Financially Simple - Business Startup, Growth, & Sale

100 EpisodesProduced by Justin Goodbread

The Financially Simple podcast provides information, guidance, and support to Small Business Owners in the United States. Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planner), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advis… read more

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What Type of Mortgage Should a Business Owner Have?

June 24th, 2019

26:08

In episode 167 of Financially Simple, Justin looks at the type of Mortgage a Business Owner should have.

When taking out a Mortgage, it’s worth …

How Much Should a Business Owner Pay for a House?

June 20th, 2019

16:34

In episode 166 of Financially Simple, Justin considers how much as a Small Business Owner you should spend on buying a house.

Everyone wants to live …

What is The Cheapest Way to Buy a New Car?

June 18th, 2019

18:06

In episode 165 of Financially Simple, Justin shares a personal case study of his own on buying a new car for less.

Buying a new car is often the second greatest expense for most people, so is it possible to save money …

Should a Business Owner Lease or Buy a Car? Weighing the Pros and Cons

June 13th, 2019

22:13

In episode 164 of Financially Simple, Justin compares Leasing and Buying a car as a Small Business Owner.

If you’re planning on getting a new vehicle some time soon, you might be wondering whether it’s better to buy or …

Should a Business Owner Depreciate Their Car or Take a Mileage Deduction?

June 10th, 2019

12:48

In episode 163 of Financially Simple, Justin goes over the two methods of claiming tax back on your vehicles.

Should you depreciate the value of your …

49 Possible Tax Deductions for Small Business Owners

June 6th, 2019

22:26

In episode 162 of Financially Simple, Justin lists 49 deductions to reduce your tax bill.

There are a number of ways to reduce the amount of tax payable as a Small Business Owner, some conventional others… not so much. …

How to Pay 0 Taxes on Capital Gains Tax

June 3rd, 2019

16:25

In episode 161 of Financially Simple, Justin looks at ways to reduce or even avoid paying Capital Gains Tax.

Capital Gains Tax is an Income Tax that is applied to any money you make from the sale of an Asset. Justin …

How to Lower a Business Owner’s Taxable Income

May 30th, 2019

28:55

In episode 160 of Financially Simple, Justin gives 19 ways to reduce a Business Owner’s taxable income.

As a Small Business Owner, cutting costs and saving money is of immense benefit - especially when it comes to …

How to Retire Before Age 59.5 and Not Pay The 10% Penalty

May 27th, 2019

18:55

In episode 159 of Financially Simple, Justin looks at several ways to withdraw money from your retirement funds before you’re 59.5 years old.

If …

When Should a Business Owner Start Social Security?

May 23rd, 2019

21:28

In episode 158 of Financially Simple, Justin takes a look at when you should start claiming on your Social Security.

As retirement approaches, you …

A Business Owner’s Employed Spouse Receives a Bonus: How Should We Deal With It?

May 20th, 2019

17:00

In episode 157 of Financially Simple, Justin looks at the possible gains and pitfalls that can be had when a spouse receives a bonus from their employer.

Receiving a money bonus for your work is great! But, what if it’s …

Should I Pay My Special Needs Child From My Business?

May 16th, 2019

39:19

In episode 156 of Financially Simple, Justin talks to Jonathan Peyton of Horizon Ridge Wealth Management about creating financial security for a Special Needs child.

Making sure that your children and loved ones are …

I Have an Old Pension, What Should I Do With It?

May 13th, 2019

17:52

In episode 155 of Financially Simple, Justin takes a look at Pensions.

 

RELATED BLOG: https://financiallysimple.com/income-life-strategy-10-manage-pension-fund-payments/

If you’ve been working for any length of time …

What Should I Do With an Inheritance?

May 9th, 2019

26:12

In episode 154 of Financially Simple, Justin looks at the various types of Inheritances and how best to handle each. RELATED ARTICLE: https://financiallysimple.com/inherited-money-now/

Receiving an Inheritance from a …

How To Help Your Family - Make Quick Income

May 6th, 2019

13:24

In episode 153 of Financially Simple, Justin looks at a few ways to earn a little side income to your business.

RELATED READING: https://financiallysimple.com/make-extra-income-while-grow-business/

At times cash flow …

How Often Should I Evaluate My Budget?

May 2nd, 2019

12:39

In episode 152 of Financially Simple, Justin considers how often small business owners should go over their budget.

Life happens, and when it does it …

Can I Really Rent My House to My Business?

April 29th, 2019

17:46

In episode 151 of Financially Simple, Justin goes over the process of renting your Home for your Business.

Can you legally rent your own home, or other property, to your business and get a tax break in the process? …

Should I Pay My Children From The Business?

April 25th, 2019

20:32

In episode 150 of Financially Simple, Justin looks at how and why you might imply your children in the family business.

If you’re paying your kids …

Should I Put My Spouse on the Business Payroll?

April 22nd, 2019

22:28

In episode 149 of Financially Simple, Justin looks at how to approach putting your spouse on your business’s payroll.

There can be a number of …

What Can You Do With The Extra Money Each Month In Your Budget?

April 18th, 2019

14:33

In episode 148 of Financially Simple, Justin considers what you can do with your excess income.

If you’ve got your monthly budget covered, and have a …

How Can I Build a Budget That I Can Actually Keep?

April 15th, 2019

17:33

In episode 147 of Financially Simple, Justin goes over how you can create a budget that you can stick to.

Keeping your personal finances in check can …

How Do I Determine How Much to Pay Myself?

April 11th, 2019

10:22

In episode 146 of Financially Simple, Justin looks at how much you should pay yourself.

Wants, needs, savings for retirement - all of these are what …

How Should I Pay Myself & How Frequently Should I Pay Myself from the Business

April 8th, 2019

16:40

In episode 145 of Financially Simple, Justin considers how often business owners should pay themselves, and how often.

No matter if you are just …

Personal Cashflow - Where Should the Money Go

April 4th, 2019

11:27

In episode 144 of Financially Simple, Justin looks at the relationship between Personal Cashflow and Your Business.

Money matters, at home and in business - one affects the other. Justin explains why Personal Cashflow …

Behavioral Finance - Emotions that Drive Our Financial Decisions

April 1st, 2019

22:24

In episode 143 of Financially Simple, Justin looks at the various types of bias that people can have with regard to Personal Finance.

Hardly anyone …

Financially Simple: Season 2 - Personal Finance for Small Business Owners

March 28th, 2019

22:02

In episode 142 of Financially Simple, Justin kicks off Season Two of the podcast with a run down of what to expect in the upcoming episodes.

In Season Two of the Financially Simple Podcast, Justin turns his attention to …

Buying Cars with Clay McGee

March 25th, 2019

36:06

In episode 141 of Financially Simple, Justin talks to Clay McGee, finance director of Rusty Wallace Kia, about purchasing a car.

Buying a new car can …

Additional Business Insurance Your Company May Need

March 21st, 2019

15:05

In episode 140 of Financially Simple, Justin looks at additional insurances that might be required by your business.

Along with the main types of Business Insurance, there are some selective insurances that may be …

Insurance to Protect from Lawsuits

March 18th, 2019

13:13

In episode 139 of Financially Simple, Justin goes over the various types of Business Insurance.

Accidents happen, along with natural disasters and acts with unintended consequences. In such instances, you’ll be glad you …

Litigation and the Effect on a Company’s value

March 14th, 2019

13:44

In episode 138 of Financially Simple, Justin discusses the L word - Litigation.

No business owner wants to experience it - the possibility of being sued. Justin goes over the What, Why and How of litigation, and …

Intellectual Property

March 11th, 2019

27:26

In episode 137 of Financially Simple, Justin discusses Intellectual Property law with Roby Robinson.

If you business has any patents, copyrights, …

Contracts: The Basics

March 7th, 2019

14:28

In episode 136 of Financially Simple, Justin gives a brief overview of Contracts.

If it’s not in writing, it didn’t happen - all the more reason to make sure when you’re running a business you plan to sell, that the I’s …

Financing Considerations for Value Growth

March 4th, 2019

15:50

In episode 135 of Financially Simple, Justin goes over the financials a Business Owner must consider when preparing to sell.

Most Businesses will use some form of financing to assist with the growth and development of …

The Employee Handbook & Additional Documents

February 28th, 2019

15:12

In episode 134 of Financially Simple, Justin looks at the Employee Handbook and additional documents.

The Employee Handbook is the foundational document upon which a business is based, from its core values to the …

The Employment Agreement

February 25th, 2019

15:27

In episode 133 of Financially Simple, Justin goes over the fundamentals of an Employment Agreement.

An Employment Agreement is a legally binding …

The Risk Management Department: Entity Selection

February 21st, 2019

14:59

In episode 132 of Financially Simple, Justin looks at the Legal aspects of Entity Selection.

When establishing your business, it is important to make sure the business is registered with the appropriate authorities as …

The Risk Management Department

February 18th, 2019

5:35

In episode 131 of Financially Simple, Justin outlines the coming series on having a Best in Class Risk Management Department.

Risk Management can be categorised as Legal and Insurance, and each of those can be further …

5x5x5 for Business Value Growth

February 14th, 2019

15:27

In episode 130 of Financially Simple, Justin wraps up this series on Best in Class Finance with a look at the 5x5x5 method.

A simple strategy, but …

How to Build Financial Stability in a Small Business for Maximum Value

February 11th, 2019

14:56

In episode 129 of Financially Simple, Justin answers a listener’s question on achieving financial stability.

Having financial stability in your business is like having smooth, calm waters to go fishing. And having a …

The 11 Different Taxes a Small Business Owner Could Pay

February 7th, 2019

15:44

In episode 128 of Financially Simple, Justin goes over the numerous taxes that Business Owners can face.

Nothing can be said to be certain except death and taxes, and in the case of a business, a lot of taxes. Justin …

What are the best Financial Reports for Business Owners to examine?

February 4th, 2019

21:24

In episode 127 of Financially Simple, Justin begins his deep dive into having a best in class Finance Department for maximum value growth by looking at the different types of Financial Reports.

Financial Reports can …

How to Build a Custom Pro Forma

January 31st, 2019

26:07

In episode 126 of Financially Simple, Justin looks at creating a Pro Forma for your Business.

A Pro Forma is a living document that will act as a record of a business, and will also allow you to make certain predictions …

Zero Based Budgeting vs. Incremental Budgeting

January 28th, 2019

13:36

In episode 125 of Financially Simple, Justin compares Zero Based Budgeting and Incremental Budgeting.

Knowing how much your business will required to achieve a certain goal is essential to avoid problems in running the …

How to make Your P&L tell a Story

January 24th, 2019

15:35

In episode 124 of Financially Simple, Justin continues his deep dive into creating a best in class Financial department in your business, by looking …

Tips for Managing Accounts Payable

January 21st, 2019

18:05

In episode 123 of Financially Simple, Justin lists his tips for managing Accounts Payable.

Keeping track of expenses and making sure the bills are paid on time! Justin gives 19 tips on how to best manage the tasks, and …

Tips to Manage Accounts Receivable

January 17th, 2019

18:11

In episode 122 of Financially Simple, Justin gives some tips on managing your Accounts Receivable.

How to get paid, without any hassle, and on time - it makes running a Business much easier! Justin lists 19 tips on …

How Much Cash Should My Business Hold?

January 14th, 2019

14:28

In episode 121 of Financially Simple, Justin advises on how much cash a Business should have on hand.

Money in the bank is always good to have, …

The Role of a CFO/CPA

January 10th, 2019

15:05

In episode 120 of Financially Simple, Justin continues his deep dive into a Best in Class Finance Department looking at the role of a CFO/CPA.

Many …

An Introduction to Best in Class Finance Departments for Maximum Business Value

January 7th, 2019

13:43

In episode 119 of Financially Simple, Justin begins a series of episodes looking at having a Best in Class Finance Department for maximum value growth.

Many individuals and business owners lack the knowledge of proper …

The Elements of a Good Operations Management System

December 20th, 2018

22:32

In episode 118 of Financially Simple, Justin looks at what makes for a Good Operations Management System.

A Business’s Management Systems are the fundamental processes that keep a Business running on track. Justin goes …

What is Lean Management and Continuous Improvement?

December 17th, 2018

18:15

In episode 117 of Financially Simple, Justin gives an overview of what Lean Management is and how it applies to both Manufacturing and Service Businesses.

Lean Management and Continuous Improvement can be thought of as …

The History of Operations Management

December 13th, 2018

24:24

In episode 116 of Financially Simple, Justin looks at the history of Operations Management.

Business and Industry has come a long way since the …

The Top 3 Operational Problems

December 10th, 2018

17:45

In episode 115 of Financially Simple, Justin looks at the Top 3 Operational Problems.

If the Operational Systems and Management in your Business are not working to add value and growth to the company, you need to start …

The Operating Elements of a Service Business

December 6th, 2018

24:04

In episode 114 of Financially Simple, Justin begins to look at the process of building Operations for Maximum Growth.

To effect growth in your Business, having well managed Operating Systems is a must no matter how big …

Operations Department vs. Operations Systems

December 3rd, 2018

21:21

In episode 113 of Financially Simple, Justin takes a look at Operations and Systems within a Business.

The Operations of a Business will effectively run the Business. How well those Operations Systems work, will …

The Employee Systems needed for Maximum Value

November 29th, 2018

18:09

In episode 112 of Financially Simple, Justin looks at Seven Key Processes that a Business Owner should have in place for their Employees.

Having set …

How to Conduct a Performance Review with Your Team

November 26th, 2018

22:53

In episode 111 of Financially Simple, Justin goes over the process of conducting a Performance Review.

Continual and regular evaluation of your Team …

How to Use Performance Reviews for Value Growth

November 22nd, 2018

16:40

In episode 110 of Financially Simple, Justin talks about Employee Performance Reviews as a tool for growth.

Performance Management is key to …

How to Retain Your Team Forever

November 19th, 2018

18:41

In episode 109 of Financially Simple, Justin looks at ways of retaining members of your team.

Valuing your team members is important, and showing them that they are valued is equally important. Justin goes over several …

12 Ways to Grow Your Employee Team

November 15th, 2018

21:09

In episode 108 of Financially Simple, Justin examines 12 ways to grow your Employee Team.

As your business grows, and you expand your team of employees, it’s important to consider make sure that they’re the right fit …

How to Affect Cultural Change

November 12th, 2018

18:03

In episode 107 of Financially Simple, Justin looks at ways to affect cultural change within a business.

Changing the the culture and values of an …

The Three Key Areas to Address for Maximum Value Alignment

November 8th, 2018

9:37

In episode 106 of Financially Simple, Justin looks at maximising the Value Alignment of a business.

Sharing the same values throughout the different operational levels of your business is important in achieving harmony …

How to Build the Best Company to Work For: Part 2

November 5th, 2018

16:21

In episode 105 of Financially Simple, Justin continues his examination of Company Culture.

Sometimes the leaders at the top are unaware of issues in …

How to Build the Best Company to Work For

November 1st, 2018

19:23

In episode 104 of Financially Simple, Justin looks at Company Culture.

The culture of a company will determine whether people want to work there, …

How to Build a Great Team

October 29th, 2018

26:40

In episode 103 of Financially Simple, Justin begins to look at how to build a great Team.

There are a number of factors to consider when building your business’s Team of players. Justin goes over his 14 main …

Is Marketing Worth It?

October 25th, 2018

24:21

In episode 102 of Financially Simple, Justin considers the merits of having a Marketing strategy for your Business.

Building a Marketing plan for your Business is complicated and can cost a fair amount to implement - is …

Branding Your Business Using the "4-C's"

October 22nd, 2018

16:57

In episode 101 of Financially Simple, Justin looks at Branding as part of a Business’s Marketing Strategy.

The Branding of your business makes it clear to identify, recognizable, and conveys a message. Justin defines …

One Hundred Episodes!

October 18th, 2018

14:13

In episode 100 of Financially Simple, Justin looks back on the last 99 episodes and gives a teaser of what’s still to come.

Episode 100!!! Justin gives a short retrospective of the podcast, listing some of his favourite …

Market Positioning

October 15th, 2018

21:37

In episode 99 of Financially Simple, Justin goes over the Market Positioning of your Business.

Where does your Business stand in the market that it works in? What do your customers and potential customers think of the …

Utilizing Marketing to Its Fullest Potential

October 11th, 2018

22:55

In episode 98 of Financially Simple, Justin looks at the basics of a Marketing Plan.

A good Marketing Plan that is well executed will increase the profitability of your business, recoup any expenses, improve your …

So Many P's - The Basic Elements of Marketing

October 8th, 2018

19:35

In episode 97 of Financially Simple, Justin begins looking at Marketing.

Understanding the principles of Marketing is fundamental to making sales, and growing your business. Justin goes over what Marketing is, and the …

Managing Your Sales Team

October 4th, 2018

10:38

In episode 96 of Financially Simple, Justin considers how to best manage your Sales Team.

Once you have put together your Best in Class Sales Team, and have ascertained how to make the team productive, it’s important to …

Creating a Best in Class Sales Compensation Plan

October 1st, 2018

17:12

In episode 95 of Financially Simple, Justin looks at developing Compensation Plans for a Best in Class Sales Team.

If you’ve done a great job and hit all your targets, it’s satisfying - even more so if you’re well …

Building a Best in Class Sales Team

September 27th, 2018

16:08

In episode 94 of Financially Simple, Justin looks at 5 steps you need to take when hiring members of a Best in Class Sales Team.

When you are putting together your sales team, there are some specific steps that you …

What is a Best in Class Sales Team?

September 24th, 2018

19:01

In episode 93 of Financially Simple, Justin looks at the sales team, what makes them great, and systems that help you manage this team.

A Best in …

What is a Best in Class Sales Funnel? The Modern Sales Process

September 20th, 2018

23:18

In episode 92 of Financially Simple, Justin takes a look at the Sales Funnel process.

Effectively converting client’s interests into sales is a priority for any business. Justin goes over the Sales Funnel process, …

What is a Best-in-Class Sales Structure?

September 17th, 2018

22:48

In episode 91 of Financially Simple, Justin talks Best in Class Sales structures.

One of the ways to efficiently improve your business’s value with minimal costs, is to be the best in class in Sales - stand out from the …

Ways Great Leadership Adds Value to Your Company

September 13th, 2018

13:06

In episode 90 of Financially Simple, Justin wraps up the series on Leadership by explaining how good leadership adds value to your company.

Having good leadership within your company will help drive the business towards …

How to Train Leaders in All Areas of Your Business

September 10th, 2018

19:12

In episode 89 of Financially Simple, Justin talks about developing leadership within the business.

When it comes time to sell your business, you and the buyer will want to know that the team you have in place will be …

The Personal Qualities of Small Business Leaders

September 6th, 2018

27:39

In episode 88 of Financially Simple, Justin looks at the 21 Personal Qualities of a good leader.

To be a successful business owner, you need to be a …

The Top Ten Things Leaders Do to Drive Up Value

September 3rd, 2018

21:57

In episode 87 of Financially Simple, Justin looks at the top ten things that good leaders do.

Jeff Immelt, former CEO if GE, shared what he thought the good qualities of a leader are in an interview with Fast Company. …

What is Leadership in the Small Business Setting?

August 30th, 2018

22:32

In episode 86 of Financially Simple, Justin talks Leadership.

What makes for a good small business leader, someone that will direct the company and its team where the business is meant to go? Justin looks at the …

How Planning can Increase the Value of Your Company

August 27th, 2018

13:23

In episode 85 of Financially Simple, Justin wraps up this series on Business Planning.

A solid business plan that is well executed will increase the …

The Business Planning Cycle & Challenges to Business Planning

August 23rd, 2018

15:49

In episode 84 of Financially Simple, Justin goes through the motions of the Business Planning Cycle.

Thought that your business plan was a once off? Think again! Business plans are a constant thought the operations of a …

Tactics & Actions in Strategic Planning

August 20th, 2018

17:10

In episode 83 of Financially Simple, Justin talks Tactics and Actions.

Setting out your business strategy objectives follows the rule of three - …

Strategies Within the Context of Strategic Planning

August 16th, 2018

26:31

In episode 82 of Financially Simple, Justin goes over the core strategies of Strategic Planning.

There are three considerations of strategic planning - engagement, positioning, and growth. Justin examines each of these …

Setting Strategic Objectives

August 13th, 2018

22:59

In episode 81 of Financially Simple, Justin talks about setting strategic objectives for your business.

As your business grows, it’s important to have clear goals to define the development of the business and keep it on …

SWOT Analysis in Strategic Planning

August 9th, 2018

20:20

In episode 80 of Financially Simple, Justin looks at SWOT Analysis for business.

A SWOT Analysis can help define a business’ strengths, weaknesses, opportunities, and threats - knowing each fo these aspects of a …

The Owner's Personal Values in Strategic Planning

August 6th, 2018

13:59

In episode 79 of Financially Simple, Justin takes a look at the values that will define your business.

An individual’s values and the values of their business define the character and reputation of them and their …

Vision vs. Mission in Strategic Planning

August 2nd, 2018

12:00

In episode 78 of Financially Simple, Justin compares the Vision and the Mission of Strategic Planning

Setting out a business’s strategic plan as the owner, you’ll need to know where you want to be in X years time and …

The Strategic Planning Outline: Long-term Planning for Increased Business Value

July 30th, 2018

23:36

In episode 77 of Financially Simple, Justin outlines the strategic planning process.

Drawing up a strategic business plan can be a daunting task for …

Business Planning 101

July 26th, 2018

14:19

In episode 76 of Financially Simple, Justin introduces Business Planning 101.

As Benjamin Franklin once said, “Failing to plan, is planning to fail”. In this episode of Business Planning 101, Justin looks at the …

The Flaw in the Dupont Company Formula

July 23rd, 2018

18:57

In episode 75 of Financially Simple, Justin looks at the Dupont Formula and how it can be improved upon.

The Dupont Formula is a Return On Equity …

An Overview of the Eight Key Areas of Business

July 19th, 2018

20:09

In episode 74 of Financially Simple, Justin gives an overview of the eight key areas of business and the respective personality types of each.

When it comes to running a business there are eight identifiable areas of …

The Key Language to Understand in Value Growth

July 16th, 2018

23:46

In episode 73 of Financially Simple, Justin looks at the key concepts of Value Growth.

There are various terms used in business that might be unfamiliar or confusing, and knowing the correct definitions of such terms is …

Understanding Time Value Money and why it is the Key to High Value Companies

July 12th, 2018

20:11

In episode 72 of Financially Simple, Justin takes a look at Time Value Money and why it’s an important concept to understand as a business owner.

The value of money changes from one moment to the next, as it is affected …

Basic Valuation Approaches and Why They Matter

July 9th, 2018

20:57

In episode 71 of Financially Simple's Growing a Business series, Justin takes look at the different types of Business Valuation.

The value of something is tricky to determine, as there are so many variables both …

What Exactly is Business “Value”?

July 5th, 2018

24:36

In episode 70 of Financially Simple's Growing a Business series, Justin goes over the various types of Valuation methods for business.

Understanding the different types of Value your business has is important when it …

6 Principles which make a Business more valuable to the Potential Buyer

June 28th, 2018

26:07

In episode 68 of Financially Simple's Growing a Business series, Justin goes over the principles that will determine the value of your business to potential buyers.

When starting and even running a business, it’s …

Understanding the Cost of Capital and Risk Relationship

June 25th, 2018

23:39

In this episode of Financially Simple's Growing Your Business series, Justin takes a look at the relationship between the cost of capital and risk.

There are various knock-on effects from investing in your own business, …

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