Talking Cash Flow with George Theodosiou: The Inspired Selling Podcast
This blog post complements the Inspired Selling Podcast featuring George Theodosiou and is designed to provide you with all the key points from that episode. If you prefer audio, click the podcast link, sit back and enjoy.
About George Theodosiou
George Theodosiou is a cash flow expert, consultant and speaker who helps business owners – especially those in the trades and construction industries – build and maintain great cash flow; build exceptionally professional systems and processes; increase their profit; and, ultimately, increase the value of their businesses.
Cash flow as a framework
Now profit alone is not always enough to sustain a business. The same goes for turnover. After all, every business must have enough cash on hand to cover its bills, which is why cash flow is often a much more accurate gauge of financial health. The bottom line is you cannot be financially successful if you don’t have good, consistent cash flow.
George and his company, GFS Solutions, use a predictable profit cash flow cycle to help individuals build businesses that require as little maintenance as possible and generate consistent profits, allowing them (the business owners) to spend more time doing the things they enjoy with the people they love.
The framework George teaches and instills into these business owners focuses on the eight pillars of great cash flow: Clarity, Attraction, Specialism, Heart, Format, Leverage, Opportunities and Win – or CASHFLOW if you like acronyms.
Here’s a bit more about each pillar:
Clarity
This is all about your purpose. What you are trying to achieve with your business and identifying where the consistent profit is in your business.
Attraction
How to attract the right people at the right time and build out your pipeline consistently, so you not only feel good about yourself and the future of your business, but have got that all-important stability going forward.
Specialism
Positioning yourself as the go-to person/business to solve a specific problem or set of problems for a particular group of people. The benefits of doing so are more enquiries, easier conversions, more referrals and more fruitful, longer relationships.
Heart
Put it into everything you do. After all, human to human interactions are so powerful and unique. By adopting the right mindset, you will get the results you want and deserve.
Format
This is all about the processes that help your business operate. Get them well-oiled and your business will be less dependent on you and more on the processes. This helps you not be a prisoner to your business and allows you to scale in the future.
Leverage
Whether it’s getting the most out of your existing team, benefiting from outsourcing, or using referral partners to generate more business and clients, leverage is so important. You can even consider leveraging your clients and customers. A great example of this is offering them a slightly reduced rate in return for a testimonial or case study.
Opportunities
How you create a solid cash flow, maintain it and build it going forward so it’s sustainable. A few examples might be having clients on retainers wherever possible (business model permitting) and having all your invoices paid on the first of the month and your expenses going out on the 10th so you’re in the strongest possible position financially for the rest of the month.
Win
This is the big payoff and George always advises his clients to build their businesses as if they are going to sell them further down the line (even if they’re not), rather than just working to make ends meet. By adopting such a mindset, it allows your business to become more process driven and less dependent on you.
Focus on this one thing to be successful
Always focus on banking money every single day. If you do, it will be nearly impossible for your business to fail. And if you ever find yourself with some time on your hands, chase outstanding invoices, follow-up with leads and build out your sales pipeline to ensure you have as much lined up as possible.
Remember, every other aspect of business is an activity that helps answer the most important question: How much money have you banked today?
And what would be George’s number one piece of advice to his younger self?
In a nutshell, get a mentor, or a coach or a consultant as early as possible in your business journey. Go to someone who has walked the path that you are walking already and who is now helping people like you get great results.
“You can’t see the picture when you’re in the frame” – Les Brown, motivational speaker
For more cash flow advice, including some free tools and templates to help you keep yours consistent, connect with George:
- On LinkedIn
- The GFS Solutions Facebook Page
- Or @DebtHero on Twitter
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