How To Get Rich Using Quickbooks
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Ok to be Rich using QuickBooks – Volume 1
Build a Cash Cow Business
I’ve been a Business Consultant for twenty-five years teaching accountants and helping business owners make more money. My real focus, though, is not on the accounting industry, but on small business owners and how they can turn their operations into a cash cow OR how they can increase their income by ten-fold.
Don’t think that’s possible? You know it actually can be done. I went through this drill as a little practice set with a strategic coach a few years ago in Canada. He sat down and said, “You can increase your business ten-fold.” At first I thought, “Not possible”.
He went on to say, “How much did you make the first month you had your own business or your own job”? I thought back to when I was 12 years old, shoveling sidewalks where I made about a month. He asked me again, “How old were you when you multiplied that to over 0 a month?” I replied, “When I was 16, four years later, I started my first business-an auto detailing shop, and brought in over 0.00 per month.”
“How old were you when you multiplied that by ten-fold, and were making over a thousand a month?” I was 21, when I started selling life insurance making cold calls on the phone. Nobody else was using telemarketing in that industry at that time, so I was really making good money. He then looked at me, “How old were you when you multiplied that by ten-fold?” I answered, “It went from a thousand a month to ten thousand when I was about 33 years old, when I started working as a Business Consultant for Accountants.
I became a Business Consultant after we went broke with our furniture business. This may seem like an unlikely transition, and you may be asking, “What can I learn from someone who failed”? BUT, that failure caused me to spend years researching why our business was forced into bankruptcy. I learned it could have been prevented if I had gotten good information from our accountant on a regular basis, with a detailed explanation of what the numbers meant.
There was no usable data that pointed out that the business was actually a lot weaker than I thought it was. We did not have accurate numbers at our fingertips daily, or a good understanding of what our numbers meant. We were not basing important business decisions on accurate data and it caused us to go right out of business. My wife and I were sleeping in a car with a four-month old huddled between us as we were trying to keep her warm. It shouldn’t have been like that.
Right at that moment, I decided our future was to teach businesses how to avoid the mistakes we had made and I dedicated the rest of my life to becoming a relentless student of best business practices.
When I began this venture, my income jumped ten-fold, to over ten thousand a month. That was when I was 33 years old. This one simple exercise gave me the awareness that, “My goodness! I do know how to increase my income ten-fold”.
By the time I was 47, we were doing QuickBooks© seminars. We were teaching accountants and business owners all over the world how to use QuickBooks. Consequently we jumped ten-fold again, to over a hundred thousand a month. I looked back at everything that happened to me and said, “Wow that is quite an accomplishment- from to 0, ,000, ,000, 0,000.” Now the next big question was, “KC, when are you going to hit a million per month?”
Well, I’m working on it right now. Maybe it will come in another five to six years, but I’m shooting for it right now. I would love to see myself making a million dollars a month. I would like you to make that kind of money as well. But for today, let’s settle on making 00 a day net profit or 5,000 a year. That’s how much it takes to be in the top one percent of all the income-makers in America.
I hope you come back every few days to listen in and leave comments or questions on the next couple of blogs, as I continue to give you some specific tips on why we don’t get rich, what kind of things we can do to get rich, and why it is a lot more fun to be rich than it is to be poor.
I’ve got a poor sister, and I can’t figure out why she’s poor. She is smarter and actually a better talker than me. Yet she’s not rich. I keep calling her up and saying, “Honey, why not try the principles I’ve been explaining to you?” She says, “Oh, I might, but it’s a little scary. It might not work,” as if what she’s doing now is working.
We are going to talk about these things in the next couple of blogs, especially on how you can get rich with your business. I hope you can join me.
Ok to be rich using QuickBooks volume 2
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 2
Five common mistakes that keep us from getting rich Mistake No. 1
Hi, this is KC Truvy, Lonesome Cowboy from Wyoming, and I promised to give you the rules on how to get rich. Now, we’re gonna start out with the five mistakes we make that keep us from getting rich. And, mistake number one is we make assumptions that are just not correct.
We tend to believe on things that are not true. Most of them have to do with where we put our time, energy and effort. For instance, we assume that we got good sales persons who are really dedicated with their work. They work hard and make a lot of calls, but they are just not bringing up the business. And so, instead of getting rid of these sales persons, we positively think that we can fix them. We make the assumption that we are good enough to fix them.
We put a lot of time, energy, effort, training and extra advertising just to get them sales leads. But unfortunately, it still wouldn’t work out. This is the consequence of the inaccurate assumptions that we make. Look at what it costs us-years, months and lots of money. An inaccurate assumption could be putting time, energy and effort in a bad location or in a bad advertising campaign, or working in a productive line that doesn’t sell through. These lead us away from doing the really important things.
There are two very important things that every business owner should do. One is to build relationships and the other is to build faster, better and cheaper systems. Building relationships, as the most important of all, must start with spending time with your staff so they could understand what you want, spending time with your customers so they could understand what you do, and spending time with your vendors so they could understand how to help you get your staff and customers happy. Then, take time and effort building systems to make your business run better. That’s where you should be, but we’re not there many times because we’re making inaccurate assumptions.
We think of straightening out the shelves or writing the yellow page ad. We say, “I’d rather answer the phone and take care of that one customer who is unhappy or I gotta be the guy who supervises that the windows get washed. We are always looking at those little details that will keep us busy all day, but we are not working on the things that are very important to us getting rich.
We must think of ways to add value to our relationships with the customers. Anytime we do anything that does not improve the customers’ experience, it’s a waste of time. Stop doing it. Most business owners spend about two years a day doing very important work. What do they do during the other eight hours they work? There’s ten hours in most of our days. If we put two hours making money and the eight hours in the busy work, the eight hours we just assume that they are important. And that’s an example of making the wrong assumption. [I'm gonna show you how to fix things in one of our later blogs. But today and in the next four blogs, we're gonna simply be on the five big mistakes that business owners make that keep them from being rich. So, mistake number one is making assumptions that are inaccurate.]
Ok to be rich using QuickBooks volume 3
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 3
5 Common Mistakes that Keep Us from Getting Rich Mistake No. 2
“Optimistic cash flow projections”
Hi! This is KC Truby, Lonesome Cowboy, with the second big mistake that business owners make that keep them from getting rich. And here’s what it is, partners%u2026 We get just over optimistic about our cash flow. You remember when you started your business. You wrote down all the ways you could make money, and you probably forgot about the expenses you are going to have or you underestimated the ridiculous ways that cash leaks out of a business. And what happens is we get overly optimistic. We think that everything is going to pay for itself. Cash flow is going to come in. But pretty soon, we would wake up one day and find ourselves running out of money.
You can commit a lot of mistakes in money. You can make some customers mad. You can hire the wrong employees. You can put the bad advertisement in the yellow pages. You could probably survive these mistakes, but you know what mistake you cannot survive? You just can’t survive running out of money, because if you don’t have money on a Friday, you can’t make payroll. If you don’t make payroll on Friday, guess what you don’t have on Monday-staff. And you are now out there by yourself. You are the lonesome cowboy.
What you will learn about being a ragged individual is that it is just going to be hard to run a company without your team. They are all gone if you don’t make a paycheck. That’s the deal. We trade you for the hours, and you are going to trade us the paycheck. So, if you miss the paycheck, then you broke your part of the bargain.
We cannot let you run out of cash. The second biggest mistake is we do not make good with our financials. So we encourage you to tell us exactly what’s going on, before you find yourselves up against the wall making panic decisions, taking bad clients, selling products too cheap, spending money you shouldn’t spend on advertising. (Hoping the goodness somebody opens the door and saves us.) So, that’s mistake number two! We are overly optimistic with our cash flow because we don’t track where it’s going.
Ok to be rich using QuickBooks volume 4
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 4
5 Common Mistakes that Keep Us from Getting Rich Mistake No. 3
“Making the same mistake over and over again”
Here’s mistake number three we make in business that keep us from getting rich. Remember rich is being in the top one percent of the income-makers which gain a net income of 5,000 a year. (When we talk about numbers, it’s always net and not gross.) Here’s the third thing we do wrong. We make a mistake and we make the same mistake every single day. Isn’t that bizarre? Over and over and over again, we make mistakes.
You can take this as true if you look back at your financials and see that in 2003, 2004, 2005 and on and on and on, your income has been right about at the same level. You haven’t got up to ten-fold. As a matter of fact, you haven’t made it double in one year. And I think every business has the capacity to double their gross sales in twelve months. That might be surprising to you, and so we’re going to talk more about that in the next blogs. It’s not difficult to do, but the reason why we don’t get there is because we make the same mistakes over and over again, year to year.
I can say that I was one of the worst. Let me tell you my exact story. I go and teach accountancy, how to do sales and marketing, and over the years we fell so much in love with our product and service that we raise a price up to 000. And we were always arguing about the high price. The clients were always uncomfortable about it. And that’s one of my mistakes-my pricing just seemed to be the end of the comfort level. It’s not that it was not worth what we do. Quite frankly, I think it was worth more. At first they gave us 000 a year. Then, I got 0000, 0000, 0000 more billing coming in at the door. I think it was well worth it. But the accountants who were trying to sell did not think it was worth that much. And so, we appeared overpriced in the market, and that is the same mistake year to year.
Honestly, as a high-powered salesman, I don’t have any trouble getting in the sales. But I couldn’t hire salespersons because they couldn’t duplicate my effort. So, I had to be the only ragged individual, the lonesome cowboy to make the sale. We seem to make the same silly mistakes every single day. I see this happen constantly. I’m going to give you another example. We got a really clever business model. We teach business owners how to be successful. I focus one hundred percent of my effort over the last twenty-five years into the accounting industry. Now, here’s something I was listening to Mark Victor Hansen the other day. He is the guy who did the Chicken Soup for the Soul books. He was talking about market and who he writes the books for, and he says, “I won’t go into a business where there is not at least three million potential customers.” And I was thinking, “Oh Lord, I have just spent twenty-five years in the market with only sixty-six thousand potential customers.” He wouldn’t even touch one without three million, while I focus my entire life doing sixty-six thousands. Well, isn’t that a good example of making one little mistake everyday for twenty-five years?
So seriously, sit down and think about the things we are doing in business. Are we making the right assumptions? Have we applied some critical thinking skills? Sat down and say, “What mistakes do I make everyday that I’m convinced are keeping me from getting rich?”
Ok to be rich using QuickBooks volume 5
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow.
Ok to be rich using QuickBooks – Volume 5
5 Common Mistakes that Keep Us from Getting Rich Mistake No. 4
Failure to see our business as a series of processes or systems
(Build processes that can be applied in the future)
[Hi, this is KC Truvy, Lonesome Cowboy!] Here’s reason number four that we are not getting rich. We don’t see our business as a series of systems and processes. When a project comes in, we stand up and make a quick decision. We decide on whom to turn it over and how it should be done. Or if it’s even worse, a project comes in and we look at it. We think about how to do it and we do it ourselves. Now, I tell you why this is such a big mistake. It’s because if we don’t do a project exactly the same way, we can’t standardize it meaning we can’t delegate it or improve it.
If we can’t set up a system or a process on how we are going to do everything in our business, we do it different every single time. Every time a customer comes in, we do it the way he or she wants. Every time a vendor comes in, we adapted the way he or she sells. Every time an advertiser, a government agency or anybody else involved comes in, we are constantly modifying our lives to match the world around us. That sounds pretty comfortable, but the problem is you are not building a business.
The other day, I needed to run an ad. I was going to have a seminar in Denver, and I wanted to run an ad in Craigslist because we haven’t quite sold up the tickets. I wanted to pump up the attendants a little bit. What we did was we simply click on our process, our system for running ads on Craigslist. I delegated a person to do this-a housewife from Idaho. I just clicked the button and said, “Run this process and email this to the woman in Idaho.” When she got the email, she realized she has done this before. She opened up the process and it said, “Go to Craigslist. Use this login and password. Write this ad under this category with this phone number. Put it in three different categories. Make that happen in the next one hour.” She received the job when it popped up in her email, and she got the work done just like that. It seems awful simple, right?
When you write a system on every single thing you do in your business, pretty soon you’ll find yourself working ON your business and not IN it. That’s a lot more than a cliché. If I’m working on my business writing systems, when I needed to get out there at the last minute (and this was a really last minute thing) and realized I got four or five empty chairs over there in the show in Denver, I can fill those chairs up with no time and effort on my part. I paid the woman in Idaho to work from home and get the job done. And four out of the five empty chairs had been filled up to the last minute.
This makes developing processes and systems in your business important. One seat was left empty, but that seminar was one of our most expensive services. Woohoo! How about that? I spent only about 16 bucks to get all these done, and we brought in a couple of thousand dollars just like that. See, that’s what happens when you have systems in place. I can simply sit there and get something done, by quickly delegating the job to somebody else.
So mistake number four, we don’t build processes and systems into our businesses. [Now remember in all these mistakes, I'm actually going to give you the solutions. So don't worry about me telling you what the bad things are and leaving you hanging out there. That's not going to happen! In Wyoming, when we're getting into the action, we yell,
Ok to be rich using QuickBooks volume 6
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow.
Ok to be rich using QuickBooks - Volume 6
5 Common Mistakes that Keep Us from Getting Rich Mistake Number 5
Hi, this is KC Truvy! Let's talk about reason number five. Now, some of you have read Jim Collins' book, "Good to Great". If you have been to one of my seminars, you'd know that I read about ten business books a month. I have done that for thirty years. I think that's about three or four thousand books that have gone through over that time. And there's probably a dozen that really bubbled up to the top, and "Good to Great" was one of them.
There's one sentence that I took out of that book, a mistake that I have done in the past and I'm working on fixing now, and that's hiring talent. We don't hire talent, and there are two reasons why. Number one, we don't think we can afford. Number two, sometimes, we don't want competition inside our little kingdom. A lot of business owners, are just deciding to start a business because they want to be the most important person in the room. But it's important to have people smarter and better than you.
When I go out, I hire a lot of people. And the reason why I hire a lot is because most of them don't make it more than three days. I hire mostly people who work from home or contractors. I'm a big believer of outsourcing, on the virtue of business model. And so, when I hire people, I'm looking for those who can take responsibility to get things done. When they reach the areas where they don't have experience, they go out and get the necessary experience and knowledge on their own and without being pushed. If we fail to hire those kinds of people, then what happens is we are always chasing around behind them, trying to make up for it or adjust the business for it. It ends up costing you a fortune over the course of the year-two, three or four.
I strongly recommend that the next time you're going to hire somebody, hire them for what they can make you and not for what they can cost you. A better employee is a person who has more experience. It's a great investment. For instance, I bought a Caterpillar B9 in a construction company. How come I bought the B9 instead of the B6? The B9 costs about seventy-eight dollars more than the B6, but I can get twice the work done with it. Of course, I bought the B9! So, why would you hire a marketing genius instead of a kid that just got out of college? Seventy thousand dollars difference, you'd tell me.
If you have noticed in the past that you have not hired talent, I want you to go back and think about it sincerely. Now, here's something wonderful about the virtual world we are in right now. This is a miracle that has happened in the last ten years. You can hire talent part-time. There are a lot of people working as consultants from home. I hire part-time marketing consultants, web developers, search engine optimists and financial advisers. They just work on a little contract. They might work for only ten or twenty hours. I just hire writers who are going to help me complete my next book.
There's a tremendous amount of labor, and they are available today. You can hire talent without committing yourself to a gazillion of dollars, benefits, etc. So, it's a great time to take a serious audit of who works for you. Do they have talent? Are they the kind of persons who can grow into the business as you are growing it?
Ok to be rich using QuickBooks volume 7
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks - Volume 7
3 Tactical Errors
Tactical Error No. 1 - Working Too Hard
Hi, this is KC Truvy, Lonesome Cowboy! And today, we've got the three tactical errors that come about because of the five big mistakes we make in business. Oh, you thought today I'm going to start solving problems. No, we are not done digging all these yet. We've got a few more days of digging the hole before I tell you how to get out of it and get rich. See, if we understand what we're doing wrong, then we accept this information on how to get rich. If I just dump it right onto you, you will just say, "Aha, that's nice." And then, nothing else would change. It's like you always know where you are supposed to be on. Well, everybody knows you are supposed to be on a diet. Most of us ignore it. We do not exercise until something terrible happens that throws us in the hole like heart attack. The next day we are on salad. So, what we want to do here is to go over the five mistakes we make that keep us from getting rich and we have done that over the last several blogs. Now, I'm going to tell you the three tactical errors and here is the first one-we work too hard.
I tell you what happens here. Whenever things go wrong in our business, we make up for it with the one clutch that we've got. And that clutch is us doing work. Instead of paying somebody else to paint the barn, we just go out and do it ourselves. Instead of paying somebody else to do the bookkeeping, we just do it ourselves. The reason we are doing this and working hard is because we do not have a cash flow to pay other people or we have never set down written systems and processes so we can delegate things. We fail to hire talent.
If we made the five common mistakes in business, then it ends up pushing everything back on us and we end up working too hard. Remember from a couple of days ago, we talked about the event of working too hard that keeps us off our two important goals-building relationships and innovating our business which means faster, better and cheaper.
I would like you to stop working too hard. It is a tactical error for you to work hard. I would prefer that you set your day up with the idea that I'm going to go into the office and just focus on the one, two or three things-the most important things. I'll be out there for only four of five hours. That's it! Now, where will you go when you leave? Go out and see some customers, potential employees and joint ventures. Maybe visit a coffee shop and ask, "The next time you do a mailer, would you like to throw our flyer into it?" Get out of the office and make things happen for your business.
So, working too hard is a tactical error. Tactical means it is the actual event that happens because of those five strategic mistakes we make. We ended up making this tactical error of working too hard, but we are going to stop that. You've got to be aware of this, so I'll give you the solution. I want you to write it down on a little piece of paper or stick it on your notes. Put it on your desk or on your computer screen. Here is what I want to say, is this the most important thing I could be doing right now?
The important things are the things that build well. The urgent things are the things that put out fires. It's like stopping the squealing pigs from squealing. Is this the most important thing that I could be doing right now? Thinking over this question would stop the problem eighty percent of the time.
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Ok to be rich using QuickBooks volume 8
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 8
3 Tactical Errors
Tactical Error No. 2
Hi! This is KC Truvy, Lonesome Cowboy! Now, I’m going to tell you tactical error number two that we make in business-we sell too much. I know that’s hard to believe. Let me give you an example. I look at an accountancy website. The list of its services includes arbitration, arbitrage, evaluations, divorce reconciliation, income taxes, tax planning and pension plans. It goes on and on. That’s sixty-five to seventy different specialties. Now, how can you specialize in seventy different things? You might think that’s funny, but I tell you, I see it happens over and over in retailers everywhere else.
We get into business and we have one product plan. Then it becomes a kind of an add-on product. It seems to be a good idea when we slap it all in there. For instance, we go to a Mexican food market, and all of a sudden, you are selling piñatas. You are selling Mexican decorations or some sort of Mexican music. The reason we know these is because we live in San Diego in all of these years and we see a lot of that down here. And what happens is the business owner gets too strung out on too many business ideas or projects. We don’t focus on getting known into one particular item for one particular market.
Here’s what I tell my accountants. Work in just five or six zip codes, instead of the whole United States. Only work for companies doing five to a hundred employees, and this is when they are selling outsourcing. And only be known for doing outsource bookkeeping. When we do these, here’s what happens. We’ll get known for that one solution. At any given time, three percent of people in the market have that one problem. When they hit that one problem, guess who they think about-Mr. Specialty.
I see this over and over in business. We make a tactical error of selling too many items, services, products and locations. We get ourselves strung out instead of just focusing on one or two things. We need to get out of this. Here’s the answer and now we are going to do it. We are going to look at our QuickBooks. We are going to look at our accounting.
You remember when I told you about mistake number one, we make assumptions about our cash flow. We are optimistic about our cash flow, but these assumptions are incorrect. And I promised you that I’m going to give you some results on how to get out of these problems and here they are. Start paying attention to your accounting data. Every one of our inaccurate assumptions could have been figured out if we watched what’s going on in accounting. We wouldn’t have run out of cash if we were doing cash projections and watching how much money is coming in next week. It pays to be a little thoughtful about the money coming in.
Now, here is how we are going to get out of selling too much. We are going to look at our financial statement. We are going to look at it by profit and by product. And when we see our product and we are not making this money, we seriously better start asking, “how come I got that?” Then, we get employees to support the product and salesmen to make a call about the product. We pay insurance to cover the product and buy floor spaces, buildings and advertising. Yet, the product is not making money. We can get out of these problems if we were looking at our financial statements and figuring out what we do that is not making sense.
Isn’t it funny that we are right back to mistake number one-assumptions that are in error? It all comes back to that.
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Ok to be rich using QuickBooks volume 9
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 9
3 Tactical Errors
Tactical Error No. 3 – We sell to too many customers
Hi! This is KC Truvy. I want to tell you about tactical error number three-we sell to too many customers. In 1987, I was in Minneapolis getting ready to start a seminar in accountancy. In public speaking or seminar business, you have to keep the attention of everybody in the room. If you lose the attention of the people, then you will have no control over the situation. People will start talking among themselves, and you wouldn’t know what else is going to happen. It is really important to always keep everybody focused on you. Move fast, and keep the people alive and alert.
One time, I went in a morning seminar with a bunch of accountants. I was having fun warming the crowd up, when all of a sudden, I looked at the back and found an old man on a cane who could barely walk. He stumbled in the middle of the aisle. And of course, everybody in the room stopped paying attention to me. They all looked at the little guy in the middle of the room. He was barely able to get up halfway of the room when he stopped and looked at me. I said to myself, “Oh Lord, what is going to happen now?” I had no idea what this guy was going to say or do. I even had no idea who he was.
Then, the guy spoke up, “KC, I heard that you are in town today. I want to tell you something. Come on down here and I’ll share something to you in person.” I was still totally in mystery on what was going on when he continued, “I came in your seminar five years ago and you said rank your clients. Rank them A, B, C and D. Then, get rid of the bad ones. I did that when I went home. I was trying to sell my accounting firm at that time. So, I went home and ranked them all-A, B, C and D. Next, I sent them letters. I said, ‘Dear client, you’re a D. That means you’re done.’ I let them go. The next day I was having fun. No more complaining. No more whining about the process. I wrote another letter for A, B and C. ‘You’re C. You’re cut.’ And I just came here today to tell you that I had more fun the last four and five years in my accounting firm than the thirty years before it. I made more money the last five years, and I just want to thank you.” Then, he turned around and walked on.
That was a Kodak moment! I wondered how come there was no video camera in the room the moment you need it. But isn’t that interesting? It was a small business, but still there were too many customers. We’re not Walmart. We don’t want people to come and buy ninety-five to ninety-seven items. We need people to buy services and high value added items. We’ve got to let go of the customers that don’t want to make a price or let us make a profit or those that call us on the phone night and day to ask the same silly questions over and over.
And so, what we attempt in our business is to keep our focus to just the key, core or grade A clients. You should be doing the same. The reason we are taking out bad clients is to avoid making a lot of assumptions and strategic errors. We have to make up for it, and get the cash flowing.
We’ve got too many employees but too little money. We are doing anything to keep the people through the door and solve our problems. If those things work out, eighty percent of the people in business would not go out of business. And the fifty-five percent out of the two hundred fifty-six that survived who are now making forty to sixty thousands a year are still like a rat on a wheel. So, the third tactical error that comes from these five strategic problems is that we end up selling to customers we should never sell. We need to get that fixed. For the next few days, we are going to talk about how.
This is KC Truvy, Lonesome Cowboy. It has been exciting to spend the last few days talking about strategies and tactics that we do that keep us from getting rich. Now, I have watched a lot of businesses that failed over the last forty years. It’s a shame. And it’s sad because almost none of them really had to go. On the next few weeks, I am going to show you exactly how to hit the one percent that makes 5,000 a year. And you’re going to be rich. Let’s keep the cash register ringing.
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Ok to be rich using QuickBooks volume 10
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 10
Hi! This is KC Truby, Lonesome Cowboy. Now, we are going to have some fun. Let’s talk about how to get rich. I’m going to give you the specific things that I’ve watched business owners do that work. Today’s lesson is going to be on a simple solution. Now, you remember the number one strategic mistake is that we make assumptions that are just not correct, which means we work on stuff that doesn’t count.
Here’s what I like you to do if you want to get rich. Take a list of all the things you do during the week. Just look for a yellow pad and start writing things down. “I talked to this customer, “This is what we sold”, “I opened a mail.”, or “I painted the barn.”-whatever it takes. At the end of the week or even after just three, four or five days, look at it and think about what you did on the list that made the biggest impact on your customers and on yourself. It could be just one or two items. Also think about what you did that you had a lot of fun doing, and you know what? That is where you are adding value.
We make assumptions that a lot of stuff is important when it is not. We have the answers in our hand but we don’t know it. The first step on getting rich is so simple. Just take a yellow sheet of paper, and write down everything you do. I hate repeating myself but that’s what’s important. Just write down everything you do, and at the end of the week, simply go through the list. There is no need to write down how long an event took place, but every time you do something, write it down. In every event, write down who were involved in it. Then go back through it and note the things that were fun and made you money. You are going to find out that the moment you had a lot of fun is the moment you made most money. And that is the secret.
Secret number one is stopping the assumptions that are incorrect and looking at those events that made you the most money. Here is what happens in business. We work ten hours a day, but the two hours we usually work on the stuff we really like. If we take those two hours that we spend on things that we really like and double it to four hours, do you know what’s going to happen? Your income is going to shoot to the roof!
When we started with this series, I told you that you can double your income in 130 days. The truth is you can do it and here’s how. You take out this yellow pad and start writing all these things down. Then, get your focus on the things that make you money. And when you double the amount of time from two to four hours you spend doing this, your overhead, infrastructure and cost wouldn’t double, but there will definitely be an impact in your life. Your income will go up big time. It is going to be impactful.
So, grab yourself a yellow sheet of paper now and start writing down every single event that takes place. Do it for four or five days until you see yourself repeating it over and over. And then that will be enough. I tell you, we are on the right road. We are on the road or path to getting rich. There are more lessons that will come tomorrow!
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Ok to be rich using QuickBooks volume 11
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 11
Hi! This is KC Truby, Lonesome Cowboy. I call myself lonesome cowboy because I’m a business owner like you. We are all a bunch of lonesome cowboys, ragged individuals going our own way. We started our business, so we can make our own rules and ride our own trails. Problem is, most of the time, we’ve got order-blanks in one hand and phones in the other. We do it for our family, our fortune and our future. But the truth is we don’t even know if we are on the right trail. You heard me say this over and over. Two hundred fifty-six businesses started up five years ago, and two hundred were now flat gone and they didn’t go without debts. Fifty-five were struggling. They can hardly make it forty to sixty thousand net a year, and that is not even worth the effort.
One guy from the two hundred fifty-six got raw sales of a million, and that is not enough to make it in the top one percent. So, it doesn’t make any sense to do this much work and not get rich. But the big question today is, “Is it okay to be rich?” I know if we watch the news media and listen to the do-gooders who mostly want to just take our money away, they tell us that we should be guilty about getting rich. Of course, that is wrong and here’s the reason why. Many times I’ve heard people, including my kids, say, “What is the meaning of life?” And I said, “Why, it’s simple. We’ve known exactly what it is for two thousand years.” The meaning of life is to make it on earth as it is in heaven. We’ve heard that before, and we’ve heard it a lot. But what is the one thing we always hear about heaven? It is a place of abundance. All things there are in abundance. Abundance is created by thought. You have the capacity and ability to think your way to wealth. That’s why they wrote that famous book years ago-”Think and Grow Rich”.
So, when we think about ways to add value to our customers’ lives or ways to make their lives better, they in turn voluntarily give us money. Maybe we think of a good book to write. Maybe we think of a great way to build a fence or paint the barn. It doesn’t matter what the value is. What’s important is we are making abundance on the planet. To make it on earth as it is in heaven, and heaven is abundance. The more abundance we create on earth, the richer we get. It is God’s design to get rich, and I’m excited to be part of the plan.
Ok to be rich using QuickBooks volume 12
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 12
Build infrastructure before you need it
Hi! This is KC Truby with another step on how to get rich, and that means reaching the top one percent of all income-makers who make 5,000 or more a year. You are going to be there very soon. So, here’s the next step-build infrastructure before you need it. Now, I know that’s shocking, but I see this happen over and over in business. I talked to business owners and said, “Here’s a way to increase your profit.” Then, they looked at me and replied, “Well, as soon as I got some profit, I’m gonna buy that.” But, you can never buy something with your profit unless you get your focus on what works.
I will give you a great example where it comes at the most. This is in bookkeeping. I heard business owners say they will do their own books and run their own QuickBooks, or their wives will do the bookkeeping. I will tell you the truth, this is wrong. Because when your wife does bookkeeping, she’s probably pretty good at about eighty percent of the books. That will be like flying in airplane good at about eighty percent of the time. You will have one trip and that’s it.
You really need to have good books, and here’s exactly why. This is so you do not make assumptions that are in error. Remember the first strategic error we make? We make assumptions that are just not correct, which are only based on our gut feeling instead of facts. The bad facts come from bad books. It all boils down to the same mistake. We failed to hire talent and create standards, systems or process design. We don’t need to make these mistakes everyday.
Now, when I say “set up infrastructure”, you no longer need to create infrastructure including sales people, bookkeepers, phone lines and website. Here’s something really miraculous. In today’s virtual environment, you don’t have to buy all these stuff. You can just rent it. I have my servers in Pennsylvania where all my papers are. I’m in a paperless operation. I pay fifteen cents a page to be in a paperless operation. I didn’t have to go out and pay ,000 for software. And I didn’t have to hire and train someone to come in and do all the scanning, faxing and naming of the pages. I rent my infrastructure. When I need somebody to write ads in Craigslist or make sales calls to the people who came in my last seminar, I rent the labor. In the virtual business model that we can use today, I can go out and buy that labor for just a couple of hours at a time in a contract basis.
We need to get the infrastructure laid in, and write the processes and systems on how we are going to run our business. And then, we are in operation. This is so simple, though it sounds so complicated. Take a list today. Remember the yellow list or the yellow sheet of paper on everything you do? Pick out one item today and write a simple flowchart for it with something like “if this happens, do that” and “if that happens, then make this decision”. By doing this, you can have a business process. And when you have a business process on a flowchart, you can then delegate that to somebody outside your office.
So, the second gigantic thing that we can do here to make sure that we are going to get rich is to build infrastructure before we need it. I know it’s hard to get a handle on this, but this is why we have to do it. If we don’t have infrastructure, then there is a tendency that we convince ourselves to not do the advertising and the sales follow-ups, and not take the next customer because we know we would not be able to get the work done. I see this happen over and over. So, plan your infrastructure. Rent it in virtual platforms, so you can deliver work. Also, make arrangements with people who lay work offline. Make sure you are focusing on building relationships and innovating your business. Then, let somebody else worry about the fulfillment on a contract basis, and you will get rich.
Ok to be rich using QuickBooks volume 13
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 13
Hi! This is KC Truby. I want to tell you a little story about the day I decided it was a good idea to be rich. I actually grew up poor. We were sharing properties. I know how it was to have experiences like those. I have even read books about how poor people were sharing properties all days. They moved from house to house and farm to farm. My mom still had to pump when she turned on the water in the kitchen sink. Then, she got up at 4 o’clock in the morning to throw wood and coal in the old coal stove that we used to heat up the house. That would get me warmed up so I could have coffee and biscuits before I went out and milk the cows at five o’clock. That was a good life and I learned a lot about working. But I learned something else one Saturday afternoon when I was ten years old, something that totally changed my outlook on life.
I used to be proud to be poor. We marched around and sung country songs by Merle Haggard. That was how excited we were to be poor. Then, I went to town on a Saturday afternoon to watch a movie, “Gone with the Wind”. This was in the 60s, though “Gone with the Wind” came out in the 30s. It was a 30-year old movie at that time, so I probably had a discount of about 50 cents which I saved up. I was so excited to be in the movie. I was watching and sitting there with bare feet swinging in the air. And here’s what’s exciting%u2026 halfway through the movie, Scarlett’s hair is full of dirt. She reaches up on the sunset in the background and sits down on her knees, making cotton and planting beans trying to make enough money to feed her family. And she’s reaching up with a piece of dirt and goes, “God is my witness. I will never be poor again.” It’s a choice! I didn’t know it was a choice. I thought whatever you were born into is what you died into. But no, it’s a choice. I came home and told my mom, “I’m gonna be rich!” She started laughing and said, “Those rich folks are not happy.” I replied, “Mom, you don’t know any rich folk. You don’t know.”
I made a life decision that I was going to be rich. And I must not have been the only one. Two hundred twenty-five years ago in the planet, just about everybody was poor. Then, something happened that triggered wealth on the planet and it has doubled in wealth like in every five years ever since this happened. Here’s what it was, a group of pioneers were upset and angry because every time they created wealth in a new country called America, the monarch came by and snatched it. They realized that as long as they were living under a monarchy, tyranny, dictatorship, or socialism which has not been invented yet but its concept is already floating around-as long as we live on one of these political systems, someone is going to come in and take all our money. We will work hard and somebody will decide that we don’t deserve it.
So, 2025 years ago, democracy was invented in the planet right here where we are to protect capitalism. We are lucky to be alive in America. We are lucky to be alive today. There has never been a better time in the history of mankind to create and share wealth. I’m excited to be here, and so are you.
Ok to be rich using QuickBooks volume 14
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 14
%u201CIt takes 10,000 hours of unique work to get rich!%u201D
Hi! This is KC Truvy, Lonesome Cowboy, with our continuing series on the philosophy of getting rich and what it takes to get rich. When we are done with the series, we move to the tactical steps or the actual specifics.
How long does it take to get rich? A lot of people between fifty-five to sixty years old coming in my seminars are pretty worried because their time are coming up. It is not as sparked up and exciting as it used to be. They hear that you have to be already rich by twenty-five to thirty years old. I know for a fact that that is wrong because I have been down in the tubes and holes several times. It wouldn’t be hard if you know some of the rules in business.
The first thing you might want to know is that it only takes 10,000 hours to get rich in America. But here’s the interesting thing, it has to be 10,000 hours of work that only you can do. Straightening up the shelves and writing a yellow page ad are things that somebody else can do, so they do not count towards your 10,000 hours. While, signing papers above your desk is something that only you can do. This is one of the reasons why I write so many ads in Craigslist and hire so many contractors for writing blogs, doing researches, posting ads, writing up inventories or doing things for the mailing list. I can hire somebody to do all these, but what can I not hire somebody to do? These blogs and videos, and working in front of a video camera can count. I cannot hire somebody to do my speeches and seminars, to look at all the marketing going on in law firms, architectural firms or medical offices and convert them to this industry. I’m the only one who can do that.
So, as long as I’m doing those kinds of functions, I’m knocking my hours off towards my 10,000 mark. Now, most of these have already got halfway, because nobody else could have done your college for you which could be about two or three thousand hours of your 10,000. And nobody could read the hundreds of books you’ve read, and each one of those could be four or five hours. Most of us have already got about 5,000 hours towards our 10,000 hours to get rich. We are this close! All we need to do now is to get focused on the rest of the way out. Just keep in mind that it takes 10,000 hours to get rich. If you need a little backup information on this, read Malcolm Gladwell’s book, “Outliers”, and you will find out how many times researchers came out with the same exact 10,000-hour number. And I tell you what, two or three years from now, you will make it there. It takes 10,000 hours to get rich, but those hours they only count if you do work that nobody else can do.
Ok to be rich using QuickBooks volume 15
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 15
The 80/20 Rule
Hi! This is KC Truby, Lonesome Cowboy. Today, we are going to talk about one of the most important philosophical decisions you can make about getting wealthy. Remember, what we are trying to do is to get you in the top one percent of all income-makers which means earning 5,000 or more a year. What is really interesting is when you hit the top one percent, you will understand all the other rules and philosophies in business, and your income will start skyrocketing.
Here is probably one of the most important things I can tell you of all that has lived by the 80/20 rule-twenty percent of what we do makes eighty percent of our profit. This is not just a cliché. As a matter of fact, when we work with business owners and when our accountants work with business owners, we demand that we have good accounting records. With good accounting records, I can isolate the customers. Maybe you got a hundred customers, but only twenty of them are making all the money. If we isolate those twenty and focus all of our time and energy on them, then that is where our relationship should be. Those twenty would start spending a lot more money. So, if you got hundred customers, you could take eighty, pay attention to them and fire twenty. Or else, you could fire the eighty and keep the twenty. Also sell one-fourth more services this 2010. Then, the total revenue from the twenty customers would equal with what the hundred customers spent last year. Now, that means we spend a lot of time and effort working on greasy wheels and pigs that squeal, the things that don’t make any difference in our lives.
The 80/20 rule is absolutely our critical philosophy. You may want to get up every morning thinking about this-what is the twenty of what I do that makes an impact? Busy work does not make an impact. If twenty percent of the customers make eighty percent of the money, then twenty percent of the products we sell make eighty percent of the sale and twenty percent of our employees make eighty percent of our net profit. The bottom line is if we figure out who those twenty percent customers and employees are, we are going to have a lot more success!
All of these philosophies on getting rich are leading up to the grand finale which is about measuring what you are doing. If you can measure, you can manage. And when you can manage, you can improve. We need to have good numbers. Take this from somebody who has gone down the tubes a couple of times. Every time I encounter a business failure, it comes because I’m not paying attention to the numbers except in 2003 when it had been due to an outside force, a tsunami, which I couldn’t stop with whatever I do or say about. This 80/20 rule is absolutely critical. I even recommend you read Richard Koch’s “The 80/20 Principle: The Secret to Success by Achieving More with Less” to get a clear picture of the daily impact this rule has in your life.
Ok to be rich using QuickBooks volume 16
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 16
4 Aces on Getting Rich Ace No. 1 %u2013 Acclimate to Change
Hi! This is KC Truby, Lonesome Cowboy. I’m going to give you the four aces as we wrap up the philosophies on getting rich. Here is ace number one-acclimate to change. This may be cage rattling, and sometimes, we ask, “Why do I have to adapt to change?”
When I talk to business owners, they say, “Well, I don’t know very much about computers.” And I say, “Dude, they’ve been around since 1985 on every desk in America. That has been twenty-five years from now. When are you going to get used to it?” Or they tell me, “We are not used to internet to get business in.” Then I reply, “What? Now, that has been around since 1995. That’s fifteen years. You don’t have the option to not be into modern technology and modern marketing methods.” The world is changing and moving too fast. Our business now is nothing like it was in 2003 and in 1993, many years ago. I can’t even remember how we did business back in 1969 to 1971 when I started my first business. We had a rotary phone. Just remember how hard it was before to make a phone call to ask somebody if they wanted to do business with you? People used to knock on doors back then to get business. I know because I used to be a door to door salesman.
The world has changed and it is going to keep changing. If we acclimate to change, that will be a lot more fun. Let’s look at the things that are going on around us. Look at your competitors and find out what they are doing. Are they using online advertising? Are they hiring people in India to get work done faster? Are they doing things with part-timers in order to get some of the labor promises taken care of? You have no choice, but to acclimate to change. If you don’t do this, you’ll be out of business. We’ve never been in a situation in the history of mankind where things changed like this. Our entire knowledge is changing every eighteen months. It’s doubling on what we know, and that’s a big opportunity for all of us.
Ok to be rich using QuickBooks 17
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 17
4 Aces on Getting Rich Ace No. 2 %u2013 Take action everyday
This is KC Truby, Lonesome Cowboy! Here is ace number two-take action everyday. I’m not much of a time management person. I don’t believe in a to-do list. To-do list never gets to be done and that spells too much trouble for me. I’m a thinker, and that’s my job. I’m supposed to be innovating, and building relationships and a better, faster and cheaper business. I’m not supposed to have a list of to-do’s and tasks, since I can get people to work on it. But I do want to make three accomplishments everyday. So, the last thing I do before I go home at night is to write down on a little piece of paper right on my desk the three major accomplishments that I want to get done tomorrow. Those three major accomplishments are just what I focus on, and calling Bob to collect money is not one of them because that’s something that can be delegated. I only want to accomplish tasks that nobody else can do but me. That’s why I want to focus on my time now.
There’s something else I want to tell you about getting things done when you have a job that comes in, let’s say you realize you can run some ads in a pay per click on Google to get more traffic to your website and generate more sales leads. This just happened to me, but I don’t have anybody with the right sets of skills and I don’t have a design to learn it. I skinned the book until I found a flowchart and checklist which I simply wrote down on a piece of paper and posted on Craigslist under freelance. It said, “Who can do this job for us and how much do you want?” And then the next couple of days, I got hundreds of applications. People said, “I know this. I can do it for two to three hours a day. I will charge you for twelve, fifteen or twenty dollars an hour, and I’ll do all these for you.” And I said, “My goodness! Isn’t that a bargain?” I can get the best of what somebody knows and they will just work for me part-time for only fifteen dollars an hour and no overhead.
That’s how we get things done, and that’s what I think you ought to do. So, ace number two is take actions everyday for the three most important accomplishments that nobody else can do. And when other tasks come in, write them down on a checklist and shout them out. See who else can do them. The number one reason we don’t get things done when we hear really good ideas is we never get to them. Many of us go to seminars with all these good ideas but we never got to these ideas because we don’t have the labor available. Well, there are people looking for work part-time today and you can take advantage of them.
Ok to be rich using QuickBooks volume 18
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 18
4 Aces on Getting Rich Ace No. 3 %u2013 Assemble a Team
Hi! This is KC Truby. Here is ace number three-assemble a team. The days of the lonesome cowboy are over. The days of the ragged individual are done. Today, business requires more than one point of view and one set of skills. The day when we did everything ourselves, when we didn’t have to pay somebody to do things and when we didn’t have to share the results was just plain crazy. On a personal level, I can guarantee you this-it has cost me a million. I would have been so much wiser back then when I was twenty-six or twenty-seven if I brought in a financial officer and made him a partner in my furniture business. I would have been so much wiser to bring in sales managers in my advertising company back in 1977. There are so many things I should have done but I didn’t, trying to be the ragged individual. But now, we have sixty-five people who work from home all over the planet and five people who are my core group. I talk to those five almost every day to get consultation and feedback on how we can run this company better, faster and cheaper or how I can improve my relationship with my employees and customers. It’s best if you get yourself a team. Don’t try to do all these alone.
I recently told a business consultant at a conference that I spent much time today searching for people to be on my team as I do talking with customers. He was shocked and he said, “KC, you can hire somebody to go out and do the employment searches.” I said, “Nope, I’m not looking for somebody who can come in and do a job by following a list of instructions. I’m looking for talent, and talent is hard to come by.” I’m always looking for talent, for people who could take over the vision of the company. Right now, the market opportunities are just incredible because all of our competitors are scared to death. They are not doing anything. They are all like a little rabbit hiding in a hole. So every time I come by with somebody who looks like a business person I can hang my hat with, I’m all over that person, “Come on in. Let’s work together.” And they asked, ‘how am I going to be paid?” They get paid in two ways, either on wages or on profit. They can choose what they prefer, but of course, profit pays better. But isn’t that a fun way to approach people? And if they say profit, now you know you should grab those people up.
Ok to be rich using QuickBooks volume 19
The 19 steps to creating a cash flow using QuickBooks. Cash Flow QuickBooks Cash Cow Accountants Accountant Outsouced Bookkeeping.
Ok to be rich using QuickBooks – Volume 19
4 Aces on Getting Rich Ace No. 4 %u2013 Acquire knowledge
Hi! This is KC Truby, Lonesome Cowboy. I’m going to give you ace number four-acquire knowledge. Go and learn. We never knew enough on being successful in business. There are so many things we need to know. We need to know internet marketing, new legal structures and environment where people are getting sued everyday for things you wouldn’t imagine. We need to know marketing, production, advertising and performance standards that companies in your industry and in other industries are using.
I recommend you go to at least four seminars in a year, and see Tony Robinson and John Kennedy. You will pick up a lot of information by going to seminars. You will learn a lot of things from the other people around the room. So, don’t just buy the tapes and say, “I’ll listen to them later.” Get yourself in a seminar and during breaks talk to other attendees and asked them “What do think about that?” and “How are you going to do this?”.
Every time I go to seminars, I have two sheets of paper. One sheet is where I write down the names of my current customers that I’m going to call on because of the idea I just learned. And the other sheet is to list down the tasks that I just learned to implement and the ways of getting somebody to do them. I never say, “How am I going to do it?” I always say, “Who is going to do it?” I go to at least four seminars a year and I think you should do it, too.
I also recommend you read business books. We can’t be in business, and bank our entire family’s financial fortune and future against the performance of this company especially when eighty percent of us go broke anyway. We can do that with the right amount of knowledge, so read fifty business books a year or one book a week. Just pick the most popular or come back here and I will give you a recommendation of the ones I found since I read ten a month. You should read a book on how to be successful in business every week. Your job on running the company is not to sweep the floor, answer the phone or send out the invoices. Your job is to build relationships with customers, staff and vendors and to innovate and build faster, cheaper and better operation. We need that constant flow of new information and ideas to keep us thinking and reminded about all the good stuff we have learned twenty years ago and have forgotten.
So, that’s ace number four, acquire knowledge. If you do these four aces, you can get in the top one percent of income-makers. Acclimate to change and do not be afraid of changes. Take action everyday-the three big important things that you need to do on a daily basis-then delegate all the little tasks that come along. Action is going to be your middle name from now on. Assemble a team. Get four or five people-finance persons, legal persons and someone who can help you with marketing. Have a core group of people whom you can get advice from. Maybe, we call that a “mastermind group”. Wouldn’t that be a great idea? And lastly, I want you to acquire knowledge.
Do all these things and go all the way through these philosophies on getting rich if you want to get rich. These are the things that I have learned and worked for me. I’m bringing them to you so that they work for you. Acquire knowledge by going to seminars and reading books. Let these four aces be your aces!
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