The Importance of Knowing Your Numbers, with Leandra Nisbet
Leandra Nisbet is the founder of The Stingray Advisory Group. Her focus is on making complex business tasks approachable and actionable for entrepreneurs. She's passionate about empowering business owners to leverage their numbers effectively.
We dove into some of the biggest mistakes that entrepreneurs make in their online business, as it relates to finances.
First Mistake: Not Separating Personal and Business Finances:
- Many entrepreneurs overlook the importance of separating personal and business finances. Having a dedicated business account streamlines financial tracking and saves time and stress in the long run.
Second Mistake: Trying to Serve Everyone:
- You must niche down and be intentional with your target audience. Trying to serve everyone dilutes your brand and marketing efforts. Focus on engaging with the right audience for your business.
Third Mistake: Lack of Systems and Processes:
- Not having systems in place can hinder business growth. Establish processes for project management, expense tracking, and income management to ensure efficiency and scalability.
Project Management Tools:
- We discussed project management tools like Zoho Projects and Asana, emphasizing the importance of centralized platforms for effective project management.
Cash Flow Management:
- Cash flow is essential for business survival. Regularly track income and expenses, analyze historical data, and forecast future cash flow to make informed financial decisions.
Three Steps to Start Tracking Numbers:
- Begin by reviewing expenses: Analyse your bank statements to understand where your money is going.
- Implement systems for income management: Set up automated invoice reminders to ensure timely payments.
- Develop a budget: Start with a simple budget template or use accounting software to track income and expenses regularly.
Expense Planning Calculator:
- Remember: Knowledge is power. Don't be afraid to use data to your advantage and take control of your business!
Get The Calculator: https://go.stingrayadvisorygroup.com/1v5ud3lh
