Financial stress doesn't announce itself loudly---it sneaks in, builds up, and can bring even thriving businesses to their knees. Up to 82% of business failures are rooted in poor financial management. Could your business be making critical mistakes that jeopardize its future?
On this episode, learn how to spot red flags, tackle cash flow challenges, and implement systems to build a resilient business. I’ll give some actionable strategies, and a step-by-step survival plan to help you avoid common pitfalls like pricing mistakes, poor cash flow oversight, and underprepared growth planning.
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Timestamps
- 0:00 - Introduction: The struggle of small business finances and today's toolkit
- 0:45 - Why this episode matters: 82% of failures come from poor financial management
- 2:18 - The 7 biggest financial mistakes businesses make
- 4:12 - Mistake #1: Poor cash flow management (timing mismatches and seasonal challenges)
- 6:34 - Mistake #2: Lack of financial systems and tools for tracking expenses
- 8:16 - Mistake #3: Pricing problems, from underpricing to ignoring overheads
- 11:09 - Mistake #4: Insufficient financial planning during growth phases
- 14:00 - Red flags your business is in financial trouble (declining margins, overdue receivables)
- 17:36 - Case study: Helping a client double profitability through strategic changes
- 20:48 - Building your financial survival toolkit: Tools, systems, and cash flow planning
- 24:15 - The importance of an emergency fund and disciplined reserves
- 28:03 - Growth planning: How to prepare for sustainable scaling
- 31:15 - Fiona's closing advice: Take control and stay proactive to thrive in business
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