If you're like many entrepreneurs, focusing on your business numbers is not really your thing. You do what you can but ultimately, you're too busy managing the day-to-day aspects of your business and focused on growth.
But surely if you keep working hard and expanding your business, profitability is inevitable?
Right?
This week, Mark discusses the importance of mastering business finances with Melissa Houston, a CPA, and the author of Cash Confident: An Entrepreneur's Guide to Creating a Profitable Business. As the founder of the She Means Profit blog and podcast, Melissa helps established female online entrepreneurs manage their finances with confidence so that they can focus on tasks that drive profits within their businesses.
Melissa is on a mission to tackle the shocking fact that 82% of businesses crash and burn because of poor money management. If you are an entrepreneur who struggles to gain control over your business finances, you'll want to hear Melissa's insights on how to prioritize profit.
Here are some of the topics Mark and Melissa discuss in this episode:
How focusing on your business numbers will help you increase the profit of your business
Why even big businesses can go bankrupt if they don't manage their money correctly
Distinguishing between cash on hand and actual profit is crucial for financial clarity
Three tips for driving profit
Why controlling expenses is as important as generating revenue for maintaining profitability
The importance of knowing your sales target each month
Why it's imperative to know how much you need to break even
The difference between a tax CPA and a growth strategist CPA
Why leaders are the ones who should set targets for their employees to meet
How your money mindset affects your business success
Why female business leaders struggle with their money mindset
The different ways we hold ourselves back from financial success
Why business owners struggle with including their salary in their financial plan
Melissa's #1 tip for selling more
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