My guest this week, Carla Moats, and I discuss the common neglect of finances in the coaching space, where revenue takes precedence, and profit becomes an afterthought. Carla emphasizes the importance of financial knowledge for small business owners, especially in coaching, to overcome the fear and intimidation associated with numbers.
Do you want to improve your business's financial management and increase profitability? Learn how to achieve better financial control and organize your business finances for increased success and stability.
Empower your small business's financial future as Carla dismantles the profit paradox, guiding you through the crucial steps to separate, track, and prioritize your revenue to maximize your company's success.
Carla is a fractional CFO and financial and money coach for female coaches and other service business owners who are making money, but not keeping enough. She brings her 30+ years of finance and accounting experience to her clients, helping them understand their numbers and become profitable so they can scale profitably and still have the money to live the lifestyle they dream of.
Don't wait for your tax guy to tell you how much you're making. You should know every month how much money came in, how much money went out. - Carla Moats
The key moments in this episode are:00:00 - Neglecting Business Finances
07:53 - Organizing Business Finances
10:39 - Financial Tracking Tools
14:37 - Hiring a Bookkeeper and Understanding Financial Statements
16:51 - Setting Profit Goals and Paying Yourself
18:54 - Profit First Principle and Intentional Investments
23:23 - Intentional Spending and Personal Financial Goals
27:29 - Business Expenses and Costs
29:08 - Key Performance Indicators (KPIs)
30:20 - Importance of Bookkeeping
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