In this episode, Lloyd James Ross breaks down the real reasons most small businesses fail and the crucial financial habits that set successful entrepreneurs apart. From sobering stats like "60% of small businesses fail within 3 years" and "only 1 in 5 track their numbers weekly," Lloyd emphasizes why tracking your money, managing your cash flow, and focusing on sales and marketing—not just perfecting your product—is what keeps your business alive. He shares practical insights from his own businesses and coaching experience, highlighting time-wasters like admin and "fake work," the trap of chasing perfection before market validation, and the importance of paying yourself consistently. Whether you're a coach, consultant, tradie, or brick-and-mortar owner, this episode will show you how to avoid the most common financial pitfalls and get your money working for you.

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Timestamps

00:00:00 - Introduction

00:01:30 - The importance of tracking your numbers weekly

00:03:45 - 60% of small businesses fail within 3 years

00:04:50 - Only 39% of owners pay themselves a salary

00:06:15 - 83% of failures are due to poor cash flow

00:07:30 - Why sales and marketing matter more than product perfection

00:08:10 - The "fake work" trap that kills productivity

00:13:00 - Focus on lead generation and revenue-producing activities

00:14:50 - You don’t need to be the best—just be effective

00:17:05 - Admin time-wasting and ego-driven hiring mistakes

00:19:40 - Why big teams don’t always mean big profits

00:21:15 - The 4 key metrics every business must track

00:23:00 - Real story: Cutting expenses after a 50% profit drop

00:25:10 - Why you should work weekends in the early stages

00:26:40 - Reverse saving: how Lloyd handles business income

00:28:50 - How to protect your business and still build personal wealth