Ep 508: Predatory Lenders - Who To Use And Not To with Wayne Richard, Bean Ninjas
It's crucial to recognize when you need the right expertise and equipment to achieve amazing outcomes. Stay on top of your numbers and have your financial basics to predict the future effectively.
In this episode, Jordan West and Wayne Richard, COO of Bean Ninjas, shared their insights into the world of entrepreneurship and finance. They discussed everything from managing cash flow effectively to the tactical aspects of long-term investments. Whether it's understanding numbers, bookkeeping, or the power of gratitude, this episode is packed with practical advice for entrepreneurs.
Listen and learn in this episode!
Key takeaways from this episode:
Outsourcing tasks such as bookkeeping, and email management to professionals allows individuals to focus on their strengths.
Strong disapproval of short-term high fee loans, advising better planning and seeking advice to manage cash flow effectively.
Importance of solving a problem that concerns customers and understanding the impact of financial decisions on the business.
Bookkeeping and accounting play a significant role in helping founders make prudent decisions based on current financial data.
Understanding contribution margin and its importance in marketing and scaling.
Impact of high-interest loans on brands and advice on debt management.
Strategies for brands struggling with high repayment rates and suggestions for seeking alternative financial solutions.
Recommended App/Tool:
Quickbooks: https://quickbooks.intuit.com/
Xero: https://www.xero.com/
Paypal: https://www.paypal.com/
A2X: https://www.a2xaccounting.com/
James Clear Newsletter: https://jamesclear.com/3-2-1
Recommended Book:
Atomic Habits: https://jamesclear.com/atomic-habits
Psychology of Money: https://www.audible.com/pd/The-Psychology-of-Money-Audiobook/B08D9TXF3H
Today’s Guest:
Wayne Richard, COO of Bean Ninjas is a former corporate climber with experience working in financial planning and analysis for Hewlett Packard. He led teams focused on forward looking projection models and comparative analysis. Wayne's original idea was to apply his skills to small businesses and make a similar impact, but he quickly realized that founders were not yet ready for his advanced techniques. Instead, he focused on helping them understand the basics of financial planning and how their decisions were impacting their businesses.
Connect and learn more about Wayne and Bean Ninjas:
Website: https://beanninjas.com/
LinkedIn: https://www.linkedin.com/in/waynedrichard/
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