5 Damaging Financial Mistakes That Business Owners Make | The Business Coach - Episode 77

Join host David Finkel in this week's episode of the Business Coach podcast as he welcomes back Kevin Bassett, owner of Bassett CPA firm, to explore the damaging financial mistakes business owners make both inside and outside their companies. Learn how to avoid these pitfalls and enhance your business's profitability and your personal wealth. This episode offers actionable insights on strategic expense management, allocation of capital, and the importance of having a financial plan. Kevin also shares personal anecdotes about his experiences in music and surfing, adding a personal touch to the business advice. Don't miss this deep dive into optimizing your financial decisions and safeguarding your business's future.

00:00 Introduction to Strategic Expenses
01:05 Meet Kevin Bassett: CPA and Entrepreneur
01:41 Damaging Financial Mistakes in Business
02:58 Avoiding Common Financial Pitfalls
03:40 Personal Insights and Stories
05:02 The Importance of Financial Fitness
06:36 Misuse of Cash Flow and Capital Allocation
14:22 The Role of Assistants in Business Success
17:52 Chasing Squirrels: The Dangers of Unfocused Investments
19:44 The Importance of Capital Allocation
20:43 Building Wealth Outside Your Business
22:32 Learning from Investment Mistakes
26:17 The Role of Financial Advisors
33:34 Timing the Sale of Your Business
36:26 Leadership and Team Retention
38:14 Final Takeaways and Conclusion
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