Ep. 28 Take Control of Cash Flow in Just 15 Minutes per Week

In this special episode, Elizabeth shares the 4 secrets why you are not in control of cash flow, even if you are doing what all the “experts” say you should do with your small business finances.  She also will teach you how to make powerful decisions about pricing, whether to launch a new product or service, and if a joint venture is a good investment for your business.

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Transcript:

Elizabeth: Welcome everyone, today. This is Elizabeth Potts Weinstein, your host for The Wealth Spa Radio Show. And today, we’re going to be doing a special show all about one subject. And today’s show is going to be about cash flow. It amazes me how often I talk about cash flow on this show and how much more people want. [Laughs] You know, and how many times I do your teleseminars or programs that takes about cash flow and it’s still the number one question I get over and over again. And you know, I wonder why, I think I actually know the reason and it’s because the information isn’t out there. And you know, that was really the journey that I had myself as a small business owner over the years, which is why when I started out, you know, I was a financial adviser, and I still am, and I’m also an attorney. You would think I would have access to all the information that I would need to be able to manage the cash flow of my business. But I didn’t. And I did all the other things right, I followed what the book said, all these books about small business finance, and I setup quick books, and did all these things that I was supposed to do. What I found is, is that all the information out there was missing some key components that we as small business owners, we just aren’t getting. If you are having trouble with cash flow, it’s something that - part of the problem is that you didn’t have the right information, okay. It’s that, you could’ve read all the books, you could have quick books, you can have a CPA, and you can have a bookkeeper, a financial adviser, a business coach and all these stuff. But, you may still be missing a bunch of things that’s keeping you from being successful in your business and from really having control of the cash flow and really use all of the tools that are out there and make me much more effective in your business. Really reducing the stress of your business helping you make decisions, it’s a wonderful thing to have power over.That’s specifically the reason I decided to do this show today on cash flow was because of someone who contacted me via Facebook. Now for those of you who have not opened an account on Facebook, this is one of those social networking websites and it originally was set up with people who were on college were on Facebook and it was this college thing and people hooked-up and all that jazz. But really now, some small business owners are using Facebook as a tool to network, to obviously have more connection with your prospects and clients but also with other centers of influence, with setting up with joint venture partners, and also just keep in touch with your friends. But the great thing about Facebook as opposing MySpace and lots of other things out there is that you don’t need to know anything to use Facebook. And this is not exactly about cash flow; I just wanted to make sure that you have this information. If you haven’t been to face - go on and create a Facebook account, I recommend playing around with it. Unlike MySpace, Facebook is much harder for people to spam you and you don’t have to know HTML or anything, except you can be completely neophyte, it’s total plug-and-play, just drag-and-drop thing, and type in words, you don’t have to know any codes or anything. Well, anyway, I’ve been on Facebook for a while, or it seems like really in the last couple of weeks it’s been when people really been of Facebook a lot, a lot of small business owners have been connecting with me there and one of the things I started to do was setup a special group on Facebook for The Wealth Spa Radio Show. So people who have been guests, people who are fans, and listeners of The Wealth Spa Radio Show as well as people who are just interested in learning more about it, all the place to go. So I just set this up, not very long, just a couple of days ago, now I think I have this checked in the morning I have like 62 or 63 members, multiple joining everyday, not an exact number, it’s growing which is great. One of the great things I’ve been able to do with this is have a place where people can go and ask questions that they want answered on the show. So, as I know, you are on Facebook, go find The Wealth Spa Radio Show group, you just go to the group section on Facebook, you search for The Wealth Spa Radio Show, you can join up and you can post any questions that you have on the discussion board and I can answer them on the show. But anyway, the first question I got was, and I’m actually going to read it to you, this is from Sandra Baptist, who is from FabulousBusinessClub.com, that’s FabulousBusinessClub.com, and here is her question: If I ask you, what’s the biggest challenge you have as a small business arm? And she said, “Oh, goodness! Cash flow, cash flow, cash flow. As a service professional strategist, transitioning out of my one-to-one accounting/consulting business to more coaching club programs, improve products, et cetera, how can I handle this transition smoothly?” And, you know, that really is an issue that I think we all have. Whether you’re starting your business with your transitioning from one kind of business to another, whether you’re growing at high rate, or if you’re actually trying to get out of the business, you’re creating your exit plan. Whatever stage you’re in, cash flow is going to rule a lot. It will rule your life and control how much success you’re going to have especially when you’re making a change. That’s going to be - or growing or you know, something big is happening, that’s when cash flow can’t be decided on automatic pilot, that’s when you really need to take control. Well, what I want to show with you today are four different - [coughs] excuse me, - topics, four different things that you may be missing. Four ideas that you may be missing from how you handle the finances of your business, or it could be how you don’t handle [laughs] finances of your business and I just want to reiterate, this does not have to be hard or complicated. This is something that’s doable for everybody. And I also want to share with you. If you’re having problems with cash flow, you’re not alone. I think everybody is. I know, over the years I’ve been in business, I had a horrible cash flow problem with my income going up and down, nothing how to pay bills, having to pay for payrol taxes out of my personal funds, having to put stuff on my personal credit card because I couldn’t pay, you know, the normal bills of the business because my income was going down. I, you know, fact, bounced checks because unless if the banks will pay them that is charged to that, 35 dollars bounced check fee. Because, you know, a client had paid me but I haven’t done the right thing, and it was, you know, it is so easy to have these problems. And yes, fixing them is actually not that complicated. The issue is, is that you have to get the right information. Well let’s start going into what are the problems, what’s the information that you need. Well, number 1 out of four things, number 1, is, you need to be looking at the right financial report. Most small business owners either don’t look at any report [laughs] there’s nothing you’d like looking at all, and I’ve done that, or they’re looking at like, stuff like it’s put out of quick books, you know these reports that quick books will create or maybe their bookkeeper or their accountant is creating reports for them and that’s still looking up. Maybe it’s profit and loss statement, maybe it’s a balance sheet, that kind of stuff. You know, when I first started my business, years ago, I setup quick books and everything what I have supposed to do and kind of didn’t know what it was for except for I need to be able to pay taxes so I had to pull up the stuff in there, so I’m supposed to keep my books right. And, I don’t know, but around the reports was like a hundred-thousand reports were in quick books, and one of the things that I looked that was profit and loss statements so, hey, I want to know if I make a profit, right? That’s sounds like a good statement. As I would look at then, I want to make a basis in the very beginning, but I really never knew what I was doing with it except for look at it and be happy or depressed, right? And of course I knew that by the end of the year, I needed the profit and loss statement to tell me if I made a profit for me to pay taxes, or if I didn’t and I didn’t have [laughs] but the idea of being that I knew I’m here for tax services but I didn’t know what else it was for. You know why I hired staff doing that for me and eventually hired a bookkeeping service, it’s still reports that I didn’t really know what to do with except for just going to tell me how happy am I supposed to feel, right? And that’s incredibly common where, you know, you maybe looking at a report, but you, you know, they’re really not the right things. Or you know, or you may just stop looking at them at all. So let me tell you the two kinds of reports that you need to be looking at. The first kind of report is a marketing and sales report. What this actually is? Marketing sales, you may say, one of the marketing and sales report has to do with financial stuff. The reason is, is that as a small business owner, when you’re having cash flow problems, you may have issues in the expenses, maybe you have certain things in your expenses as you cut out, but what typically is the big issue is your income. Your income is fluctuating on a monthly basis, on a weekly basis. When you get the income, when it actually comes in, how long does it take for your clients to pay you, what’s going on with your marketing and sales which generally put things come down the line. And so to troubleshoot, as we’re going to talk about later in this hour, your income - you didn’t know what’s going on that sales funnel. We need to know about how are these people coming in, how many people - prospects leaves are you generating, how are you contacting them, are you doing the client work, how many billable hours did you do last week, we need to have that information on a ready basis because that’s the income that you’re going to receive next week, next month, three months from now. So that’s the first report which is a marketing and sales report. Then, tracking the statistics about all your promotion, your marketing campaigns, and your sales funnel, how you get people to convert to be clients or customers. The second report, which is actually one of the most powerful reports to help you make decisions, is cash flow projection. What cash flow projection is, let me take this as a simple example of a monthly cash flow projection over a year. [xx] you get a nice spreadsheet that has a column for each month that says, “Well here’s how much income I think I’m going to make by January, here’s what’s the expenses are going to be in January, and at the end, how much profit I’m going to make, or how much loss is it going to be.” If you haven’t broken down to each month, this is a projection. So, it’s a guess, right? You don’t know how much your income you’re going to make nine months from now. Well, that’s not for sure. So, you’re making guesses on what the income’s going to be. Same with the expenses, some of your expenses in fact so maybe you sign a contract for them, you are pretty sure you’re going to pay those but you also have some variable expenses and you also have to look expenses that every single month and something that only happen in a particular month. But here’s the idea is by creating these cash flow projections, you can look and see over the next year, if this business even having the potential of working [Laughs]. Do I think I might make money, okay? And if not, then you need to make some changes and you know it now, or for the end of the year. Also, you can see if there’s going to be problems in any particular month. Maybe you’ll have a big huge bill, 5,000 dollar bill for some big thing that’s due in May. You need to make sure that the money’s set aside for that. So, even more if you could even do with this, and I’m going to talk later over the hour. But, what really that these are reports that are not going to be come out of your bookkeeping, these are things that are really generated from you. So, we will go on a break right now, after the break, we’re going to talk a little about this and we’re going to move on to how to actually use those reports.

BREAK

Elizabeth: Welcome back, everyone. This is Elizabeth Potts Weinstein, your host for The Wealth Spa Radio Show and what we’re talking about this week is cash flow. And for any of you who just joined the show, if you’ve missed any part of this, you can get a download of this show from the website for the show which is TheWealthSpaRadioShow.com, that’s TheWealthSpaRadioShow.com. If you listen to this live, the recording will be up probably later this afternoon, unless they have technical problem. You can also subscribe to The Wealth Spa Radio Show on iTunes, you can subscribe to it on TheWealthSpaRadioShow.com website either by email or RSS feed. If you don’t know what RSS feed is, don’t worry about it, just subscribe by email. [Laughs] And you can also join the group for The Wealth Spa Radio Show on Facebook. So if you’re a Facebook person go to the group section and search for The Wealth Spa Radio Show group. So, as I said, we were talking about cash flow today. Remember before the break I was talking about, you know, most business owners are looking at the wrong report. They’re looking at either at nothing, or they’re looking at stuff that they get from their bookkeepers, stuff from quick books, stuff from their CPA and what I’m sharing with you is that they’re two reports that are the most important and these are things you don’t get from quick books or a bookkeeper or a CPA. The first is a marketing and sales report. And so, this is tracking all the information of how people go from being a lead to being a client or customer. The second is cash flow projection. This is projecting on to the future of the income and expenses you think you’re going to have. So, the next step and the next thing that’s missing, that most small business owners are missing is actually using these reports. Let’s go back to what I was talking about before. You know, when I first started my business, I put stuff into quick books and I didn’t do anything with it except for knowing how much taxes I needed to pay. I didn’t use it for planning; I didn’t use it as financial information. Let me share with you, how you can actually use this stuff, use this financial information to help you in your business. First, the number one way is to help you troubleshoot issues in your business. Troubleshoot cash flow before it starts. Let me give you some examples. So you have this marketing sales report that tracks the every something you would look at on a weekly basis, I’m going to talk a little bit more about it later on in this hour. Actually, the method in which you do this, but the idea is, this is what you look on a regular basis tracking, you know, the statistics about how your leads and prospects come in and eventually become sales. So you could use these reports to see problems before they start. So for example, let’s say, you sell everything over the internet, okay? And so everything for you is about how many people are coming to your website and what is the conversion rate with people coming to your website, how many of them sign-up for your newsletter or how many of them make an appointment, or how many of them buy your things, one of the things that you’d want to track your web traffic and your conversion rates, so what’s the rate of people who actually buy, for example. You would want to track that on a regular basis. What if all of the sudden, you’re traffic goes down? You would want to know that as soon as humanly possible because maybe its Google has blacklisted you or links that you were getting from somewhere have stopped or maybe there’s something wrong on your website that people aren’t converting or maybe this is kind of going down to little and trickles and you need to do some big thing to change your pace, so that the same people come back again and again, until the pace looks the same, and not motivated to buy a second or third time. The idea is, this is going to force you to get a habit to you to look at these things at a regular basis. Same thing if you’re doing consulting work, for example. I have a, first I did a client - I did a - a auto session with, her name is Tracey Needham, who use this for her billable hours because she’s expanding her business and trying to get into information marketing and a bunch of other things, and so her consulting practice, sometimes she would forget to pay attention to it. And she hasn’t billed hours to that, she doesn’t get paid because the new project she’s working on, you know, aren’t going to make money for a few months. One of the things that she tracks in her marketing and sales report is for the hours that she billed in the last seven days. So she realized one week, “Oh my gosh! I only billed 4 hours last week. Because I was spending all my time not working and prospecting and writing info products and do what I also like doing.” So she realized [Laughs] “whoa, I’m at a big drop at income, unless, this next week, I kick it up a notch.” So, the whole idea is you cast this report that you look at, let’s say, for example, I look at mine on Monday morning. Well, I think that they say, “Okay. Here’s how many free consultations I have last week, here’s the web track that I have, here’s how many friends I have on Facebook,” All these different statistics that I look at to know what do I need to do this week to make things better. So, for instance, my web traffic has gone down, if I didn’t do any free consultations or whatever it is last week, I know that this week I need to kick it up a notch. Well, it looks like the big problem, maybe the traffic of my website, skyrocketed down, I needed to go figure out what in the heck is going on [Laughs] or maybe contact my web designer. So, that’s the idea of keeping on things, to troubleshoot problems before they start. Secondly I use this is to make decisions about your business. So, for example, looking at the person who Sandra Baptist on Facebook who asks a question, “You know I have this consulting business , I’m expanding in information products and other things, how do I [- - -] the situation?” And one of the things you do is by looking at your cash flow projection, you break out the income that will be coming in from [- - -] and the income from your current consulting business, same with the expenses. You can say, how long is it going to take for this new business to make money if all things work out as how you planned? Or, how much financing am I going to need for this new business? Is it going to come out of my old business, or credit card, or maybe it’s going to come from small business funds, you can see the numbers pointing out in front of you. You can make decisions on how to price your new product. When do they need to launch? Maybe you actually have to change it because they’re not going to launch fast enough and the expenses are going to be racking up in the meanwhile so you’re going to do it in a different way. Maybe you realize actually how it was going to structure this new program, it won’t work. Let me give you an example about how I used it. I was planning to launch this continuity membership program that has a membership website; people are going to have to pay monthly fees. And it was a great idea and I thought it was great. First I’ve done is to really do the cash flow projection and I realized, even if I was going to charge a whole lot of money per person to launch it, or it was just not going to work at all because the amount of work I was going to put into it wasn’t going to make sense because there’s this huge amount of people in the program and maybe eventually, it would have been a huge number of people, but that wouldn’t have been on day 1, I don’t have a list of a million email addresses or something. I can’t drum up 10 thousand people into a group in one day at least. So, I realized, I need something different because I need income faster. So I decided to head on something else that was brewing in higher income faster and I only need to sell a couple of them to be able to generate the same cash flow as selling thousands of the other things. I’ve ended up doing that other things, but I need to do something else first to bring in money. It also can help you see if a piece of your business in unprofitable. So for instance: someone who’s launching a new piece of business, a new information marketing business on top of their consulting practice. You can see that how long it would take for that business to actually start making a profit. How many units of your eBook is going to have to sell to replace your consulting practice? You may decide to end up doing that, but you can see how long it’s actually going to take. It takes longer than people think and that’s what kills them on the cash flow. It’s great at the end but it’s going to take longer than you might think. It also helps you as I said, figure how to price. So, if you’re selling an eBook, or if you’re still in consulting the people, if you’re charging an hourly rate, you need to know how should you price those things. And you don’t want to be picking the number out of the hat or do what your competitors say, you want to actually use surprises that are going to help you make money, right? So, you can also decide if you need to shut down a business, you know I have a personal financial planning practice that I’m in the process of scaling back and adjust your current plan. And the reason is, is because I’m launching all these new programs for business owners, the amount of time I was going to spend on my old practice, it wasn’t going to make enough money. So, because I’m going to not accept new clients, I can [25:39] down the marketing, I’m just going to have the current clients that I have, that itself is profitable, if I can cut all that marketing stuff. It’s just the marketing to the clients and stuff. So, that’s the way - you may be able to look at your - if you have more than one business, you may realize that one of them actually is losing money, okay. So that’s something else to think about, how do you actually use these reports. Let’s see, I’m looking at my bullet point list of so many different ways, you can also use it to predict the ups and downs of income, you may have turned times of the year where your income comes down and you can see how that plays out on your cash flow projections and be able to make adjustments for how much money you need to set aside to pay the expenses that are going to be coming up so, you’re to hit August, and your business income is right off and because it always rise up every single August, and you don’t have enough money to cover the overhead of your business, much less pay for your personal expenses. The idea is, you would see that ahead of time. You will be able to set the money aside or, maybe ramp up your marketing, maybe have a big sale or something. And it also can help you decide how much financing you need. This is really important if you’re launching a brand new business or if you’re expanding your business. Almost everyone, almost every small business owner who gets a loan doesn’t get a loan for enough money. And once it happens to you, they give this small business loan for twenty grand and they end up having to ranch up a whole bunch of money on credit cards. The idea is if you have cash flow projection, you can look up whatever to know and you could see, it’s going to take us 5,000 dollars to until were still having a positive cash flow. Or if it’s going to take us 100,000 dollars, that you actually know because you have an idea based upon some educated guesses. When you go and get a financing; you get enough money. You don’t end up using your personal credit cards or some other last resorts. After the break, we’ll be talking more about cash flow. If you’re not going to be able to tune up to the rest of the show, feel free to go to the website, TheWealthSpaRadioShow.com, you can signup to get it on email when this show is uploaded there, so you can go to TheWealthSpaRadioShow.com, everybody else, I’ll talk to you more about cash flow after the break.

Break

Elizabeth: Welcome back everyone. This is Elizabeth Potts Weinstein, your host for The Wealth Spa Radio Show. And this week we are talking about cash flow, the number question I get from listeners, from readers of my E-zine, from people on Facebook, from every networking thing I go to, it’s all about dealing with cash flow. If you’ve missed any part of the show, feel free to go to the website for the show which is TheWealthSpaRadioShow.com and you can signup to get an email when this show is up on it, you can listen to it at your leisure. So, going back to what we were talking about today, the first two things we talked about for the last half an hour of the show, first was the as a small business owner your probably number one looking at the long report, you may be looking at nothing or looking at stuff that comes out of quick book, what you need to be looking at or marketing and sales report and cash flow projection. Number two, you may not be using the report, you may not know how to use them and how powerful they are both to troubleshoot issues that you may have in your business before the issues actually occur and help you make all kinds of decisions in your business. I can’t tell you how many times I’ve tried looking at - should I give this service, should I give this product, what should the price be, and you’ll have to do is log in the numbers and then numbers give me the answers and makes it so much easier instead of doesn’t. Okay, so the first two things which is look at the right reports and you want to use those reports, so now let’s go to number three of the four steps, well four things you may be missing, and number three is you need to have a system, you need to create a habit. And I say habit in a particular way because it’s kind of like exercising or remembering to drink water or remembering to pay your bills on time, cleaning - doing the dishes - it’s something that needs to be a habit and if you can get this in an automatic habit that happens in your business, it is not as big, horrible, stressful thing. For me, when I do look at my finances because it’s just something I automatically do, it’s not stressful. It’s not a big deal anymore, well it’s not like before when I will sit there and watching things pile up and like, “Oh my god!” I don’t even want to open my quick book, I don’t want to know how much money I don’t have, I don’t want to know what the balance is this credit card, I don’t even want to know. Well now, I’ve looked at my finances, it’s something I do on a regular basis so I’m never surprised because I kind of have a general idea, I’m looking at it often but in all way [33:52], doesn’t take a huge amount of time.  The couple ways you want to actually create, first is the weekly money meeting. So what I actually teach is money meetings, this is my little coined term for what this habit is. So the weekly money meeting is once a week you sit down and number one you look at this marketing and sales report and in the marketing and sales report is a weekly kind of report. You can see what happened last week; were my number up, were my numbers down, how much money did I make, how much sales were there, so you can decide what is to happen this week. So for example, Monday morning of this week I sat down, I looked at my marketing and sales report, what is actually involved right now because I’m expanding and doing some of these things and I made some thing changes - what I was going to do this week, it took me I think 17 minutes, okay? That’s what I need, it can be 15 minutes a week for some of you may be even less, some of you really have simple businesses, maybe 5 or 10 minutes. So if you have a little bit more complexity but it still can be down to less than half an hour, 20 minutes for almost everybody, especially if you can outsource the creating of the report to your virtual assistant or your bookkeeper or something like that and back something else that’s going to be on at the scoop of this hour but the idea of being that you, the small business owners, sit down and look at these things every single week. Some of the things you may look at is that weekly money meeting, you may look at - just open up and look at your bank statement, look at your website, bank statement that was cleared out in your account just to see because if someone - let me tell you an example, I opened up my banking record statement and looked at it and there were zero dollars in my account, I was like, “Hmm! That’s interesting.” Looked at the actual details and saw that ATM withdrawals were being made at St Petersburg, Russia of my business checking account. And as you may know, I’m not located in St. Petersburg, Russia and I had my ATM card in my hand at that time because I looked in my wallet made sure I had it, I’m sitting here in San Jose, California and I’ve never been to Russia. What happened was, someone had made a copy, I guess, of my card and the amazing thing is they have a pin number, I guess, they were using the ATM machine and withdrew all the cash. Now, [36:18] it just happened like that day, kind of big mess, they put a big fraud thing on it and I got the money back, they sent me a new card. As a small business owner, you want to keep on top of this thing because once all your money is gone, you start bouncing checks. I can’t guarantee that the bank’s going to be, you know, give you the money back for those 35 dollars of checks - things that were bounced. The thing that you just think that you have the money that doesn’t mean to this. You can also have an issue with your merchant account, you know, I’m in the middle of looking for a new merchant process service because my current merchant processor decided the whole 2,000 dollars of my money and  I had to toss it in my account and said, “You have to prove that it wasn’t fraud”, which is kind of insane, I have to prove it wasn’t fraud, I mean how’d I do that but funny when just because my client paid me with a credit card, doesn’t meant that my money is in my account, right? That’s the idea of a weekly money meeting; it’s just keeping a little bit of tab of what’s going on. The second meeting you had to do is a monthly money meeting. A little bit longer, may take 20 minutes, may take an hour - two hours, depends on how complex your business is. here you’re looking at - still you’re looking at the marketing and sales report, there you’re also looking at the cash flow projection and then you’re also looking at some of the stuff that comes out of quick book, right? Your profit and loss statement for the month before, look at your balance sheet - this thing is you know, your debt looks like, what your assets look like - hopefully those are more, the idea there is you’re looking a little bit higher level, right? You say, “Okay, what happened overall last month,” “How should I make changes come in the next month,” “Are there trends,” “What’s going on in my business” and then you can look at your cash flow projections and see were they right, you know? You thought you’re going to make 5,000 dollars in January and you made 6,000 dollars, well “Woohoo!” but maybe your expenses were higher than you though to so actually it zeroed out at the end of the month. Or, maybe you thought you’re going to make five grand but you actually - and you should have? But what if your clients didn’t pay you at one time? You, actually, only got 2,500 dollars, “Whoa! That’s a problem.” The idea that that level, you need to pick that money, put it into cash flow projection as the actual and see how it changes the future, okay? So, that’s the idea is - on a monthly basis, you’re going to be making more changes to these, look at the changes in your cash flow projections and making bigger decisions about your business. We also have to, of course, look at these things on an annual basis as part of your business planning for the next year. Beginning of the year I sit down and do all my business planning for the year, one thing I do is a cash flow projection for the entire year, for example, but that’s kind of  a - that’s such good into business planning and things. I’m not going to talk about it right now, the other time that you should use it as a habit, or create a habit for yourself of money meetings, any time you even make a decision about your business. If you’re sitting down and decide should I launch this new business, should I have this new product, what price should I set for this? Someone came to you for an opportunity for a joint venture, should you do it, okay? Someone came to you as an opportunity for a new type of marketing or advertising campaign; you could go to this seminar and have a table there. All those decisions are made so much easier if you use these tools. And it really takes a huge pressure of you as a business owner and instead of guessing, and wishing, and hoping what are the things that are going to work out, you can see, for example, in your cash flow projection, whether or not there’s at least a version of the world, though they could work out, okay? And lest you can do is mull for the different versions of cash projections you may do, best case scenario, worst case scenario and all that kind of stuff but the idea is a very simple spreadsheet you can use to make all these different decisions into your business and they happen really automatically. So, for example, I’m planning to go to a big seminar out on this summer and we’re trying to decide should I have a table there. It is pretty expensive to get a table there especially if you consider stuff on the table, so the decorations, so the [40:44], the mailings and the [40:45]. So I realized for me to be able to afford that, a couple of things have to happen right now. And so I can see the cash projections, if these things happen right now, I can afford to go to that seminar and have a table. If these things don’t happen, I’m still going to go to the seminar but I’m not going to have a table. And so that’s what I mean, you can also decide about marketing campaigns, joint venture - someone may come to you and say, “Let’s create this product together.” Now, you have a tool to help you question and decide, should you do that with that person? Does it actually make sense, is there any way you could actually make money? [Coughs] Excuse me. Now, going back to these reports and this habit system, how do you use it for - I’m going to give you another example. I’ve just worked with someone, Tyra Fisher, who really is very smart with money and numbers and have all these current reports and spreadsheets to show me but she fell under another trap - a lot of [41:47] because you know, some of you guys are totally overwhelmed by the numbers that aren’t doing this all, okay? But some of you are really analytical and you have like these huge spreadsheets and you put everything in the quick book, you look out these reports, you have all these calculations and here I’m going to tell you a secret - that you’re making things too complicated. You may be actually even be creating some of the right reports, you may have cash flow projection, of course. You know what? It’s so complicated, you can’t - number two - use it, number three - you haven’t created a habit to even use it. Even looking at it - it’s so complicated and overwhelming - it’s completely unhelpful for you. So, this is not part of the 1, 2, 3, 4 things that people are missing but as I noticed, if you’re one of the people who’s really into the finances, you may have actually made things too complicated for yourself. So after the break, when I talk about the fourth step and if you’re going to be not able to listen it out or missed part of the show, don’t forget you can go to the website TheWealthSpaRadioShow.com, to find out to get this show whenever it is uploaded or if you get future shows. So I’ll talk to you more about cash flow after the break.

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