Rinette Lagace – Author of “The Courageous Entrepreneur: Cash Flow Strategies to Build Resiliency in Your Business”

Mastering Cash Flow: A Deep Dive with Rinette Lagace on The Courageous Entrepreneur

Mike interviews Rinette Lagace.

In this episode of our podcast, We had the pleasure of sitting down with Rinette Lagace, the author of The Courageous Entrepreneur: Cash Flow Strategies to Build Resiliency in Your Business. Let me tell you, this conversation was a goldmine of insights for entrepreneurs looking to solidify their financial foundations and build a resilient business.

SUMMARY

Rinette Lagace isn’t just an author; she’s a financial strategist with a mission. Her approach to business finances isn’t about quick fixes or gimmicks. It’s about understanding the fundamental principles that ensure long-term success. Our discussion started with defining your target market—a crucial step often overlooked.

Rinette emphasized the importance of knowing who you want to work with. “We want to enjoy working with our clients and vice versa,” she explained. This mutual enjoyment translates into a successful relationship where both parties feel valued. The relationship becomes strained if a client doesn’t see value in your service. It’s not about being everything to everyone but about being everything to the right ones.

She highlighted that demanding clients often reveal gaps in our business. They provide an opportunity to learn, adapt, and improve. However, not every problematic client is worth the trouble. Sometimes, it’s about recognizing when to part ways. “Isn’t it great to get rid of the people you don’t want to work with and really nail down your niche?” Rinette asked. For her, specializing in a particular type of business, like working exclusively with dentists, means understanding their unique needs and quirks, allowing her to provide exceptional service.

We then dove into the concept of slow, medium, and fast money—a framework that resonated deeply with me. In real estate, fast money comes from wholesaling, medium from house flipping, and slow money from long-term investments like multifamily properties. This analogy can be applied to any business.

The slow money comes from the recurring revenue generated over time. This strategy creates a balanced and resilient cash flow system. “You need fast and immediate money and slow money on the back burner,” Rinette explained. This diversified income approach ensures that there’s always money flowing in, providing stability and longevity.

One of the most transformative moments in our conversation was when Rinette discussed Mike Michalowicz’s Profit First strategy. This strategy involves setting up multiple bank accounts for different purposes: taxes, payroll, savings, and operating expenses. By allocating a percentage of incoming revenue to each account, entrepreneurs can manage their finances more effectively and avoid running out of cash when tax bills are due.

“The hardest part for me was setting it up,” Rinette admitted. But starting small, with even 1% allocations, can make a significant difference. Over time, as these small percentages grow, so does the entrepreneur’s confidence and financial security. This method isn’t just about managing money and cultivating financial discipline and foresight.

Mike Fallat and Rinette Lagace talk about the book The Courageous Entrepreneur: Cash Flow Strategies to Build Resiliency in Your Business.

Rinette shared a powerful insight that echoes Tony Robbins’ philosophy: “It’s not a matter of resources; it’s a matter of resourcefulness.” By starting small and gradually increasing your financial buffers, you develop a muscle for financial management. This incremental approach builds resilience and opens up opportunities for growth and investment.

Rinette’s book, The Courageous Entrepreneur, is a must-read for anyone serious about building a resilient business. Her practical strategies and real-world advice are invaluable for navigating the financial challenges of entrepreneurship. Whether you’re just starting out or looking to refine your existing business practices, her insights on cash flow management, client relationships, and strategic financial planning are game-changers.

In today’s unpredictable economic climate, having a robust cash flow strategy is not just advisable—it’s essential. Rinette’s approach empowers entrepreneurs to take control of their finances, make informed decisions, and build businesses that can weather any storm. So, if you’re ready to transform your financial strategy and ensure your business thrives for years, tune in to our latest episode and grab a copy of The Courageous Entrepreneur.

Get her book here:

About Mike Fallat

Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.

Visit website for more information: https://www.milliondollarbookagency.com/

About Dreamstarters Publishing


Dreamstarters Publishing offers ghostwriting, cover design, and everything that is required to take an idea to a finished book (kindle, paperback, hardcover, and audiobook).


The Million Dollar Book Agency is the ultimate marketing CRM system for author-preneurs. Services include automated funnels, lead generation campaigns, book fulfillment, podcast management, press releases, virtual assistants, course development, and more.

Mike also hosts a podcast known as Million Dollar Stories and runs a membership-based site known as Million Dollar Circle. In addition to owning the book business, he invests in self storage real estate.

https://dreamstarterspublishing.com/

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