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Mindset of Money: Equity and Business Maintenance– Episode 168
Manage episode 372496951 series 3145936
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Mindset of Money: Equity and Business Maintenance – Belk on Business – Episode 168
- How are we managing equity?
Are we bringing in equity participants because the business model is broken (can’t pay operational bills or make debt payments)
Ability to pay yourself a reasonable salary for the services you are providing to your business (does it align with what it would cost to replace your position in the business, and does it cover your personal expenses?)
- How do we handle surplus and reserves?
Able to execute a savings plan to have a comfortable amount of cash in reserves (ideally three months of operating expenses)
Purposeful planning for savings and reserves (goal at Lodestar to purchase larger location)
- Are we able to maintain the business?
Able to invest adequately in the business to properly maintain real and personal property as well as keep the business up to date technologically.
- Are we receiving referrals from existing clients?
- Is our best bringing us their best?
Are you top performing team members bringing you top performing prospects. Team members bringing to us quality people for positions in the company is a picture of a healthy business culture.
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