008: Profit vs. Cash Flow – What You Need To Know
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Cash flow, balance sheet, income statement, profit, distribution, equity, taxes, etc. – these are all terms that you, as a business owner, should have a good understanding of.
But many business owners are overwhelmed by those because they feel everything is just super complicated.
Well, you’ve got to start somewhere.
So today, let’s jump into these basic terminologies.
The more you know, the less scared you’ll be, then the better you can run and grow your business – because every decision you make should be a profit decision.
Profit is way bigger than just money. It means you’re chasing something bigger than you. In the right frame and with the right formula, profit is very powerful.
In this episode, you will hear:
- The new school of thought around the profit formula
- Cash flow vs. income statement
- When profit does not equal cash
- What an owner’s draw is
- What a vault account is
- Dealing with the inventory piece for eCommerce sellers
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