“I think financials are fun because having money is fun,” said Rhondalynn Korolak, author of Financial Foreplay, during a recent interview at Kochie’s Business Builders Boot Camp.
Not everyone shares her view. Finances are often left last after marketing, networking, social media, etc. “I’ve noticed that everyone’s afraid of their financials, or they just hate them,” continued Rhondalynn. So I thought, ‘What I’m going to do here is help people move their business forward. I’ve got to make financials fun. I’ve got to make it easy and practical, and to do that, I’ve just created this concept of sexiness in business and relationships to tell the story”.
Some of Rhondalynn Korolak’s ideas may sound counterintuitive at first:
“I’ve noticed that everyone wants to spend money on social media. What I’m saying is this: stop spending money on social media. I know this is controversial. Stop spending money on chasing customers. Learn how to unlock the insights in your financials, and you’ll learn how to make more money that way. “Essentially, if you’ve got a cash flow issue in your business, there’s no point in chasing customers. You’re actually hurting yourself financially by doing that. What I’m advocating is to take a look and figure out where you’ve gone wrong. Perhaps you have stale or old inventory that you need to get rid of. That’s a good way to get cash flow in. Another way is to collect your debt. None of us like to ask for money, but I love asking for money because when it comes in, it goes straight into your back pocket.
Some people are afraid to ask others for money. I say, when you complete the work, you collect the money right then and there without any debt collection.
“Another way is to not allow debt in the first place. Some people are afraid to ask others for money. I say, when you complete the work, you collect the money right then and there without any debt collection. Another way could be to offer a simple discount for early payment, but be smart about it. Don’t just say, ‘If you pay early, you get 2 percent off or 3 percent off.’ Calculate what that means to your business financially before you offer it, because sometimes it’s actually not good for you”. Rhondalynn pointed out that many businesses could save money by not wasting money on a vehicle they don’t really need: “Regardless of whether the government says you’ll get a 50 percent tax rebate, if you don’t have cash flow in your business and you don’t need that asset to produce income in your business, then you shouldn’t be buying it.” “It’s simple things like that,” Rhondalynn concluded. “You can actually save money, and then you’ll have more money to advertise and do all the things you want to do that are more fun.”
Kochie’s Business Builder’s Boot Camp was supported by the HerBusiness. Related Links Visit Rhondalynn’s website – Imagineering Unlimited.
Financial Foreplay: Whip Your Business into Shape and Take Home More Cash By Rhondalynn Korolak Order your copy of Financial Foreplay from Booktopia today and save.
