This week is the start of a four-part series: "Elevating Your Enterprise: Advanced Strategies for Women in Online Business."
In Part 1, we delve into finance and making your business finances work for you. It’s not just about crunching numbers; it's a journey into harnessing the power of your finances to turn your entrepreneurial dreams into impactful realities.
We’ll guide you through the financial stepping stones that lay the foundation for a resilient and flourishing business.
We give you the keys to financial fitness, paving the path to elevate your enterprise and how technology can transform your financial management. Plus, discuss the importance of learning more about managing your money and the necessity of regular 'financial health check-ups'.
Next, financial independence! We delve into the three sturdy pillars that uphold it - a safety net, savvy investing, and strategic decisions - and how to strike the right balance among these elements plus explain why regular revisions of your financial strategy are paramount.
Finally, we'll turn the tables towards long-term business success. We'll discuss the payoffs of making astute financial decisions, and how understanding your investments, exuding patience, and taking command of your business finances are indispensable for sustainable growth.
By the end of this episode, the idea of financial management will shift from a daunting task to an exciting and empowering aspect of your business.
So, whether you're fine-tuning your financial plan or just starting to understand the fiscal landscape of your business, this episode is the perfect companion to help you navigate with wisdom, purpose, and a touch of entrepreneurial flair.
I'd love to know what you enjoyed about today's episode! Leave a comment below or DM me on Instagram @16thavecreative
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Samantha Bell (00:00):
Hi everyone.
It is so lovely to be with youagain on the podcast Now.
What is something that's alwayson the tip of your tongue when
you think about your business?
Money.
Right! Today, I'm starting afour-part series called
Elevating your EnterpriseAdvanced Strategies for Women in
Online Business, and in thisepisode, which is part one,
(00:23):
we're chatting about a topicclose to the hearts of every
businesswoman (00:27):
Money, money, money.
Welcome to the BrilliantBusiness, Beautiful Life podcast
, where we share simple,actionable strategies, plus the
mindset and wellness practicesyou need to build the business
and life you love.
Head to 16thavecreative.
com/playbook and download yourfree guide to design the
(00:49):
business and life you deservetoday.
I'm your host, Samantha Bell,and this is the Brilliant
Business, Beautiful Life podcast.
Are you ready for the businessand life of your dreams?
Let's get started Now, as weare women, forging our own paths
in our businesses.
Understanding our finances isnot just about crunching numbers
(01:13):
.
It is about embracing the powerthat we have to shape our
future using those numbers.
It's about the dreams that wenurture, the goals that we set
and the financial strategiesthat turn our dreams into our
reality.
So join me today as, together,we explore the financial
(01:36):
stepping stones that will leadyou to not just run a business,
but to create a life thatresonates with your deepest
aspirations.
Every number tells a story andevery financial decision is a
step towards your beautiful,thriving business future.
So it all starts withunderstanding financial fitness.
(02:01):
Financial fitness in businessis just like keeping your body
healthy it's all about makingsure your business's financial
health is in top shape, and toachieve this, we can turn to
some really creative and modernmethods, and the first is
embracing Fintech.
(02:21):
Fintech, if you're not sure whatthat is, is simply a short term
for financial technology.
So all it means is usingsoftware and technology to
improve and automate yourfinances.
So think of it like having a VAfor your business, but for your
money.
It simplifies your banking, itcan help you automatically save
(02:44):
money.
It can make looking after yourfinances so much easier and more
efficient, which is really goodbusiness sense, isn't it?
So what this means is simplyusing apps like Zero or
QuickBooks to manage yourbusiness finances, and it takes
away all the guesswork.
You know, when you keep thingsin your head, or you're just
(03:08):
using a spreadsheet, or you'rekeeping a box full of receipts,
you never truly know exactlywhere you are in your business,
whether you're making a profit,whether you've overspent on
things or what your actualfinancial situation looks like,
and that's not good.
Using these tools gives youaccess to look at your exact
(03:33):
finances at the flick of aswitch.
So simply by clicking into theapp or logging in online to your
Zero or QuickBooks, you can seeexactly where you are in your
business, whether you're meetingyour goals, whether you're not,
whether you need to improve.
So it's really important to dothis.
Take away all the guesswork,keep everything in one place,
(03:57):
and that means you can easilykeep on top of your money, your
expenses and your profit marginwithout any hassle, without any
guesswork.
And the apps these days are soamazing.
They even store photos of allof your receipts and
automatically upload them intoyour accounting software, which
(04:20):
makes it so super, super easy tokeep track of everything.
So that is number one usingtechnology to make your finances
as easy as you can.
Another way of using technologyis digital wallets Digital
wallets and they just simplifythings yet again.
So digital wallets are simplythings like Apple Pay or Google
(04:43):
Pay or PayPal.
They make your transactionsreally quick, easy and secure,
which is super helpful for bothyou and your clients.
So two really simple ways ofusing technology to help you in
your business If apps aren'tyour thing.
Not everyone loves technology.
I'm a bit obsessed withtechnology and use it wherever
(05:05):
possible, but not everyone likesthat.
A simple way of managing yourfinances it's more manual is
just by using a spreadsheet.
Jump into Excel, jump intoGoogle Sheets and you can create
a spreadsheet that is reallyeffective.
You just got to keep on top ofit and keep track of all your
(05:27):
expenses, all your income andwhere everything goes.
Some of these even come withtemplates that they can really
do all that complex math for you, so it makes it really easy to
see where your money is going,and that can help you make
really smart financial decisionsin the future.
So you can see it at a glanceif you're over subscribing to
(05:50):
subscriptions, if you'respending too much in a
particular area, if you're notspending enough in another area.
Marketing is one area peopleoften underspend and it's one of
the areas that you shouldprobably focus on spending money
if you want to grow and getmore clients.
So keeping track of thesethings using a spreadsheet or
(06:13):
using the apps is really superhelpful for keeping track of
where you're at in your business.
Also important is to learn, toeducate yourself.
I'm often talking about theimportance of continuous
learning, and sometimes the besttool in your finances is
(06:34):
knowledge.
Investing time to learn aboutfinancial management can really
pay off big time in yourbusiness.
All that means is reading up onthings, going to some workshops
, following a financialmanagement podcast, talk to your
accountant, anything where youcan get some more information.
Reading books, keeping on topof things, googling if you're
(06:56):
not sure.
Google is a wealth ofinformation, as we all know.
So you keep learning about yourfinances.
And if something pops up onyour P&L that you don't
understand, talk to youraccountant.
Google it.
Talk to your bookkeeper, findout what it means, because the
more informed you are, the moreknowledge you have about your
money, the better equipped youare to manage it and to make it
(07:20):
work for you.
Just like our health keeping ontop of your financial health you
need to do regular checkups,just like a physical checkup of
your body.
All that means is reviewingyour finances regularly.
It means not just looking atwhat you earn and spend, but
understanding how your businessis growing financially and what
(07:43):
you can do to keep on the righttrack.
So you wanna make sure yourbusiness finances are as healthy
as possible.
I like to keep on top of myfinances, if not weekly, because
sometimes the weeks run intoeach other fortnightly or every
two weeks, so every two weeks orevery week.
(08:05):
Enter those receipts into yourspreadsheet or into QuickBooks
or Zero.
Keep them up to date so thatyou always know exactly where
you're at.
Sync your bank accounts tothose apps so that they're
constantly updated, and then itmakes it really easy and quick
so you might only have to spendhalf an hour a week and you're
(08:27):
up to date and you know exactlywhere you're at.
And also keep on top of yourinvoices so know what has been
paid, know what's outstandingand keep a track of serial late
payers and your serial on-timepayers.
Reward the clients that pay ontime.
(08:48):
They're keeping your businessgoing by paying you on time and
you're not having to spend extratime in following up
outstanding invoices, whereasthe clients that are
continuously late are wastingyour time.
It's taking time away from youdoing your core business.
Just like we get really busy inour businesses, your clients
get busy in theirs as well.
(09:08):
So they may not mean to not payan invoice.
It could just have slippedtheir mind.
They may not have set up anauto payment yet.
Get your VA to follow thosethings up for you, because
that's freeing up your time,it's making the most of your
time so you can focus on moneygenerating activities in your
business and, where possible,also have an auto pay facility
(09:34):
on your invoices that yourclients can opt into, and that
means it's saving you time andit's saving them time and you
get paid on time, which is gonnahelp your cash flow and your
bottom line.
So it's really important.
This is all part of reviewingyour financial health and
keeping things as slick aspossible.
(09:55):
By doing these few littlethings, using technology,
keeping on top of things, youcan really make managing your
business's finances less of aproblem, more effective, and
you're also, importantly,setting the stage for your
business to grow and thrive,because you can't grow and
thrive if you haven't got all ofthis sorted out and you don't
(10:18):
have a nice, clear framework inplace and some processes to keep
things running smoothly withoutyou having to get your fingers
in the pie all of the time.
Now, another thing to thinkabout in your journey towards
financial independence in yourbusiness is there are three key
pillars that every entrepreneurshould be aware of and think of
(10:40):
these pillars as the foundationof a house.
They're each equally importantand make sure your structure
stands strong.
The first is savings.
Your first pillar is savings.
It is the emergency fund foryour business.
It's the money you set asidefor a rainy day because, as you
(11:01):
know, there's always going to beunexpected expenses, there's
going to be late payments fromclients, there's going to be
clients who drop off, so you'vegot less of an income for a
particular month or two.
So you want to have a bit of asavings cushion to help you
weather those storms, to helpyou get through those times, so
(11:24):
that it's not impacting yourbusiness in any way.
It's about building that bufferto give you peace of mind and
stability to weather thosestorms, so that you're not like
the little boat bobbing aroundon the water and getting swamped
with the big waves.
You can stay more even keel.
Those little ups and downs arenot going to affect you.
(11:46):
You're going to be confident inyour business.
You know you've got a stash ofcash behind you to keep the
wheels running smoothly.
The second pillar is insurance.
If you're in business, this isa non-negotiable.
You need insurance.
It is of your safety net.
(12:08):
Just like health insuranceprotects you from unexpected
medical expenses, businessinsurance protects your business
from a whole variety of risksAnything from liability claims
to property damage tointellectual property, ip issues
(12:29):
so many areas that you needinsurance for in your business
and the online world is so verydifferent to the brick and
mortar world, so your insuranceneeds are going to be very
specific to the type of onlinebusiness that you have and the
(12:49):
type of advice you give people,the type of data that you store
and the way you use data, howyou manage payments and look
after those.
You want to make sure you'vegot the right insurance in place
, and this means that whenthings go wrong because at one
(13:10):
point something will it meansthat you won't be left facing a
huge financial loss because youdon't have the insurance to
cover you.
Some insurance claims againstyou could be hundreds of
thousands of dollars or more,depending on what the problem is
(13:30):
.
So you want to make sure thatyou've just got this safety net
behind you to make sure that youcan sleep easy at night.
Now the third pillar isinvestments, and a lot of
business owners don't thinkabout this.
They're very busy building thebusiness, doing the work, making
(13:50):
sure that they've got a littlefinancial buffer, getting their
business out there, focusing onthe marketing and the sales, but
they don't think aboutinvesting.
Now, investing is superimportant because it makes your
money work for you.
You might have a big stash ofcash behind you, which is
amazing, but if it's justsitting in a low interest
(14:13):
savings account, it's not doinganything for you.
You want to grow that money.
You want to make it work foryou.
So for a business, this couldmean various things.
You need to invest intechnology.
You need to invest in expandingyour product line and
(14:33):
diversifying your actualinvestments that are going to
bring you back money Things likereal estate, the stock market,
things that can make yourinvestment portfolio more broad
and give you some solid assetsthat are going to future-proof
your life as well as yourbusiness.
(14:56):
The key here is to makestrategic decisions about what
you invest in that are going togive you really good returns in
the long term and help grow yourbusiness, so that you can stay
competitive but also build aninvestment outside of your
business that is going tocontinue to work for you even if
(15:19):
you sell the business or closeit down or move on to something
else, so that not everything istied up to the business.
Investing outside of thebusiness is really really smart
to give you strong financialhealth and future-proof your
future.
Balancing these three pillars isreally important too.
(15:41):
If you focus too much on onearea and neglect the others, it
leads to an unstable financialfoundation.
For example, if you overinvestwithout having sufficient
savings, that can be risky.
If you have too much in savings, it might mean that you're
(16:03):
missing out on growthopportunities.
It's all about finding theright balance for your business.
So you want to have a nice mixof where you put your money.
So you need to have, like Isaid, that savings account for
the rainy day.
You want to have your insurancepolicy for the other type of
(16:25):
rainy day.
You also want to have yourinvestments, and they need to be
spread across a variety ofthings.
The investments need to be inyour business and outside of
your business to give you thatnice broad, solid footing so
that your business can grow andbe financially viable long term.
(16:47):
Now, just like a building needsmaintenance, your financial
strategy also needs to bereviewed and adjusted regularly,
maybe every quarter.
That makes sense in alignmentwith the financial quarters of
the year because marketconditions change, your business
evolves and what was workingfor you three months ago might
(17:10):
not work for you now.
What you were doing yesterdayor even last week may not work
tomorrow.
So regularly reviewing youroverall financial structure,
those savings, the insurance,your investments, your expenses,
your income, everything Keepingon top of these means that you
(17:30):
can jump on an issue, readjustand recalibrate and make
whatever adjustments necessarythat you need to to keep as
strong as possible in yourbusiness.
And, lastly, seekingprofessional advice is a really
great idea.
Financial planning is reallycomplicated, so it's important
(17:54):
to get some good help.
There's no shame in gettinghelp from experts.
A financial advisor or youraccountant can give you some
really good personalised advicethat is specific to your
situation and to your uniquebusiness, and it can help you
make the most of those threepillars I spoke about.
(18:16):
So, by understanding andeffectively managing these three
pillars of financialindependence, you can build a
very strong financial foundationfor your business that's going
to support growth and withstandthe challenges of your
entrepreneurial journey.
To make sure you're safe, tomake sure you keep growing, to
(18:39):
make sure you've got money foreverything you need and,
importantly, that it's growingand working for you.
Now, a simple way to get smartwith your finances is to read.
Navigating the financiallandscape of business and feel a
little bit like you're tryingto learn a new language.
It's all foreign, you've got noidea what anyone is saying, and
(19:02):
it can be a little bitconfusing.
And that's what reading booksdesigned for business owners and
entrepreneurs in simplelanguage can have a huge impact
in the way you not only viewyour finances but how you manage
them.
It'll give you a really goodgrasp of all the concepts and
some great ideas that are simpleto implement in your business
(19:27):
that are going to make a hugeimpact to your bottom line and
to you long term.
Now I've made a list of somefinancial management books that
I think are amazing, and theyreally break down complex
concepts into bite sized,understandable pieces.
I'm starting with my absolutefavorite.
(19:48):
It is the one I talk about allthe time and the one I base my
own business finances on, andthat is Profit First: Transform
Your Business from a Cash-EatingMonster to a Money-Making
Machine.
It's by Mike Michalowicz, andthis book turns traditional
accounting on its head.
(20:10):
It really is a game changer inyour business, and there are
even profit first accountantsaround that you can hook up with
.
They can help you set yourbusiness up to run on the profit
first framework.
Traditional accountingcalculates profit as what is
left over after your expenses.
(20:32):
Profit first flips that on itshead.
So it is the theory that youneed to prioritize profit and
pay yourself first.
Simple, right.
It's the method that encouragesyou to think about your
finances differently, and itreally does work.
(20:53):
It's a very simple strategy,it's very easy to implement and,
my goodness, it makes the mosthigh impact on your business
finances.
Of any other theology that I'vetried in my business.
I just love it.
So get your hands on ProfitFirst by Mike McCallowits.
(21:14):
It will change your life.
Another great book is thePsychology of Money Timeless
lessons on wealth, greed andhappiness, and it's by Morgan
Housel, which explores the linkbetween how we think and how we
feel about money and how thatimpacts our wealth, and that's
really helpful to read.
(21:35):
Next on my list is theIntelligent Investor by Benjamin
Graham.
Some people call it the Bibleof investing.
It gives timeless wisdom on thevalue of investing and it's a
strategy that focuses onlong-term, sustainable
investments instead of aimingfor quick wins, and it's really
(21:59):
good for entrepreneurs who wantto build a lasting business
empire that has a very solidfinancial foundation.
Another one is how FinanceWorks the HBR guide to thinking
smart about the numbers, andit's by I don't know how you
pronounce this Miher Desai, andit is for people who don't like
(22:24):
numbers People like me who findnumbers intimidating.
It really makes complexconcepts simple.
It helps you understand whatall the numbers mean for your
business's health and yourgrowth, so it's a good one to
read.
Another great book is thePersonal MBA Master the Art of
(22:46):
Business, by Josh Kaufman.
Now, imagine if you could getan MBA's worth of knowledge
without going to the classroom.
That's what this book is allabout.
It's a crash course in businessand finance.
Talks about things from cashflow to the value of your
(23:06):
products or services.
Another great book to read iscalled the Alchemy of Finance by
George Soros.
Reading this book is likehaving a copy with one of the
world's most successfulinvestors and picking his brain.
He shares his unique approachto the market and gives insights
(23:30):
that challenge traditionaltheories and gives a framework
to help you with decision makingaround your finances.
Another book is the Valuation,measuring and Managing the Value
of Companies, and this book isby McKinsey Co, and it helps you
navigate economics.
(23:52):
It explains why some ways workmore quickly than others and
what you should avoid.
It's really a good guide forjust helping you understand the
worth of a company, making smartinvestments and getting the
best returns for your money.
(24:12):
Each of these books gives youreally valuable insights and
really practical advice formanaging your business finances,
and what they'll do is help youto feel more confident making
financial decisions, becauseyou'll understand things more
and you'll know how to lookafter yourself and your business
more, which will lead togreater success and long-term
(24:36):
sustainability of your business,which is the goal, isn't it?
The last thing I'm talking aboutis a person who is well-known
for his wisdom around investing.
He's been around forever.
I don't think anyone has notheard of him.
We can learn so much from him.
His name is Warren Buffet.
(24:57):
Now, when talking about smartinvesting, his name has stood
the test of time.
He embodies a philosophy ofexercising patience, of
understanding value and goingafter long-term growth that any
business, regardless of its size, can benefit from.
(25:19):
What he talks about isn't justrestricted to the trading floor
the stock market, which he'swell-known for.
It applies to fundamentalbusiness decisions that can
affect your business's financialfuture.
So it would be wise for us totake some of Warren Buffet's
wisdom to help us create andcultivate a thriving and
(25:43):
financially sound business.
Talking about Warren Buffet andhis wisdom is sort of like, if I
can use the genealogy of agardener A really wonderful
gardener, who has thismagnificent garden full of the
most lush trees and flowers, andit smells amazing, it looks
(26:05):
amazing and it looks fantasticin any season.
It doesn't matter the season.
It's always flourishing becausethat gardener knows exactly
what he's doing.
Now, when that gardener goes tothe nursery, the plant nursery,
and he wants to buy some seeds,he doesn't just pick up the
first packet of seeds that hesees, does he?
(26:29):
They carefully select specificseeds that are fit for purpose,
that will grow steadily overtime in the environment.
They intend to plant them forthe purpose they're planting
them and they will make surethat they purchase high quality
(26:49):
seeds, not the seeds that arejust full of dust and won't
germinate properly.
He's going to choose seeds thatare going to perform.
So that is basically whatWarren Buffet does.
He looks at long term growthover quick wins.
(27:10):
That gardener could get a cheappacket of seeds, throw it in
the dirt and then watch theselittle seedlings come up and
think, wow, yes, got my garden.
But in a week, two weeks, threeweeks, those seeds are most
likely going to be dead.
They won't have achieved whatthe gardener wanted because they
weren't right, they weren't fitfor purpose and he didn't
(27:33):
select them carefully.
So that's my little gardener'sanalogy in relation to Warren
Buffet.
So we need to look atinvestments that promise long
term growth, not the short termgains Now for your business.
This means focusing on reallysustainable strategies that will
(27:54):
build your brand, that willgrow your customer base
gradually and solidly.
You shouldn't be aiming to bean overnight success.
Think about every overnightsuccess you've seen in the
movies or in music or whatever.
They're quite often referred toas the one hit wonders.
(28:17):
They come along, they appearout of nowhere, they knock the
socks off everyone, they haveone or two major hits and then
they just blow off into oblivionand no one ever hears or sees
them again.
That's not what you want to aimfor.
You don't want that for you orfor your business.
(28:39):
You want to be thinking longterm.
So focusing on building thislovely financial base, customer
base, solid brand gradually,solidly, with purpose, with a
really good strategy in place,is going to really help solidify
(29:02):
your place in the market.
It's going to solidify yourbusiness for the long term.
It's going to make sure thatyou are working with the right
people, that you're deliveringgreat services and products,
that you're just delightingeveryone on every level,
including yourself and yourprofit margin.
Can you see the differencethere and why it's important to
(29:26):
not get caught up in all thevanity metrics and the instant
success markers that people tendto get a little too caught up
in?
Another thing that Warren Buffetis known for is called value
investing, and that involvesfinding companies that are
undervalued by the market, butthey have really good, solid
(29:49):
bones.
They have a great structure.
Fundamentally, they work.
Now, translating this into yourbusiness finances means you're
going to invest in areas of yourbusiness that are going to add
long-term value, even if they'renot the hottest or trendiest
(30:10):
choices at the moment.
They're not those one hitwonders I just spoke about, so
they're going to give you thatlevity that you need.
One of Warren Buffet's famousquotes and you may have heard
this before is rule number onenever lose money.
Rule number two never forgetrule number one In business.
(30:31):
This translates to beingcautious with your investments,
ensuring that the risks you takeare calculated and that you've
got some good plans in place tomitigate potential losses,
similar to the having insurance,having the safety net, making
good choices, learning aboutwhat you're doing before just
(30:52):
jumping in and making baddecisions.
Warren Buffet is an advocate forstrict financial discipline,
which means knowing your numbersinside and out.
It's about budgetingeffectively, cutting unnecessary
expenses and making sure everydollar you spend has a clear
(31:12):
purpose.
When you spend something inyour business, a good way to
think is what is my return oninvestment going to be?
How many dollars back is thisone dollar going to give me?
If I'm spending this dollar, isit going to give me a dollar
back?
Is it going to give me $2 backor $5 back?
(31:38):
Or is this $1 going to give me$100 back, or is it just going
to cost me a dollar?
So that's a good way of workingout If what you're spending
your money on is worth spendingyour money on.
Think about the ROI, and if youdo this, you will always spend
(32:00):
smartly and you'll always spendon things that are going to help
grow your business.
Another important thing that hetalks about is really
understanding what it is thatyou're investing in.
He doesn't just invest in anyold thing.
He doesn't invest in businessesthat he doesn't understand.
He knows what's there about, heknows their purpose, he knows
(32:23):
their bottom line.
He knows all the nitty gritty.
Just don't get caught up incomplex products or strategies
that you just don't understandIf you don't understand them,
find out what it is.
Talk to someone who knows whatthey're talking about.
Learn, read, research, dowhatever it is.
You need to Do what you need todo so that you know what it's
(32:46):
all about.
And finally, patience.
Patience is key.
Patience is a virtue.
Building a successful businesstakes time.
All those stories we hear aboutthe overnight success stories,
like I keep saying, probablytook five years to become an
overnight success story.
Building a successful businesstakes time.
(33:09):
Anyone who tells you otherwiseis lying Seriously.
Anyone who tells you building abusiness is a quick thing or
building I'll be specific herebuilding a successful business
Anyone who tells you that thathappens quickly is not being
truthful.
Building a business takes time,it takes energy, it takes
(33:35):
patience, it takes grit anddetermination and it's not an
overnight thing.
It's going to take years tobuild a successful business.
So you've got to be preparedfor that and be in it for the
long haul and to build yoursuccessful business.
It's all about makingconsistent, wise choices in your
(33:58):
overall business structure, butparticularly wise financial
choices, and giving them time togrow, giving those seeds in
that garden time to germinate,time to strengthen, time to put
down roots, time to grow astrong trunk so that all those
little leaves and branches candevelop and grow too, and, if
(34:24):
it's a fruit tree, so that theycan bear beautiful fruit.
And this is what Warren Buffetalways recommends to do and what
he does himself.
So it's good advice to follow.
Taking control of your businessfinances is not just about
keeping the lights on.
It's about steering the shipthrough the calm and the stormy
(34:48):
seas.
Remember that little boat Imentioned before.
You can either be the littleboat that's bobbing around on
the waves, getting swished, withthe massive waves capsizing and
drowning, or you can be thestrong ship with the captain
firmly in control, that justglides through and is not
(35:10):
seriously impacted by anyobstacles that come up.
It's really about steering yourship through those waters
towards the destination.
And what's the destination?
The destination is your dreams,the dreams that you are working
towards to become your reality.
(35:30):
Take hold of your business, bethe leader in your business, be
the leader of your finances, bethe leader of your products, of
your services, of your team, ofyourself.
Take the reins, set your sightson the horizon and start
navigating your business likethe leader you are.
(35:51):
So I've talked a lot about howto build up the money bank for
your business and create areally strong structure, a
really strong foundation that isgoing to grow your business,
your clients, your services andyour investments.
Your journey is going to beunique.
(36:12):
Your business journey, yourfinancial journey.
They're both going to be unique.
They're intrinsically entwinedand they're unique to you.
Don't shy away from them.
Learn, equip yourself withknowledge, understand the
terrain of your businesslandscape, and remember that
every financial decision youmake can move you forwards or it
(36:37):
can put you backwards.
So it's really important tostart small, think big, begin
with small, manageable financialsteps, understand your cash
flow, keep track of yourexpenses and save wherever you
can, and these little steps willlead to financial independence
(36:58):
for you and for your business,and what that means is freedom.
Financial independence isfreedom, and that's one of the
reasons we start our businesses.
So educate yourself, invest intime to learn about your
finances, read those books thatI mentioned, listen to podcasts,
take courses, listen to youraccountant.
(37:19):
Just become financiallyliterate.
Knowledge is the compass thatis going to guide your financial
decisions.
Let technology simplify andautomate your tasks.
Embrace digital solutions.
They're all here to makeeverything smoother for you.
Be patient, be persistent.
(37:40):
It doesn't happen overnight, sojust persevere.
Have courage to make toughdecisions.
Remember, rome wasn't built ina day, and neither will your
financial empire be built in aday.
Face your fears, and I'm goingto leave you with the words of
Ariana Huffington.
(38:00):
I love that woman.
She says but you have to dowhat you dream of doing, even
while you're afraid.
Don't let your fear of numberskeep you from financial success.
With each step, each crunchnumber and with each dollar that
you've invested wisely, you'renot building just a business.
(38:22):
You're building a legacy foryourself, for your family, and
you're building your freedom.
So go, chase that freedom, grabit, embrace it with both hands.
So I hope that you take theseinsights, embrace the financial
aspect of your business withopen arms.
It's a truly powerful part ofyour business journey towards
(38:44):
creating something that's notjust successful, but it's a true
reflection of you and the lifethat you want to live, the life
that you're dreaming of andworking towards.
So that wraps up our journeytoday on the Brilliant Business,
Beautiful Life podcast.
Thank you so much for joiningme and for being such an
(39:06):
integral part of our communityof amazing, beautiful, wonderful
, trailblazing entrepreneurialwomen.
Remember, the road to financialempowerment is both challenging
and rewarding, and you're notwalking it alone.
We're all here together.
So tune in next week as we talkabout the exciting world of
(39:29):
scaling up your business.
We've talked about how to buildthose strong foundations, so
now we're going to work on thosefoundations and scale up.
So we'll explore the secrets ofgrowing your business
sustainably, ensuring yourbusiness is not an overnight
success that's going to fizzleout the next day but is going to
(39:51):
be a lasting beacon ofbrilliance for the world.
So until then, keep buildingthat beautiful business and life
you've always dreamed of.
Stay brilliant, stay beautiful.
I'll see you next time.
Thanks so much for listening.
I'd love to know your biggesttakeaway from today's episode,
(40:13):
so leave me a comment below orsend a DM on Instagram.
If you enjoyed this episode,hit the subscribe button
wherever you listen to theBrilliant Business, Beautiful
Life podcast and feel free toshare it with someone else
who'll love it too.
I look forward to seeing youfor the next episode and
remember the time is now foryour brilliant business and the
beautiful life you adore.
Hi everyone.
It is so lovely to be with youagain on the podcast Now.
What is something that's alwayson the tip of your tongue when
you think about your business?
Money.
Right! Today, I'm starting afour-part series called
Elevating your EnterpriseAdvanced Strategies for Women in
Online Business, and in thisepisode, which is part one,
(00:23):
we're chatting about a topicclose to the hearts of every
businesswoman (00:27):
Money, money, money.
Welcome to the BrilliantBusiness, Beautiful Life podcast
, where we share simple,actionable strategies, plus the
mindset and wellness practicesyou need to build the business
and life you love.
Head to 16thavecreative.
com/playbook and download yourfree guide to design the
(00:49):
business and life you deservetoday.
I'm your host, Samantha Bell,and this is the Brilliant
Business, Beautiful Life podcast.
Are you ready for the businessand life of your dreams?
Let's get started Now, as weare women, forging our own paths
in our businesses.
Understanding our finances isnot just about crunching numbers
(01:13):
.
It is about embracing the powerthat we have to shape our
future using those numbers.
It's about the dreams that wenurture, the goals that we set
and the financial strategiesthat turn our dreams into our
reality.
So join me today as, together,we explore the financial
(01:36):
stepping stones that will leadyou to not just run a business,
but to create a life thatresonates with your deepest
aspirations.
Every number tells a story andevery financial decision is a
step towards your beautiful,thriving business future.
So it all starts withunderstanding financial fitness.
(02:01):
Financial fitness in businessis just like keeping your body
healthy it's all about makingsure your business's financial
health is in top shape, and toachieve this, we can turn to
some really creative and modernmethods, and the first is
embracing Fintech.
(02:21):
Fintech, if you're not sure whatthat is, is simply a short term
for financial technology.
So all it means is usingsoftware and technology to
improve and automate yourfinances.
So think of it like having a VAfor your business, but for your
money.
It simplifies your banking, itcan help you automatically save
(02:44):
money.
It can make looking after yourfinances so much easier and more
efficient, which is really goodbusiness sense, isn't it?
So what this means is simplyusing apps like Zero or
QuickBooks to manage yourbusiness finances, and it takes
away all the guesswork.
You know, when you keep thingsin your head, or you're just
(03:08):
using a spreadsheet, or you'rekeeping a box full of receipts,
you never truly know exactlywhere you are in your business,
whether you're making a profit,whether you've overspent on
things or what your actualfinancial situation looks like,
and that's not good.
Using these tools gives youaccess to look at your exact
(03:33):
finances at the flick of aswitch.
So simply by clicking into theapp or logging in online to your
Zero or QuickBooks, you can seeexactly where you are in your
business, whether you're meetingyour goals, whether you're not,
whether you need to improve.
So it's really important to dothis.
Take away all the guesswork,keep everything in one place,
(03:57):
and that means you can easilykeep on top of your money, your
expenses and your profit marginwithout any hassle, without any
guesswork.
And the apps these days are soamazing.
They even store photos of allof your receipts and
automatically upload them intoyour accounting software, which
(04:20):
makes it so super, super easy tokeep track of everything.
So that is number one usingtechnology to make your finances
as easy as you can.
Another way of using technologyis digital wallets Digital
wallets and they just simplifythings yet again.
So digital wallets are simplythings like Apple Pay or Google
(04:43):
Pay or PayPal.
They make your transactionsreally quick, easy and secure,
which is super helpful for bothyou and your clients.
So two really simple ways ofusing technology to help you in
your business If apps aren'tyour thing.
Not everyone loves technology.
I'm a bit obsessed withtechnology and use it wherever
(05:05):
possible, but not everyone likesthat.
A simple way of managing yourfinances it's more manual is
just by using a spreadsheet.
Jump into Excel, jump intoGoogle Sheets and you can create
a spreadsheet that is reallyeffective.
You just got to keep on top ofit and keep track of all your
(05:27):
expenses, all your income andwhere everything goes.
Some of these even come withtemplates that they can really
do all that complex math for you, so it makes it really easy to
see where your money is going,and that can help you make
really smart financial decisionsin the future.
So you can see it at a glanceif you're over subscribing to
(05:50):
subscriptions, if you'respending too much in a
particular area, if you're notspending enough in another area.
Marketing is one area peopleoften underspend and it's one of
the areas that you shouldprobably focus on spending money
if you want to grow and getmore clients.
So keeping track of thesethings using a spreadsheet or
(06:13):
using the apps is really superhelpful for keeping track of
where you're at in your business.
Also important is to learn, toeducate yourself.
I'm often talking about theimportance of continuous
learning, and sometimes the besttool in your finances is
(06:34):
knowledge.
Investing time to learn aboutfinancial management can really
pay off big time in yourbusiness.
All that means is reading up onthings, going to some workshops
, following a financialmanagement podcast, talk to your
accountant, anything where youcan get some more information.
Reading books, keeping on topof things, googling if you're
(06:56):
not sure.
Google is a wealth ofinformation, as we all know.
So you keep learning about yourfinances.
And if something pops up onyour P&L that you don't
understand, talk to youraccountant.
Google it.
Talk to your bookkeeper, findout what it means, because the
more informed you are, the moreknowledge you have about your
money, the better equipped youare to manage it and to make it
(07:20):
work for you.
Just like our health keeping ontop of your financial health you
need to do regular checkups,just like a physical checkup of
your body.
All that means is reviewingyour finances regularly.
It means not just looking atwhat you earn and spend, but
understanding how your businessis growing financially and what
(07:43):
you can do to keep on the righttrack.
So you wanna make sure yourbusiness finances are as healthy
as possible.
I like to keep on top of myfinances, if not weekly, because
sometimes the weeks run intoeach other fortnightly or every
two weeks, so every two weeks orevery week.
(08:05):
Enter those receipts into yourspreadsheet or into QuickBooks
or Zero.
Keep them up to date so thatyou always know exactly where
you're at.
Sync your bank accounts tothose apps so that they're
constantly updated, and then itmakes it really easy and quick
so you might only have to spendhalf an hour a week and you're
(08:27):
up to date and you know exactlywhere you're at.
And also keep on top of yourinvoices so know what has been
paid, know what's outstandingand keep a track of serial late
payers and your serial on-timepayers.
Reward the clients that pay ontime.
(08:48):
They're keeping your businessgoing by paying you on time and
you're not having to spend extratime in following up
outstanding invoices, whereasthe clients that are
continuously late are wastingyour time.
It's taking time away from youdoing your core business.
Just like we get really busy inour businesses, your clients
get busy in theirs as well.
(09:08):
So they may not mean to not payan invoice.
It could just have slippedtheir mind.
They may not have set up anauto payment yet.
Get your VA to follow thosethings up for you, because
that's freeing up your time,it's making the most of your
time so you can focus on moneygenerating activities in your
business and, where possible,also have an auto pay facility
(09:34):
on your invoices that yourclients can opt into, and that
means it's saving you time andit's saving them time and you
get paid on time, which is gonnahelp your cash flow and your
bottom line.
So it's really important.
This is all part of reviewingyour financial health and
keeping things as slick aspossible.
(09:55):
By doing these few littlethings, using technology,
keeping on top of things, youcan really make managing your
business's finances less of aproblem, more effective, and
you're also, importantly,setting the stage for your
business to grow and thrive,because you can't grow and
thrive if you haven't got all ofthis sorted out and you don't
(10:18):
have a nice, clear framework inplace and some processes to keep
things running smoothly withoutyou having to get your fingers
in the pie all of the time.
Now, another thing to thinkabout in your journey towards
financial independence in yourbusiness is there are three key
pillars that every entrepreneurshould be aware of and think of
(10:40):
these pillars as the foundationof a house.
They're each equally importantand make sure your structure
stands strong.
The first is savings.
Your first pillar is savings.
It is the emergency fund foryour business.
It's the money you set asidefor a rainy day because, as you
(11:01):
know, there's always going to beunexpected expenses, there's
going to be late payments fromclients, there's going to be
clients who drop off, so you'vegot less of an income for a
particular month or two.
So you want to have a bit of asavings cushion to help you
weather those storms, to helpyou get through those times, so
(11:24):
that it's not impacting yourbusiness in any way.
It's about building that bufferto give you peace of mind and
stability to weather thosestorms, so that you're not like
the little boat bobbing aroundon the water and getting swamped
with the big waves.
You can stay more even keel.
Those little ups and downs arenot going to affect you.
(11:46):
You're going to be confident inyour business.
You know you've got a stash ofcash behind you to keep the
wheels running smoothly.
The second pillar is insurance.
If you're in business, this isa non-negotiable.
You need insurance.
It is of your safety net.
(12:08):
Just like health insuranceprotects you from unexpected
medical expenses, businessinsurance protects your business
from a whole variety of risksAnything from liability claims
to property damage tointellectual property, ip issues
(12:29):
so many areas that you needinsurance for in your business
and the online world is so verydifferent to the brick and
mortar world, so your insuranceneeds are going to be very
specific to the type of onlinebusiness that you have and the
(12:49):
type of advice you give people,the type of data that you store
and the way you use data, howyou manage payments and look
after those.
You want to make sure you'vegot the right insurance in place
, and this means that whenthings go wrong because at one
(13:10):
point something will it meansthat you won't be left facing a
huge financial loss because youdon't have the insurance to
cover you.
Some insurance claims againstyou could be hundreds of
thousands of dollars or more,depending on what the problem is
(13:30):
.
So you want to make sure thatyou've just got this safety net
behind you to make sure that youcan sleep easy at night.
Now the third pillar isinvestments, and a lot of
business owners don't thinkabout this.
They're very busy building thebusiness, doing the work, making
(13:50):
sure that they've got a littlefinancial buffer, getting their
business out there, focusing onthe marketing and the sales, but
they don't think aboutinvesting.
Now, investing is superimportant because it makes your
money work for you.
You might have a big stash ofcash behind you, which is
amazing, but if it's justsitting in a low interest
(14:13):
savings account, it's not doinganything for you.
You want to grow that money.
You want to make it work foryou.
So for a business, this couldmean various things.
You need to invest intechnology.
You need to invest in expandingyour product line and
(14:33):
diversifying your actualinvestments that are going to
bring you back money Things likereal estate, the stock market,
things that can make yourinvestment portfolio more broad
and give you some solid assetsthat are going to future-proof
your life as well as yourbusiness.
(14:56):
The key here is to makestrategic decisions about what
you invest in that are going togive you really good returns in
the long term and help grow yourbusiness, so that you can stay
competitive but also build aninvestment outside of your
business that is going tocontinue to work for you even if
(15:19):
you sell the business or closeit down or move on to something
else, so that not everything istied up to the business.
Investing outside of thebusiness is really really smart
to give you strong financialhealth and future-proof your
future.
Balancing these three pillars isreally important too.
(15:41):
If you focus too much on onearea and neglect the others, it
leads to an unstable financialfoundation.
For example, if you overinvestwithout having sufficient
savings, that can be risky.
If you have too much in savings, it might mean that you're
(16:03):
missing out on growthopportunities.
It's all about finding theright balance for your business.
So you want to have a nice mixof where you put your money.
So you need to have, like Isaid, that savings account for
the rainy day.
You want to have your insurancepolicy for the other type of
(16:25):
rainy day.
You also want to have yourinvestments, and they need to be
spread across a variety ofthings.
The investments need to be inyour business and outside of
your business to give you thatnice broad, solid footing so
that your business can grow andbe financially viable long term.
(16:47):
Now, just like a building needsmaintenance, your financial
strategy also needs to bereviewed and adjusted regularly,
maybe every quarter.
That makes sense in alignmentwith the financial quarters of
the year because marketconditions change, your business
evolves and what was workingfor you three months ago might
(17:10):
not work for you now.
What you were doing yesterdayor even last week may not work
tomorrow.
So regularly reviewing youroverall financial structure,
those savings, the insurance,your investments, your expenses,
your income, everything Keepingon top of these means that you
(17:30):
can jump on an issue, readjustand recalibrate and make
whatever adjustments necessarythat you need to to keep as
strong as possible in yourbusiness.
And, lastly, seekingprofessional advice is a really
great idea.
Financial planning is reallycomplicated, so it's important
(17:54):
to get some good help.
There's no shame in gettinghelp from experts.
A financial advisor or youraccountant can give you some
really good personalised advicethat is specific to your
situation and to your uniquebusiness, and it can help you
make the most of those threepillars I spoke about.
(18:16):
So, by understanding andeffectively managing these three
pillars of financialindependence, you can build a
very strong financial foundationfor your business that's going
to support growth and withstandthe challenges of your
entrepreneurial journey.
To make sure you're safe, tomake sure you keep growing, to
(18:39):
make sure you've got money foreverything you need and,
importantly, that it's growingand working for you.
Now, a simple way to get smartwith your finances is to read.
Navigating the financiallandscape of business and feel a
little bit like you're tryingto learn a new language.
It's all foreign, you've got noidea what anyone is saying, and
(19:02):
it can be a little bitconfusing.
And that's what reading booksdesigned for business owners and
entrepreneurs in simplelanguage can have a huge impact
in the way you not only viewyour finances but how you manage
them.
It'll give you a really goodgrasp of all the concepts and
some great ideas that are simpleto implement in your business
(19:27):
that are going to make a hugeimpact to your bottom line and
to you long term.
Now I've made a list of somefinancial management books that
I think are amazing, and theyreally break down complex
concepts into bite sized,understandable pieces.
I'm starting with my absolutefavorite.
(19:48):
It is the one I talk about allthe time and the one I base my
own business finances on, andthat is Profit First: Transform
Your Business from a Cash-EatingMonster to a Money-Making
Machine.
It's by Mike Michalowicz, andthis book turns traditional
accounting on its head.
(20:10):
It really is a game changer inyour business, and there are
even profit first accountantsaround that you can hook up with
.
They can help you set yourbusiness up to run on the profit
first framework.
Traditional accountingcalculates profit as what is
left over after your expenses.
(20:32):
Profit first flips that on itshead.
So it is the theory that youneed to prioritize profit and
pay yourself first.
Simple, right.
It's the method that encouragesyou to think about your
finances differently, and itreally does work.
(20:53):
It's a very simple strategy,it's very easy to implement and,
my goodness, it makes the mosthigh impact on your business
finances.
Of any other theology that I'vetried in my business.
I just love it.
So get your hands on ProfitFirst by Mike McCallowits.
(21:14):
It will change your life.
Another great book is thePsychology of Money Timeless
lessons on wealth, greed andhappiness, and it's by Morgan
Housel, which explores the linkbetween how we think and how we
feel about money and how thatimpacts our wealth, and that's
really helpful to read.
(21:35):
Next on my list is theIntelligent Investor by Benjamin
Graham.
Some people call it the Bibleof investing.
It gives timeless wisdom on thevalue of investing and it's a
strategy that focuses onlong-term, sustainable
investments instead of aimingfor quick wins, and it's really
(21:59):
good for entrepreneurs who wantto build a lasting business
empire that has a very solidfinancial foundation.
Another one is how FinanceWorks the HBR guide to thinking
smart about the numbers, andit's by I don't know how you
pronounce this Miher Desai, andit is for people who don't like
(22:24):
numbers People like me who findnumbers intimidating.
It really makes complexconcepts simple.
It helps you understand whatall the numbers mean for your
business's health and yourgrowth, so it's a good one to
read.
Another great book is thePersonal MBA Master the Art of
(22:46):
Business, by Josh Kaufman.
Now, imagine if you could getan MBA's worth of knowledge
without going to the classroom.
That's what this book is allabout.
It's a crash course in businessand finance.
Talks about things from cashflow to the value of your
(23:06):
products or services.
Another great book to read iscalled the Alchemy of Finance by
George Soros.
Reading this book is likehaving a copy with one of the
world's most successfulinvestors and picking his brain.
He shares his unique approachto the market and gives insights
(23:30):
that challenge traditionaltheories and gives a framework
to help you with decision makingaround your finances.
Another book is the Valuation,measuring and Managing the Value
of Companies, and this book isby McKinsey Co, and it helps you
navigate economics.
(23:52):
It explains why some ways workmore quickly than others and
what you should avoid.
It's really a good guide forjust helping you understand the
worth of a company, making smartinvestments and getting the
best returns for your money.
(24:12):
Each of these books gives youreally valuable insights and
really practical advice formanaging your business finances,
and what they'll do is help youto feel more confident making
financial decisions, becauseyou'll understand things more
and you'll know how to lookafter yourself and your business
more, which will lead togreater success and long-term
(24:36):
sustainability of your business,which is the goal, isn't it?
The last thing I'm talking aboutis a person who is well-known
for his wisdom around investing.
He's been around forever.
I don't think anyone has notheard of him.
We can learn so much from him.
His name is Warren Buffet.
(24:57):
Now, when talking about smartinvesting, his name has stood
the test of time.
He embodies a philosophy ofexercising patience, of
understanding value and goingafter long-term growth that any
business, regardless of its size, can benefit from.
(25:19):
What he talks about isn't justrestricted to the trading floor
the stock market, which he'swell-known for.
It applies to fundamentalbusiness decisions that can
affect your business's financialfuture.
So it would be wise for us totake some of Warren Buffet's
wisdom to help us create andcultivate a thriving and
(25:43):
financially sound business.
Talking about Warren Buffet andhis wisdom is sort of like, if I
can use the genealogy of agardener A really wonderful
gardener, who has thismagnificent garden full of the
most lush trees and flowers, andit smells amazing, it looks
(26:05):
amazing and it looks fantasticin any season.
It doesn't matter the season.
It's always flourishing becausethat gardener knows exactly
what he's doing.
Now, when that gardener goes tothe nursery, the plant nursery,
and he wants to buy some seeds,he doesn't just pick up the
first packet of seeds that hesees, does he?
(26:29):
They carefully select specificseeds that are fit for purpose,
that will grow steadily overtime in the environment.
They intend to plant them forthe purpose they're planting
them and they will make surethat they purchase high quality
(26:49):
seeds, not the seeds that arejust full of dust and won't
germinate properly.
He's going to choose seeds thatare going to perform.
So that is basically whatWarren Buffet does.
He looks at long term growthover quick wins.
(27:10):
That gardener could get a cheappacket of seeds, throw it in
the dirt and then watch theselittle seedlings come up and
think, wow, yes, got my garden.
But in a week, two weeks, threeweeks, those seeds are most
likely going to be dead.
They won't have achieved whatthe gardener wanted because they
weren't right, they weren't fitfor purpose and he didn't
(27:33):
select them carefully.
So that's my little gardener'sanalogy in relation to Warren
Buffet.
So we need to look atinvestments that promise long
term growth, not the short termgains Now for your business.
This means focusing on reallysustainable strategies that will
(27:54):
build your brand, that willgrow your customer base
gradually and solidly.
You shouldn't be aiming to bean overnight success.
Think about every overnightsuccess you've seen in the
movies or in music or whatever.
They're quite often referred toas the one hit wonders.
(28:17):
They come along, they appearout of nowhere, they knock the
socks off everyone, they haveone or two major hits and then
they just blow off into oblivionand no one ever hears or sees
them again.
That's not what you want to aimfor.
You don't want that for you orfor your business.
(28:39):
You want to be thinking longterm.
So focusing on building thislovely financial base, customer
base, solid brand gradually,solidly, with purpose, with a
really good strategy in place,is going to really help solidify
(29:02):
your place in the market.
It's going to solidify yourbusiness for the long term.
It's going to make sure thatyou are working with the right
people, that you're deliveringgreat services and products,
that you're just delightingeveryone on every level,
including yourself and yourprofit margin.
Can you see the differencethere and why it's important to
(29:26):
not get caught up in all thevanity metrics and the instant
success markers that people tendto get a little too caught up
in?
Another thing that Warren Buffetis known for is called value
investing, and that involvesfinding companies that are
undervalued by the market, butthey have really good, solid
(29:49):
bones.
They have a great structure.
Fundamentally, they work.
Now, translating this into yourbusiness finances means you're
going to invest in areas of yourbusiness that are going to add
long-term value, even if they'renot the hottest or trendiest
(30:10):
choices at the moment.
They're not those one hitwonders I just spoke about, so
they're going to give you thatlevity that you need.
One of Warren Buffet's famousquotes and you may have heard
this before is rule number onenever lose money.
Rule number two never forgetrule number one In business.
(30:31):
This translates to beingcautious with your investments,
ensuring that the risks you takeare calculated and that you've
got some good plans in place tomitigate potential losses,
similar to the having insurance,having the safety net, making
good choices, learning aboutwhat you're doing before just
(30:52):
jumping in and making baddecisions.
Warren Buffet is an advocate forstrict financial discipline,
which means knowing your numbersinside and out.
It's about budgetingeffectively, cutting unnecessary
expenses and making sure everydollar you spend has a clear
(31:12):
purpose.
When you spend something inyour business, a good way to
think is what is my return oninvestment going to be?
How many dollars back is thisone dollar going to give me?
If I'm spending this dollar, isit going to give me a dollar
back?
Is it going to give me $2 backor $5 back?
(31:38):
Or is this $1 going to give me$100 back, or is it just going
to cost me a dollar?
So that's a good way of workingout If what you're spending
your money on is worth spendingyour money on.
Think about the ROI, and if youdo this, you will always spend
(32:00):
smartly and you'll always spendon things that are going to help
grow your business.
Another important thing that hetalks about is really
understanding what it is thatyou're investing in.
He doesn't just invest in anyold thing.
He doesn't invest in businessesthat he doesn't understand.
He knows what's there about, heknows their purpose, he knows
(32:23):
their bottom line.
He knows all the nitty gritty.
Just don't get caught up incomplex products or strategies
that you just don't understandIf you don't understand them,
find out what it is.
Talk to someone who knows whatthey're talking about.
Learn, read, research, dowhatever it is.
You need to Do what you need todo so that you know what it's
(32:46):
all about.
And finally, patience.
Patience is key.
Patience is a virtue.
Building a successful businesstakes time.
All those stories we hear aboutthe overnight success stories,
like I keep saying, probablytook five years to become an
overnight success story.
Building a successful businesstakes time.
(33:09):
Anyone who tells you otherwiseis lying Seriously.
Anyone who tells you building abusiness is a quick thing or
building I'll be specific herebuilding a successful business
Anyone who tells you that thathappens quickly is not being
truthful.
Building a business takes time,it takes energy, it takes
(33:35):
patience, it takes grit anddetermination and it's not an
overnight thing.
It's going to take years tobuild a successful business.
So you've got to be preparedfor that and be in it for the
long haul and to build yoursuccessful business.
It's all about makingconsistent, wise choices in your
(33:58):
overall business structure, butparticularly wise financial
choices, and giving them time togrow, giving those seeds in
that garden time to germinate,time to strengthen, time to put
down roots, time to grow astrong trunk so that all those
little leaves and branches candevelop and grow too, and, if
(34:24):
it's a fruit tree, so that theycan bear beautiful fruit.
And this is what Warren Buffetalways recommends to do and what
he does himself.
So it's good advice to follow.
Taking control of your businessfinances is not just about
keeping the lights on.
It's about steering the shipthrough the calm and the stormy
(34:48):
seas.
Remember that little boat Imentioned before.
You can either be the littleboat that's bobbing around on
the waves, getting swished, withthe massive waves capsizing and
drowning, or you can be thestrong ship with the captain
firmly in control, that justglides through and is not
(35:10):
seriously impacted by anyobstacles that come up.
It's really about steering yourship through those waters
towards the destination.
And what's the destination?
The destination is your dreams,the dreams that you are working
towards to become your reality.
(35:30):
Take hold of your business, bethe leader in your business, be
the leader of your finances, bethe leader of your products, of
your services, of your team, ofyourself.
Take the reins, set your sightson the horizon and start
navigating your business likethe leader you are.
(35:51):
So I've talked a lot about howto build up the money bank for
your business and create areally strong structure, a
really strong foundation that isgoing to grow your business,
your clients, your services andyour investments.
Your journey is going to beunique.
(36:12):
Your business journey, yourfinancial journey.
They're both going to be unique.
They're intrinsically entwinedand they're unique to you.
Don't shy away from them.
Learn, equip yourself withknowledge, understand the
terrain of your businesslandscape, and remember that
every financial decision youmake can move you forwards or it
(36:37):
can put you backwards.
So it's really important tostart small, think big, begin
with small, manageable financialsteps, understand your cash
flow, keep track of yourexpenses and save wherever you
can, and these little steps willlead to financial independence
(36:58):
for you and for your business,and what that means is freedom.
Financial independence isfreedom, and that's one of the
reasons we start our businesses.
So educate yourself, invest intime to learn about your
finances, read those books thatI mentioned, listen to podcasts,
take courses, listen to youraccountant.
(37:19):
Just become financiallyliterate.
Knowledge is the compass thatis going to guide your financial
decisions.
Let technology simplify andautomate your tasks.
Embrace digital solutions.
They're all here to makeeverything smoother for you.
Be patient, be persistent.
(37:40):
It doesn't happen overnight, sojust persevere.
Have courage to make toughdecisions.
Remember, rome wasn't built ina day, and neither will your
financial empire be built in aday.
Face your fears, and I'm goingto leave you with the words of
Ariana Huffington.
(38:00):
I love that woman.
She says but you have to dowhat you dream of doing, even
while you're afraid.
Don't let your fear of numberskeep you from financial success.
With each step, each crunchnumber and with each dollar that
you've invested wisely, you'renot building just a business.
(38:22):
You're building a legacy foryourself, for your family, and
you're building your freedom.
So go, chase that freedom, grabit, embrace it with both hands.
So I hope that you take theseinsights, embrace the financial
aspect of your business withopen arms.
It's a truly powerful part ofyour business journey towards
(38:44):
creating something that's notjust successful, but it's a true
reflection of you and the lifethat you want to live, the life
that you're dreaming of andworking towards.
So that wraps up our journeytoday on the Brilliant Business,
Beautiful Life podcast.
Thank you so much for joiningme and for being such an
(39:06):
integral part of our communityof amazing, beautiful, wonderful
, trailblazing entrepreneurialwomen.
Remember, the road to financialempowerment is both challenging
and rewarding, and you're notwalking it alone.
We're all here together.
So tune in next week as we talkabout the exciting world of
(39:29):
scaling up your business.
We've talked about how to buildthose strong foundations, so
now we're going to work on thosefoundations and scale up.
So we'll explore the secrets ofgrowing your business
sustainably, ensuring yourbusiness is not an overnight
success that's going to fizzleout the next day but is going to
(39:51):
be a lasting beacon ofbrilliance for the world.
So until then, keep buildingthat beautiful business and life
you've always dreamed of.
Stay brilliant, stay beautiful.
I'll see you next time.
Thanks so much for listening.
I'd love to know your biggesttakeaway from today's episode,
(40:13):
so leave me a comment below orsend a DM on Instagram.
If you enjoyed this episode,hit the subscribe button
wherever you listen to theBrilliant Business, Beautiful
Life podcast and feel free toshare it with someone else
who'll love it too.
I look forward to seeing youfor the next episode and
remember the time is now foryour brilliant business and the
beautiful life you adore.
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