Think Like A CFO Podcast

Are You Making These Big Business Mistakes?

December 21, 2020 Melissa Houston Episode 14
Think Like A CFO Podcast
Are You Making These Big Business Mistakes?
Chapters
Think Like A CFO Podcast
Are You Making These Big Business Mistakes?
Dec 21, 2020 Episode 14
Melissa Houston

“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 basis

Highlights:

  • 00:43  We all make mistakes — but it’s okay
  • 02:02  We can all be financial badasses
  • 04:30  Your business finances are key
  • 05:10  Case study: Kate
  • 07:24  How do you know if you’re profitable?
  • 09:27  Expense management
  • 10:38  Never run out of cash!
  • 12:07  Stay loan-friendly
  • 13:13  Financially-uninformed decisions
  • 16:26  Two courses to get you on the road to financial mastery

Links:

The 4-Step Roadmap to Biz Finance Freedom

https://melissahoustoncpa.lpages.co/4-step-biz-finance-roadmap

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.

Show Notes

“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 basis

Highlights:

  • 00:43  We all make mistakes — but it’s okay
  • 02:02  We can all be financial badasses
  • 04:30  Your business finances are key
  • 05:10  Case study: Kate
  • 07:24  How do you know if you’re profitable?
  • 09:27  Expense management
  • 10:38  Never run out of cash!
  • 12:07  Stay loan-friendly
  • 13:13  Financially-uninformed decisions
  • 16:26  Two courses to get you on the road to financial mastery

Links:

The 4-Step Roadmap to Biz Finance Freedom

https://melissahoustoncpa.lpages.co/4-step-biz-finance-roadmap

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.