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Calling All Business Owners: Are you juggling with your money?

Idea threads

ElDiablo

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Hello Fellow FastLaners,

I'm reaching out to learn from your collective experiences with a burning issue that’s been on my mind lately.

As an old adage says, people care for the 'hole in the wall' rather than getting hung up on the 'drill.’

So far, I’ve been focusing my attention on financial consulting tailored for entrepreneurs.

But I’m facing a pickle here—the realm of finance is vast, and problems can lead to a rabbit hole, so I'm trying to pinpoint the exact headaches you're currently wrestling with when it comes to managing your business finances.

I’ve seen and researched that many business owners struggle to manage their cash flow, which is the lifeblood of all businesses. Business owners tend to scale sales, seeking to grow, and boom—expenses skyrocket, often in tandem with the cost of goods sold. This usually creates a messy process that is quite hard to untangle.

While sales come and go, those same expenses tend to remain at a higher level once the business starts to grow.

I’m aware that this is just scratching the surface, as this problem can vary significantly based on each company’s systems and structure. But going one step deeper, I wonder if it is an accounting system migraine, a gap in financial literacy, or something else.

My purpose isn't to offer a generic product. I want to understand whether you need a guiding hand or a tool that almost lets you forget the nitty-gritty of money management.

For those who are wondering about my skills, my background is in finance, and I have some experience assessing and valuing companies.

Just to throw an idea out there, a friend suggested an app that is simple and user-friendly (think game-like interface), sorts your transactions, and spits out easy-to-digest financial analysis. This may apply more to businesses with simpler structures or places where cash is still king, like in my home country, where a high percentage of people are still unbanked and have a general sense of distrust at big financial institutions.

But overall, is this framework/problem something that would apply to your situation? Where you draw the line between convenience and completeness? Would you prefer more direct guidance or additional services?

I'm all ears here.

Your insights are gold. They help sharpen the focus of my services, ensuring I’m solving real problems rather than just offering a weak solution.

What's your main pain point when it comes to managing your business finances? What solution, tool, or support would be a game-changer for you?

That said, in exchange for your valuable insights, I’m offering you a finalized product or service free of charge, as my main goal is to offer something that can create a positive impact before getting a single penny out of it.

Best,

El Diablo
 
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rpeck90

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While sales come and go, those same expenses tend to remain at a higher level

What insights do you have on this? I think this is a problem that often gets overlooked.

I don't have it (yet) as I am a one-man-band, but when I start expanding, I can see appropriate management of overheads/expenses as playing a significant role in the growth of the business. I think you've found something potentially very interesting and I would be eager to explore what thoughts you have on it.
 

ZCP

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@ElDiablo dm me. i'll get you fixed up with our internal accounting / business services dude. maybe he has something you could develop for us?
 

ElDiablo

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What insights do you have on this? This is a problem that often gets overlooked.

I don't have it (yet) as I am a one-man-band, but when I start expanding, I can see appropriate management of overheads/expenses as playing a significant role in the growth of the business. I think you've found something potentially very interesting and I would be eager to explore what thoughts you have on it.
Everything points out that it is a mixture of operational and psychological factors.

For instance, as business owners want to expand their business, they associate growth or "progress" with increasing their operational capabilities without considering if they can keep running their business at their current operational costs and expenses.

The psychological part comes into place just as it does with personal expenses, which tend to rise when income rises.

It's funny to see how, despite being common advice and a trivial problem, people repeatedly make that mistake.

Just as the broke college student goes on a shopping spree after getting his first paycheck, a business owner seeks to grow as soon as possible, regardless of its costs.

We can call it the "entrepreneurial lifestyle creep."

And I get that there's a limit on how much you can "tighten your seatbelt" but not how much money you can earn. Sales are preached as the ultimate savior, but profit ultimately makes you or breaks you in the long run.
 
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ElDiablo

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@ElDiablo dm me. i'll get you fixed up with our internal accounting / business services dude. maybe he has something you could develop for us?
Thank you @ZCP!


I'm sorry for not getting back to you sooner. This weekend, I'm outside my hometown.

I'm sending you the DM.
 

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