Achieving Financial Resilience with John Briggs

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Achieving Financial Resilience with John Briggs

Welcome to the Business Growth Hacks podcast! In this episode, host Andrew Brockenbush is joined by guest John Briggs, founder of Insight Tax and author of “Profit First for Micro Gyms.” John’s mission is to help business owners keep more of their hard-earned money to build long-term wealth. Today, John shares his wisdom and expertise on cash flow, budgeting, and workday structure for small business owners. Andrew and John also discuss their favorite types of candy and offer valuable advice on protecting yourself from fraudulent strategies and watching your spending habits. So sit back, grab a snack, and get ready to learn from one of the best in the business!

KEY POINTS:

Co-host John is absent due to a mishap at his house involving a leak
Icebreaker about designing your own $100 dollar bill: John chooses to put the mascot for Reese’s Peanut Butter Cups on his bill, while Andrew suggests an entrepreneur like Steve Jobs or Martin Luther King Jr. for his currency.
John Briggs is the founder of Insight Tax and the author of “Profit First for Micro Gyms”
His mission is to help business owners keep more of their money to build long-term wealth
John emphasizes the importance of cash as the lifeblood of a business, and how lack of profitability can lead to stress and burnout for entrepreneurs
Andrew relates to this struggle as a young entrepreneur and shares his experience of trusting the wrong people early on in his business
Business owners need to protect themselves and watch their back by saving their documents and being aware of fraudulent strategies.
Some professionals have strategies that are fabricated and have no backing of tax rules.
Business owners should be aware of who they are working with and if something feels off, it’s time to talk to someone else.
Business owners are always on the hook as the taxpayer, even if the accountant did something fraudulent that they were not aware of.
Parkinson’s Law says the demand for something will expand to match the supply, so business owners need to be aware of their spending habits.
The conversation involves differing political views on taxing people and letting business owners keep the revenue.
John’s book, The 3.3 Rule, discusses the most effective workday structure consisting of up to three-hour blocks of work followed by a 30% recovery period.
The current workday structure is not based on any scientific evidence, and we need to come up with a new workday structure based on research.