147 Financial Intelligence: An Intentional Approach to Your Numbers

#147 An Intentional Approach to Your Numbers

It is a common misconception that numbers are out of a business owner’s control. This pervasive thinking is not only untrue but also lends itself to a passive financial approach. Jeni and Sandy want you, as the powerful entrepreneurs you are, to take charge and be intentional about your numbers.

During this episode, they debunk this passivity myth and discuss why it is so important to realize that you have financial agency as well as what you can do once you make this pivotal mindset shift. They also move past the conventional understanding of profit and offer an alternative lens. Profit should be the ultimate goal of every business endeavor, so changing current thinking unlocks unlimited potential. They have used this model to great success in their own businesses and they share these stories today. Ultimately, in shifting thinking about profit and numbers, you change your approach to business entirely.

 

Key Points From This Episode:

•   Why moving from financial passivity to realizing you have agency can fear-inducing.
•   Learn why it is not a good idea to start a business with the ultimate goal of getting a salary.
•   Profit and financial freedom should be the motivators of any business.
•   Women carry their experience as employees over into their roles as business owners.
•   The long game: why it is crucial to have an overarching vision to drive business decisions.
•   Unpacking the conventional understanding of profit and an alternative suggestion.
•   By adopting a ‘profit-first’ mentality, you gain clarity on the tools you need to get you there.
•   Learn how Jeni used a profit-first approach in her family business and how it succeeded.
•   Discover how Jeni and Sandy handled their salaries with Namastream.
•   A look at the suggested percentages of salaries, taxes, and revenue from Profit First.
•   Find out why the snowball effect gives you the psychological momentum to keep going.

 

Words of Wisdom:

“When you hold agency for your outcomes, you’re responsible both for your successes as well as for your failures.”

 

“We are not the victim of our businesses.” 

 

Links Mentioned in Today’s Episode:

Bench — https://soulfulmbapodcast.com/bench

Namastream — https://namastream.com/

 

Joy: Hilma af Klint at the Guggenheim — https://www.youtube.com/watch?v=CHdud9km7bQ

Hilma af Klint: Paintings for the Future — https://amzn.to/2MPHz02

Hustle: Profit First — https://amzn.to/37uV1hV