Ken Wentworth, Cash Flow Freedom and Profitability – InnovaBuzz 304
Ken Wentworth, Mr Biz Solutions
In this episode, I’m really excited to have as my guest, Ken Wentworth, who is an expert in cash flow and revenue growth, best-selling author of “How to Be a Cash Flow Pro” & “Pathway to Profits,” and host of “Mr. Biz Radio” podcast. Ken is a strategic business partner who works with business owners to help them operate more profitably and more efficiently. He is often quoted and appears as an expert on small business topics in a variety of written & online publications as well as radio programs – including Forbes, American Express, Fast Company, NBC, ABC, Fox, Business News Daily.
In our discussion, Ken and I talked about:
- How to keep track of your business cash flow in real-time and tips to improve it
- Keeping your key goal visible in prominent places and how that helps you focus
- Why you should “Think Like a 3-year old”
Dr. Gleb Tsipursky in episode 271 introduced us to Ken.
Listen to the podcast to find out more.
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Show Notes from this episode with Ken Wentworth of Mr Biz Solutions
Key points and takeaways from this episode include:
- Success breathes success.
- Different people learn in different ways and receive information in different ways.
- Cash flow is not the same as income. Cash flow is money coming in and out of your checking account. It is all about timing – when the money comes into your account and when it leaves.
- Your income statement may show that you are making money but it may be that you have all the expenses upfront.
- Look at your checking account and see when things come in and go out, and break it down to see how your balance fluctuates every single day.
- Get your invoice out as soon as you provide a service. Offer your customer incentives that will encourage them to pay you earlier and get the money quicker.
- It’s a terrible mistake not to accept credit cards. Accepting credit card payments and utilising a business credit card for your expenses will help your cash flow tremendously. Accepting credit card payments allows people to pay you more quickly and easily. Accepting credit card payments allows people to pay you more quickly and easily.
- If you want customers to pay you earlier, ask for it. That’s part of doing business.
- To keep track of your credit card expenses, look for recurring expenses with fixed amounts. These type of expenses will give you an idea of how much your bill is going to be around and keep it within the range you can afford.
- You have to position your business ahead of a downturn. You have to be ready for it because not all of your competitors will be positioned for it. Not all of them are going to make it. Positioning your business ahead of time provides you with an opportunity because when your competitors go out of business, you can now have some market share and help those clients that have lost their providers as well as in terms of liquidity. It creates a huge economic opportunity for you as you come out of the downturn.
- Things have been so good economically for so long but it won’t always be that way. You have to position your business financially to make sure that you are ready for it. Trying to make those changes when it happens is just too late.
- Unprofitable products, services, and customers are silent business killers.
- Growing unprofitably just makes you more unprofitable.
The Buzz – Our Innovation Round
Here are Ken’s answers to the questions of our Innovation round. Listen to the interview to get the full scoop.
- #1 thing to be more innovative – Think like a 3-year old. Keep asking why. Really think about the endless possibilities that are out there and challenge yourself.
- Best thing for new ideas – Having an advisory council. Have regularly scheduled meeting and find people with completely different personalities and backgrounds from you.
- Favourite tool for innovation – Pulse
- Keep project/client on track – Create a proper level of accountability. Keep your goals visible.
- Differentiate – Make it easy for people to do business with you by doing what your competitors don’t do.
To Be a Leader
The 3 Pillars for Financial Success in Business are cash flow, budget, and pricing. If you get all those pillars correct, everything else can flourish and you can begin to scale.
You can reach out and thank Ken through his website.
Ken suggested I interview in Jason Case of Pulse CRM. So Jason, keep an eye on your inbox for an invitation from us to the InnovaBuzz podcast, courtesy of Ken Wentworth.
- How to Be a Cash Flow Pro: A Mr. Biz Guide to Crushing Business Owner Insomnia
- Pathway to Profits: A Mr. Biz Guide to Running Your Business Like a Boss
Cool things about Ken
- He has earned a BA in Accounting and Honors Master’s Degree in Financial Management.
- He’s an Advisory Board Member of Ocinator Fitness and Kodak 3D Printing.
- He enjoys spending time and traveling with his family.