Are You Making These Big Business Mistakes?
She Means Profit
English - December 21, 2020 05:00 - 19 minutes - 13.9 MB - ★★★★★ - 5 ratingsEntrepreneurship Business entrepreneurship financial business finances money coach money mindset financial freedom financial management money management financial coach Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
“Having money management skills can be — and is — empowering.”
- Melissa Houston
Are you making one of the top five major money mistakes in your business?
It can be easy to make money management missteps, as many entrepreneurs — even the most passionate or seemingly successful — often have not learned the basics of business money management. It’s nothing to be ashamed of and it’s easy to fix.
Even the most skilled and educated professional can feel like a failure if they don’t understand their numbers — after all, knowing how to expertly serve your clients is an entirely different skill set from being able to understand and manage your finances!
We all make mistakes, but they can offer us some of the best opportunities for growth.
While working with my clients, I’ve pinpointed a number of common mistakes made by business owners that can completely drain their profitability... regardless of how many sales they make.
MISTAKE #1: Not Tracking Your Revenue and Expenses
If you aren’t keeping a close eye on these numbers, then you have no idea whether your business is actually profitable. Revenue alone doesn’t tell that story — your revenue minus your expenses equals your profit. When you ignore your numbers, you put your business at risk — you need to identify problems and create solutions.
MISTAKE #2: Allowing Money Leaks
Once you’ve identified all of your expenses, look for the money leaks that are draining your business of cash without providing value or ROI. Plugging money leaks can save you hundreds, thousands, or even more per year.
Want to learn the rest of the five major money mistakes — and how to remedy them? Listen to the episode!
“When you build a confident relationship with money and you feel like you are unstoppable, like you can do anything in your business… now that is a feeling to strive for.”
- Melissa Houston
In this episode, we’ll explore:
Five major money mistakes to avoid in your business The very best time to apply for financing from your bank Three different types of metrics that you should be tracking on a regular basisHighlights:
00:43 We all make mistakes — but it’s okay02:02 We can all be financial badasses04:30 Your business finances are key05:10 Case study: Kate07:24 How do you know if you’re profitable?09:27 Expense management10:38 Never run out of cash!12:07 Stay loan-friendly13:13 Financially-uninformed decisions16:26 Two courses to get you on the road to financial masteryLinks:
The 5-Step Roadmap to Biz Finance Freedom
https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom
Work with me
https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com.