Million Dollar Mistakes #4

Where the money is concerned, it's gotta be you. You've got to know your numbers. This is one of the biggest things we remind entrepreneurs to remember if they want to get unstuck at 6-figures and not risk their company falling to the ground. 

My sister and friend Michelle Cooper, a powerhouse entrepreneur and the CEO of Alchemy Accounting and Bookkeeping, joins me in this episode to shed light on the lessons, myths, and mistakes she has seen in others and made in her journey to building a 7-figure business. 

Tune in to another powerful #MillionaireConversations we've had over at the Raise Your Game podcast.

Key points discussed in this episode: 

 ✔️Entrepreneurs put so much energy and focus on their business that they've often neglected their personal finances. Michelle comes to the rescue of those afraid to look at their numbers and helps eliminate financial chaos. If you have worries of maybe a tax lien or the stress of the IRS because proper accounting or bookkeeping isn't done, that energetically prevents you from being able to create more of what you desire for your business. If you want to get to the million-dollar business — sort your money.

 ✔️That money doesn't belong to you. When a client pays you $10,000, it's not yours to go on vacation with your clients, team, or family. You are running a company. When money comes to the company, it belongs to the company. Determine what the company pays you to run it, and prioritize meeting obligations before making any financial decisions. Otherwise, you will be stressed about running out of cash and capital.

✔️Banks would rather loan you money when you don't need it. Setting yourself up for credit lines is a game changer. Get more rather than waiting until you need it because no one may approve at short notice. 

✔️Focus on three areas concerning financial decisions when you want to grow. 1) Lead generation: Do you have enough leads coming in, or is that where you need to focus on bringing the cash flow? 2) Conversion mechanism: How are you converting people, and at what level? If 100 people showed up in the room, how many buying units are actually there? 3) Offer fulfillment: Can you fulfill the offer you've put out into the world? These three need to be looked at your business level.  

✔️The difference between abdicating and delegating. As you grow, you're going to need to delegate. However, you can't just surrender monitoring your finances to your accountant or bookkeeper. You can step back but remain very involved in the financial part of your business. 

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Loved this episode? Know that it's your time. Listen, love, when you stop playing small and show up fully, your business and income will naturally grow as you do too. 

Discover how to achieve the next Level of Authority and remove any blocks sabotaging your sales. http://shamecatankerson.com/