Ami Kassar on “Only The Strong Survive” Podcast Por arte de portada

Ami Kassar on “Only The Strong Survive”

Ami Kassar on “Only The Strong Survive”

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 Ami Kassar wears many hats as a columnist for 21 Hats, a former advisor to the White House, the Treasury Department and the Federal Reserve, and the author of “The Growth Dilemma.” He is also the founder and CEO of MultiFunding LLC, a consulting firm that helps entrepreneurs find smart and strategic funding to help grow and finance their businesses. Founded to give counsel to businesses on finding the best loan options transparently, MultiFunding has secured over $1 billion in loans.With over two decades of experience in business finance and an entrepreneur himself, Kassar is an expert in both areas. In this episode of the “Only The Strong Survive” podcast, he shares his expertise in securing funding for entrepreneurs and running a business with host Dan Kahn. It is a must-listen for anyone wanting to know how to use leverage responsibly, structure debt the right way and fund growth without losing their soul or shirt. Click on the icon above to check out the entire fascinating episode, and here are our five top takeaways:* Loans won’t solve structural or organizational problems with your business.* Very few entrepreneurs come from a financial background.* It is okay to grow your brand at your own pace.* Bookkeeping and accounting are tedious but the cornerstones of successful brands.* Keep calm and carry on in turbulent times.Covid Changed EverythingThe pandemic was a life-altering period for many, including businesses. While the massive injection of small-business loans saved countless entrepreneurs, it also acted as a double-edged sword for others. Instead of creating leaner and more efficient business models, some relied on those loans to get by. Those same loans are now coming due as costs and tariffs rise, leading many businesses to go under.“Money flooded the market and balance sheets. Then you didn’t have to pay it back for two or three years. It gave everyone this false sense of security, like it was party time. When you put too much money into a company like that, you often cause more harm than good. Many people just thought they wouldn’t have to pay it back, or didn’t understand the conditions about what the money was intended for,” said Kassar. “I really think, particularly with that last influx of idle money, it is going to cause a lot of harm for decades.”Most Brand Leaders Aren’t Good at FinanceMost small businesses are started by someone with an idea about a product or service. Very few of those “idea people” have backgrounds in finance or accounting. However, if you want your business to survive and thrive, you need to get a handle on its finances. Not paying attention to or understanding the financial details of your company doesn’t give you the flexibility required to survive ups and downs.“Most small businesses are not good at their financials or cash management, especially in turbulent times. I have a picture I use when I do talks and lectures of an offensive and defensive player ready to beat each other up in a football game. I say that this is how you need to think about your balance sheet,” said Kassar. “A good team is set up for flexibility because as you run your business, there could be unexpected opportunities that pop up and unexpected crises that pop up. You want to be ideally situated for both.”Grow at Your Own PaceMany entrepreneurs and CEOs are absolutely obsessed with growing a company as fast as possible. However, that growth almost always comes with more risk. For Kassar, it is crucial to figure out your own personal tolerance for risk before taking a lot of it on. Otherwise, you might grow a brand but have plenty of sleepless nights and stress-filled days.“I don’t think we talk about this enough, but we all have different risk tolerances. There is no right or wrong. I think you should understand where your risk tolerance is and be okay with it. That could impact the decisions about how big you want to grow your business and how fast and how much risk you want to take on,” said Kassar. “I would much rather see people grow their business at the pace they want to. I always say nothing is more important than a good night’s sleep.”Stay on Top of Your GameTangibles like a product or service often get the most attention from anyone starting a business from scratch. Entrepreneurs usually obsess over the details of whatever they offer, hoping it will connect with consumers. While that obsession is important, Kassar's top advice for anyone starting a business is to stay on top of their finances. Accounting and bookkeeping might be boring, but they are the cornerstones of successful businesses.“Stay on top of it (your finances) and stay healthy. Absolutely invest in good bookkeeping and accounting, and have regular reporting. Stay totally in charge of your game,” said Kassar. “I do think it is important and healthy to check in regularly on your bookkeeping and accounting. Like everything else in life, bookkeeping and ...
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