Financial Snickens

The Pareto Principle, commonly known as the 80/20 rule, basically implies 80% of results come from 20% of causes. When applied to business, this principle analyzes client and sales data to understand where business owners should invest their time, money, and energy.   In this episode, I delve into the 80/20 rule and how it allows business owners to better define which clients, services, and employ...

For any business to be profitable, services must be priced appropriately. Business owners need to regularly set profit margin goals and adjust pricing accordingly.      In this episode, I break down cost-based and value-based pricing, and tips for competitive prices that keep clients happy and revenue goals on target.   In this episode, you’ll also hear:   Covering costs and profit margin   Advant...

Just like we visit the doctor and dentist for regular check-ups, business owners must routinely review expenses and decide when cuts are necessary. Monitoring the financial health of your business is key to its long-term success.    In this episode, I outline effective ways to decrease expenses, increase efficiency, and preserve customer satisfaction without compromising the value of your goods an...

The success of any business can be linked directly to organized financial reporting. Knowing exactly what profits are coming in, what expenses are going out, where business is coming from, and how to maximize finances is the best way to keep a business growing and ready for the long haul.    In this episode, I cover the benefits of regularly reviewing these 5 financial reports: accounts receivable...

The only way a business survives is with profitability, and to maintain profitability business owners must routinely examine finances with specific indicators to ensure they are on the path to success.         In this episode, I review which financial metrics keep businesses on track, how clear key performance indicators support long-term growth, and why it’s crucial for business owners to consist...

Understanding the financial health of your business is vital to its long-term success and sustainability.     In this episode, I define what financial literacy is, different ways to invest in your financial literacy, and why financial literacy is a superpower for you and your team.   In this episode, you’ll also hear:   Benefits of financial literacy    Resources to increase financial literacy   ...

Some believe you must spend money to make money, but that doesn’t give business owners free reign to rack up debt for business expenses and still expect to turn a profit.    In this episode, I explore the pros and cons of incurring debt and why a strategic approach to debt management aligned with your business goals is key to sustainability.    In this episode, you’ll also hear:   Identifying good...

Just as forecasts for daily weather help us prepare for ever-changing temperatures, financial forecasts allow small business owners to make informed decisions in an ever-changing market.    In this episode, I emphasize how financial forecasting helps predict where your money is going while keeping your company moving in the right direction.    In this episode, you’ll also hear:   Anticipating inco...

In order to maintain a profitable business, small business owners must properly manage their cash with organized systems that provide an accurate outlook on potential gains and losses.   In this episode, I focus on best practices for invoicing, payment term negotiations, and cash flow forecasting to ensure your business is sustainable and thriving with positive cash flow.     In this episode, you’...

The beginning of a new year is the perfect time to get clear on your goals for your business and create a budget that supports the growth you plan to achieve.    This is the first episode of our Financial Reporting mini-series. I hone in on the value of a strategic process aligned with your goals when crafting your business budget.   In this episode, you’ll also hear:   Strategic objectives and in...

Although starting your own business sounds like a surefire way to make money, earning a profit rarely happens overnight. Entrepreneurship requires ceaseless amounts of perseverance, determination, and motivation to keep going.    In this episode, I delve into seven crucial questions to consider before launching your business.    In this episode, you’ll also hear:   Finding motivation as an entrepr...

Being an effective leader means knowing how to motivate a team, but also requires self-reflection and understanding when to make adjustments to create more cohesion.    In this episode, I cover how Colonel Glover Johns’ 13 leadership principles translate to running a successful small business.      In this episode, you’ll also hear:   Value of leadership skills for small business owners     Focusi...

Building a team centered on trust, collaboration, and growth is vital to the success of any business. Both leaders and managers carry equally important responsibilities of ensuring all employees understand the end goal and how to achieve it together.   In this episode, I explain how leaders and managers can use Stephen Covey’s 7 Habits of Highly Effective People to create a stronger culture of gro...

It’s easy to get overwhelmed with all the different forms necessary to run a business. However, knowing which forms you need for specific types of employees is essential to keep all your accounts and tax information organized and updated.    In this episode, I walk through the most common forms required to keep your business on track.    In this episode, you’ll also hear:   Understanding employee...

Businesses are at higher risk of falling victim to cybercrime than ever before. It is crucial to not only train your employees how to spot suspicious emails and avoid clicking spam links, but to know the tools available to develop solid cyber security practices and minimize the risk of attack.    In this episode, I break down why the best line of defense against cybercrimes is proper training for...

Companies can’t reach their goals without hardworking employees. Business owners must recognize and reward employees for their fantastic work and dedication.     In this episode, I share different ways to invest in your employees so they know they are valued and appreciated.    In this episode, you’ll also hear:   Options for profit-sharing, raises, and paid time off    Suggestions for promotions,...

Instead of letting your money languish in your checking account, consider opening a High-Yield Savings Account (HYSA) since interest rates are higher than in years past.    In this episode, I expand upon the many advantages of High-Yield Savings Accounts and why this low-risk investment option is worth pursuing.      In this episode, you’ll also hear:   Flexibility of high-yield savings account  ...

Taking time off work is crucial to creating a work/life balance. However, some business owners need help unplugging and letting the team take the reins.    In this episode, I recap what worked and what didn’t while I was out of the office in Japan for two weeks and what lessons our team learned from my absence.      In this episode, you’ll also hear:   Celebrating the team’s performance while lead...

Whether you’re celebrating a recent achievement or sending holiday wishes, meaningful gestures can help strengthen your relationship with clients. Gifts don’t need to break the bank, but they should be thoughtful and something that will leave a lasting impression.      In this episode, I outline various types of gifts your clients will love and that will make them want to work with you for years t...

If a top performing employee left your business, would it send your team into a frenzy or into a united front? At some point every business owner experiences losing a key team member, but it doesn’t have to create panic.    In this episode, I explore the impact of employee departures, why it’s crucial to foster a strong team and culture, and how empowered teams step up when it matters most.   In t...

Ever consider hosting a podcast? Podcasts continue to gain popularity and bring in new listeners daily, which can translate to new customers for savvy business owners.   In this episode, I dive into the many reasons small business owners should start a podcast, how podcasts attract an audience you might not otherwise reach, and how podcasts are content gold mines.       In this episode, you’ll als...

Spooky times are best for Halloween, not your financial journey! Learning to navigate different accounting terms can help fortify your financial future and avoid frightful surprises along the way.   In this episode, I demystify common financial jargon so you can know how to make the numbers work for you!        In this episode, you’ll also hear:   Understanding EBITDA    Calculating take home and...

Don’t wait until April to prepare your taxes! If you do, chances are you’re not getting all the tax breaks you deserve or saving as much money as if you planned in advance.  In this episode, I outline why it’s beneficial to plan for tax season months before Tax Day and different approaches to tax planning for your business.      In this episode, you’ll also hear: How tax planning can reduce your t...

Having your financial records in order is crucial to keeping your business on track for success.  In this episode, I focus on tips for cleaning up your QuickBooks Online and ensuring your account is free of errors and duplicate transactions.     In this episode, you’ll also hear: Cleaning up your QuickBooks Online  Deleting vs. Voiding records  Benefits of reconciling your account   Must-listen mo...

Taking a vacation can create unnecessary stress if you don’t prepare your team to properly plan for your absence.  In this episode, I offer helpful ways to ensure your business runs smoothly when you are out of the office.  In this episode, you’ll also hear: Empowering your team to handle your absence  Planning for the worst-case scenario Allowing yourself to enjoy your time off Must-listen moment...