333: Financial Tools Every Business Owner Needs Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
- Financial Adventure, LLC
- Sep 3
- 9 min read
333: Financial Tools Every Business Owner Needs Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Have you ever wondered why some businesses thrive while others barely survive? Well, it often comes down to one fundamental quality…financial literacy. Understanding your business finances is one of the most critical aspects when running your own business, and overall leads to your growth and prosperity. In today’s podcast episode, I’m diving into a topic that’s absolutely a cornerstone for every business out there. Taking the time to understand and build your financial literacy as well as the financial foundations for your business is crucial for your success, and it doesn’t matter if you’re just starting your entrepreneurial journey or you’ve had your business for a while. It’s all about laying the groundwork and moving forward with your financial understanding. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, having an understanding of the tools and the financial knowledge will help you take control of your business’s financial destiny…
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Show Notes:
Have you ever wondered why some businesses thrive while others barely survive? Well, it often comes down to one fundamental quality…financial literacy. Understanding your business finances is one of the most critical aspects when running your own business and overall leads to your growth and prosperity. In today’s podcast episode, I’m diving into a topic that’s absolutely a cornerstone for every business out there. Taking the time to understand and build your financial literacy as well as the financial foundations for your business is crucial for your success, and it doesn’t matter if you’re just starting your entrepreneurial journey or you’ve had your business for a while. It’s all about laying the groundwork and moving forward with your financial understanding. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, having an understanding of the tools and the financial knowledge will help you take control of your business’s financial destiny…
Welcome Back…Today I want to start off with a quick story. Picture this; you’re the owner of a cozy little café. You’ve got the best coffee in town, loyal customers, and a passionate team, but you’re struggling because the numbers aren’t adding up. You’re not sure where your hard-earned money is going, and that dream of expanding to a second location seems like it will never happen. But what if I told you that with the right financial knowledge and a few practical strategies, you could turn things around? What if you could transform your café into a thriving chain, all by understanding and mastering your finances?
Today I want to talk about some of the tools and knowledge you need to take control of your business finances. Financial literacy is the ability to understand and effectively use various financial skills, whether in your business or your personal life. These skills include personal financial management, budgeting, and investing. You can increase your financial literacy with books, courses, and of course, by listening to this Mastering Your Small Business Finances, so you are in the right place.
If you’re an accountant or high-stress professional, you want to start enjoying your life more, both at work and at home. You’ve likely built a successful career, but at what cost? The problem is you’re so buried in deadlines and to-do lists, there’s no time or energy left for the things that really matter. You’re great at managing clients, deadlines, and numbers, but your own stress, time, and well-being, well, they always seem to come last. The constant pressure leads to burnout, guilt, and feeling like no matter how much you do, it’s never enough. I see this all the time. As a CPA with over 20 years of experience and a Certified Coach, I’ve helped high-achieving professionals like you go from stress and burnout to a more integrated and balanced lifestyle using The RE*INVENTION™ Process. This process helps you reduce stress, reclaim your time, and finally build a healthier, happier, more balanced lifestyle without sacrificing your success. The truth is, stress doesn’t go away on its own, and eventually, the cost isn’t just exhaustion; it’s your health, your relationships, and your love for the work you once enjoyed. If you’re ready to build a life you don’t need a vacation from, it’s easy to get started. First, schedule your Complimentary Stress Audit & Clarity Session, where in just one session, I’ll help you pinpoint what’s really draining your time and energy, create a personalized action plan to help you simplify your life, reclaim your time, and increase your productivity so that you start living with more energy, focus, and freedom. You don’t have to keep doing this alone. I can help you customize a plan to stop the overwhelm and start enjoying your life again. Go to www.FinancialAdventure.com, click on the Work With Me button, and book your free session today. Let this be the moment you stop just surviving and start living with more control and finally enjoy a more integrated and balanced lifestyle again. In the meantime, check out all the other resources and solutions on my website that you can immediately apply to your life so you can stop being stressed out and feeling like you're never doing enough, and instead breathe a sigh of relief at the end of the day, knowing you've accomplished enough and can enjoy your life more.
Let’s start today’s conversation with budgeting. I know many of my listeners don’t like to think about budgeting for their business, but it is an important place to start with your business and even your personal finances. When you are creating your budget, you are taking into consideration your budgeted revenues as well as the expenses you foresee with your business. Let’s take the example I mentioned earlier with the local café. If they were setting up a budget, they would be able to budget what they thought they would be bringing in for their revenues, and they would also be able to budget for their expenses. When they do this, they would know exactly where they are overspending and if they are not meeting the financial goals they set for themselves. Make sure that when you are setting up a budget for your business that, you set it up so that your business allows enough cash flow to achieve the goals and intentions you have for your business. Once you have this budget in place, you can start to do some financial forecasting to see what your plan for growth will enable your business to do.
Having organized financial systems will be another area you want to focus on in your business. I’ve mentioned many times on this podcast that I highly recommend Quickbooks Desktop and QuickBooks Online to help you automate the bookkeeping for your business. Not only does it streamline your finances, but you are able to enter your transactions one time, and you can pull up information about that transaction in a variety of different reports, which enables you to understand your finances even more. I understand that not all business owners are ready for a computerized bookkeeping system, which is fine. Just make sure that when it comes to your bookkeeping, you have a solution that works for you and that you are able to stay up to date with all of your bookkeeping, and that you have a system in place so that you can find transactions easily if you ever need to for an audit or other circumstance that would require you to have proof of your income or expenses. If you find that you are constantly searching for paperwork or certain information for your finances, take some time to get organized. I know it may seem like you are spending additional time on something that you already don’t have time for in your business, but over time, you’ll surely thank yourself for getting organized and relieving some of the stress that business owners have when they are unorganized, or when their bookkeeping gets behind.
I also want to touch on a few of the common pitfalls that business owners can face. One is overspending. It can be easy to overspend in your business, but if you are following a budget, you’ll quickly see where your overspending is happening, and you’ll be able to put a stop to it before it becomes an even bigger problem. Another pitfall I see business owners experience is neglecting taxes. This often happens when their bookkeeping is behind and they are not ready to file their taxes. They then file an extension, but they still don’t follow through, and a few years may pass before they have their tax returns prepared. To save yourself a lot of stress and anxiety, make sure you have a system in place so that your bookkeeping is up to date and you can follow through with all of your tax obligations by the due dates. Having a plan in place for this alone will not only save you penalties and interest, but you’ll also find that you are able to make better business decisions without all of the stress and anxiety you had when you knew you were behind on your taxes. If you feel that you are unable to stay up to date with your bookkeeping, it may be time for you to find a bookkeeper who can help you. Just imagine how much better your decision-making would be in your business when you are able to see exactly how your business is doing on a month-to-month basis, and you are able to comply with the requirements of your business.
Take a minute and think about the financial foundations you have with your business. Think about this for your personal life as well. What is the first thing that is coming up for you? This may be the best place for you to start to ensure that you are building a solid financial foundation for your business. If you are unsure about what you could do next, I’d like to ask if you have created a budget for your business or your personal finances. If not, this could be the place you want to start. There are many options for you to increase your financial literacy and understand more about what your financial statements tell you about your business. If you feel like you need additional help with the financial foundations in either your business or your personal life so that you can relieve the stress, anxiety, or overwhelm you are currently feeling; I’m here to help.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you want accountability or support, visit www.FinancialAdventure.com. You’ll find links to join our private Facebook community, connect with me on LinkedIn, and discover more free resources to help you reduce stress, boost productivity, and build a business and life you truly enjoy. I’ll see you there.
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