DecaMillionaire Decoded

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 had the right insurance policy in place to protect your and your business. Justin looks at the different types of Business Insurance policies, for small businesses and home offices...

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 explains how to best avoid it and keep your business's value intact. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSC...

In episode 137 of Financially Simple, Justin discusses Intellectual Property law with Roby Robinson. If you business has any patents, copyrights, trademarks, or trade secrets, you'll need to consult with an Intellectual Property lawyer to protect those interests. Justin talks to Robby Robinson of Robinson IP Law, about the types of Intellectual Property and what you can do to protect yourself. Don...

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 are dotted and the T's are all crossed. Justin lists the various types of Contracts used in Business, the basic elements of any contract, and why having everything down in writing...

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 business, whether it be a debt or a loan. Justin looks at these financial considerations, and explains why it's important to have them sorted before selling, or how to settle the...

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 business's overall culture. Justin goes over the what and why of the handbook, and other documents that define a company for its employees, clients, and potential buyers. Don't forget to...

In episode 133 of Financially Simple, Justin goes over the fundamentals of an Employment Agreement. An Employment Agreement is a legally binding document that should work in your interests, as well as those of the employee. Justin looks at the pros and cons of having an agreement, and why you definitely should have one in place. Don't forget to subscribe, and let us know how we are doing by leavin...

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 proper business type and that all your supporting documents are in order. Justin goes over the processes and pitfalls of setting up a business as a legal entity, with a few examp...

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 broken down into their respective subcategories. Justin looks at both the Legal and Insurance aspects of Risk Management. Don't forget to subscribe, and let us know how we are doing...

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 difficult to execute - however, if you can manage it you'll see exponential gains to the value of your business. Justin explains the 5x5x5 Business Value Growth strategy, and how it can be done. Don't forget to subscribe, and let us know how we are doin...

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 financially stable business will increase its value and attractiveness to potential buyers down the line. Justin goes over three areas that business owners should address in order to a...

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 lists and explains the most common Business Taxes that can apply depending on the type of industry and location of your business. Don't forget to subscribe, and let us know how we are...

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 cover different aspects of a business, from income and expenses, to liabilities and equity. As a business owner, it is very helpful to examine and understand these reports to increase...

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 of where a business is headed. Justin goes over the fundamentals of making a Pro Forma for your business, and explains why having one is of great benefit. Don't forget to subscribe...

In episode 125 of Financially Simple, Justin compares Zero Based Budgeting and Incremental Budgeting. Knowing how much your business will require to achieve a certain goal is essential to avoid problems in running the business, whether those goals are short-term or long-term. Justin looks at two budgeting techniques, Zero-Based and Incremental, considering their pros and cons, and when to use each...

In episode 124 of Financially Simple, Justin continues his deep dive into creating a best-in-class Financial department in your business, by looking at your Profits and Losses. Knowing the full extent of your revenue and costs will help develop a greater understanding of your Business's financial state and, in so doing, create a story that will help increase the efficiency and value of the Busines...

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 is so important! Justin gives 19 tips on how to best manage the tasks, and create a best-in-class system that will be able to operate with minimal interference by the Business Owner. Don't forget to subscribe, and let us know how we are doi...

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 so much easier! Justin lists 19 tips on making the payment process easier for your customers, and less of a headache for you. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for list...

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, whether it's to see you or your business through hard times. Justin goes over a simple strategy for having enough for yourself as well as your business - just in case of unforeseen circumstances; as well as when it's not good to have too many cash assets....

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 small and middle-market businesses may only have a single bookkeeper, or the owner does their best to handle the various tasks of budgeting, payroll, and accounts. Justin examines the roles of a CFO/CPA within a business, the qualities required of a ca...

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 book-keeping and financial management, leaving it to the accountants to figure out. But having a fundamental understanding and systems in place to manage the accounts will improve tr...

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 over the five core elements of a good and efficient Operations Management System. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listeni...

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 structure of a Business, with foundations, supporting levels and columns of processes and principles that hold up the success fundamentals of the Business. Justin goes over the...

In episode 116 of Financially Simple, Justin looks at the history of Operations Management. Business and Industry has come a long way since the Industrial Revolution in the early 20th Century, with advancements in technology as well as the Operational Processes that manage them. Justin gives a brief history of the development of Operations Management over the last 100 years - looking at the key po...

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 looking for the cause of the problems. Justin goes over the process of finding out the root causes for Operational Problems, and what those problems can ultimately be. Don't forget...