Episode description
Rob Te Braake is the Founder of Insight Matters, a financial consulting firm that helps provide its clients with financial insights that a CEO would receive in a larger company. As Rob says, he is providing 80% of the value for 20% of the price. With years of experience advising clients in Beijing China and around the world, Rob knows the importance of financial insights and he uses his expertise to help clients analyze their financial data to help them make better decisions for their business.
In today’s episode, Rob shares about the importance of always focusing on your cashflow, the importance of tracking your financial performance and the reason why you should always negotiate for shorter credit terms with your customers.
Resources:
https://financeinsightmatters.com/#home – Check out Insight Matters
Actionable Take-aways:
1. Revenue is vanity, profit is sanity and cashflow is reality. Always focus on your cashflow, because without it, your business is as good as dead.
2. Always keep good records of your financial performance. This allows you to have a deeper understanding of what is going on in your business and this also makes it easier for you when tax season comes and you have the file for taxes with your tax authority.
3. Always try to negotiate shorter credit terms with your customers because you would otherwise be giving a loan to them for free. If you can insist on them paying upon completion of the project and take a deposit before you start your work. This helps to alleviate or improve your cashflow issues.
Connect with Ted on:
His Website at : www.tedteo.com
LinkedIn at: https://www.linkedin.com/in/ted-teo/
Instagram at: @ted.teo
Facebook at : https://www.facebook.com/groups/tedteo