· By Jordan West
Ep 508: Predatory Lenders - Who To Use And Not To with Wayne Richard, Bean Ninjas
It's crucial to recognize when you need the right expertise and equipment to achieve amazing outcomes.
In this episode, Jordan West and Wayne Richard, COO of Bean Ninjas, shared their insights into the world of entrepreneurship and finance. They discussed everything from managing cash flow effectively to the tactical aspects of long-term investments.
Listen and learn in this episode!
Key takeaways from this episode:
- Importance of solving a problem that concerns customers and understanding the impact of financial decisions on the business.
- Bookkeeping and accounting play a significant role in helping founders make prudent decisions based on current financial data.
- Understanding contribution margin and its importance in marketing and scaling.
- Impact of high-interest loans on brands and advice on debt management.
- Strategies for brands struggling with high repayment rates and suggestions for seeking alternative financial solutions.
Recommended App/Tool:
Quickbooks: https://quickbooks.intuit.com/
Xero: https://www.xero.com/
Paypal: https://www.paypal.com/
A2X: https://www.a2xaccounting.com/
James Clear Newsletter: https://jamesclear.com/3-2-1
Recommended Book:
Atomic Habits: https://jamesclear.com/atomic-habits
Psychology of Money: https://www.audible.com/pd/The-Psychology-of-Money-Audiobook/B08D9TXF3H
Today’s Guest:
Wayne Richard, COO of Bean Ninjas is a former corporate climber with experience working in financial planning and analysis for Hewlett Packard. He led teams focused on forward looking projection models and comparative analysis. He's helping founders understand the basics of financial planning and how their decisions were impacting their businesses.
Connect and learn more about Wayne and Bean Ninjas:
Website: https://beanninjas.com/
LinkedIn: https://www.linkedin.com/in/waynedrichard/
In this episode's sponsor is Revenued - is a financial technology company that provides businesses with revenue-based financing solutions. Instead of relying on credit scores or collateral, Revenued offers funding based on a company's revenue. This allows businesses to access capital quickly and repay it as they generate income.
Learn more here: Revenued