Almost every time I meet someone and I tell them what I do they have lots of questions. I thought it might be kind of fun to put together a short video on the frequently asked questions that I hear. Some of my answers might even surprise you.
You know, almost every time I meet someone, I tell them what I do, they have lots of questions. And I thought it might be kind of fun to put together a short video on the frequently asked questions I hear. Some of the answers might even surprise you.
Hi, I’m Josh Patrick, founder of Stage 2 Planning Partners and The Sustainable Business. I’m also the one who’s responsible for putting together our Cracking the Cash Flow Code Program. And I’m the author of “Sustainable: A Fable About Creating “a Personally and Economically Sustainable Business”.
So, let’s jump in and get started.
So, the first thing they ask is what is it that I actually do?
Well, I help private business owners create excess cash from their businesses so the business can become economically and personally sustainable. You know, sometimes it’s, sales is a problem. Sometimes, it’s margin, the problem, sometimes it’s systems, the problem. Sometimes, and most the time actually, is the actions of the owner of the company that are responsible. So, I help people think this thing through and act as a thinking partner for them to help people create excess cash in their business.
The next question I get is what do you mean by economically sustainable?
Well for me, economically sustainable in a business means the four areas of profit are being fully filled. And that’s having a great lifestyle, having an emergency fund for at least six months of operations for your company, having a fully funded marketing program, and almost no business actually has a fully funded marketing program. They’re always trying to do it on the cheap, and having a fully funded retirement plan in place. Now, if you don’t have a fully funded retirement plan in place, there’s a good chance you’re never gonna be able to leave your business and you’re gonna live in a place I call perma five.
Now, the third thing I get asked a lot is, I always start my engagements with values. Why do you do that?
Well, the reason very simply is values-led companies outperform non values-led companies by a huge margin. And also, if you’re living your values personally and in your company, your company becomes a much more fun place to work for you, much more fun for other people because you’re attracting people who have the same sort of values you do, and you get to manifest that in your company.
Next thing, what makes me competent for helping people?
Now, that’s a great question. It is something you should ask somebody you’re working with as an advisor. Well, I’ve had 40 years of experience of helping people build and run great businesses. The first 20 years were my own business where I took a business from 1 1/2 people, then 90 people. I sold that successfully in 1995, and moved into the wealth management and consulting world. And I’ve had lots of experience working with people. I’ve also had on the education side, I’m self-educated. I don’t have an MBA, I don’t have a business degree, but I have read over 1200 books on the topic of how to run and have a great business. I’ve been to well over a 100 seminars on this. I’ve taught bootcamps, I’ve been a platform speaker. So, I’ve done all the things that you need to do to not only do it but also understand why what it is works or doesn’t work.
Another question I get is I create a ton of content. Why do you do that?
Because people say, content takes a lot of time. And it does take a lot of time, but the fact is I love creating content. And when I create content, it helps me learn something at a much deeper level than if I just read it and don’t do anything with it. Now, when I read a great book, I mind map it. and then I take that mind map and I take the big points out of it and I either write it up as a blog post, or make a video out of it, or do a podcast with it. So, content really helps me say, get a deeper understanding of what’s gonna help you.
The next thing is why is creating excess cash so important for me?
Now, I know it’s important for you, because if you have excess cash in your business, life is easier. The reason it’s so important is early in my business career I had several events because I didn’t know what I was doing and I didn’t how I’d do it, or I’d flat-out ran out of cash, and I was this close, and I mean this close, to having to declare bankruptcy. That’s not something I want for you and having excess cash just makes life so much easier. In fact, when I had my vending company, I had a stupid little saying to this, happiness is positive cashflow. And I still believe that happiness is positive cashflow.
So, what is that, the strategy you have for working with us?
And this is a really tough question for me to answer because frankly it really depends on what you want. Now, I have a bunch of processes that we can take you through, but out of that process is gonna be something that’s completely unique for what you are. If you want a really in-depth analysis before we start working together, we have a thing called The Objective Review. If you say, gee, cashflow is my issue, and I need to develop more cash in my business. We have a program called Cracking the Cashflow Code. And if you say, you know, I just wanna become financially independent from my business, I have a program called The Financial Independence Project. And one of those three places is usually a good door to enter. I even have a door for folks who wanna work with other business owners and be great at it, and we have a program that’s live and online that helps you learn how to be better at working with private business owners. It helps to distill, the 40 years that I’ve been in business to help you be better as an advisor. And if you own a business, going through the program will help you learn on a more deep and integral way what you might be thinking about when you work on your business.
The next thing that happens, I see you name everything, why is it that I do that?
Now, I name everything, like the Cracking the Cashflow Code, and The Financial Freedom Project, and The Objective Review, The Stage 2 Planning Process, the Stage 2 Hiring Process. I do all of this stuff so it’s easy for you to say, I want that, I wanna learn this. And by naming things, it becomes something for you to be able to remember a lot easier than if I have this long, long explanation. Like the Stage 2 Decision Process has five pieces to it. If I go through the five pieces, and that’s what I explain to you, you’re never gonna remember it. But you would remember Stage 2 Decision Process. It’s easier for you and that’s why I do it.
Another thing is, you talked about one-to-one and one-to-many, why?
Well, here’s the issue, is that one-to-one is where I’m working with you on a one-to-one basis and it’s very expensive, it’s very customized, it’s the highest-end service we have. But the truth is, not everybody needs that sort of customized service. A lot of times people can work in a group and be really, really successful, or they like to work on their own and do online things. So, I believe that in the planning process, one-to-many is enough for many, many, many people. We’ll get you started down the road, and if you decide that customized work is what you really need, well we have that available, but it’s probably for most people watching this video, not gonna be necessary.
And finally, if there’s one book I should read, what would it be?
Well, after my book “Sustainable”, it would be “Traction” by Gino Wickman. In my opinion, for a company that has somewhere between 10 and 200 employees, the EOS System, which stands for Entrepreneurial Operating System, is probably the best way to organize a company that I’ve ever seen, and I think Gino Wickman is brilliant for writing this. I highly recommend you read “Traction”, you’re gonna find that it’s a system that you can run your business by and it actually makes some sense. And you’ll likely be willing to do it because it’s not that detailed.
So, there you have it. Those are the top 10 questions that I get on a regular basis. If you have a question you’d like me to answer, just send me an email and I’ll do my best to answer. And thanks a lot for stopping by.
Why don’t you scroll down and leave a comment and let me know what you think. And while you’re at it, click on our offer below and Get our Free eBook on The Objective Review. You’ll learn about our discovery process that gets you to focus on what the right thing is for you to do at a very, very deep level. Hey, this is Josh Patrick, you’re at The Sustainable Business, thanks a lot for stopping by. I hope to see you back here really.