. Is there anywhere else if someone wants to like research about you or learn about you, you’d like them to go and check you out.

Amanda Fisher 29:29
Really everything’s on everything’s on on the cash flow green.com website, all my free content. You know, everything’s there. articles, videos, podcasts, you name it. I’ve done it all very cool.

Tyler Martin 29:41
That’s awesome. Okay, well, awesome. Well, I’m so excited to have had you on the show your wealth of knowledge. I’m sure a lot of people are gonna get information out of this and hopefully get more control of their business. So once again, thanks so much for being here.

Amanda Fisher 29:54
Thank you so much Chawla that’s been very interesting and insightful from my end as well. So thank you very much.

Tyler Martin 30:00
Awesome, have a great day.

Announcer 30:01
That’s all for this episode of Think business with Tyler. But we have plenty more resources to help you in your pursuit of business excellence on our website at think tyler.com. If you’d like to be featured in a future episode of the show, feel free to reach out to us on social media at think underscore Tyler, we look forward to helping you think life think success and think business

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