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Episode 62: Straddle & Strategize Business Growth
Manage episode 397400533 series 2861683
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In this episode of the RossKote Powder Coater Podcast, Kim Scott interviews Shelby Ashley, the founder of Optimize Financial Solutions. They discuss the importance of financial literacy for small business owners, particularly in the manufacturing and powder coating industry. Shelby emphasizes the need for understanding financial statements, managing cash flow, and the dangers of excessive debt. They also touch on the significance of budgeting, with Shelby advising on its necessity for tracking performance and catching issues early. The conversation covers the impact of expenses on profitability, the benefits of strategic pricing, and the importance of hiring a team that challenges the owner. Shelby also highlights the common oversight of tax planning and offers a free financial assessment for business owners. They conclude with the idea of comparing profit and loss statements across the industry to understand optimal margins, regardless of company size. Shelby is available for consultation through LinkedIn, and the episode encourages listeners to charge enough, make money, and sleep well at night.
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