If you're a business owner who doesn't have a background in finance, looking at your numbers causes you to break out in a cold sweat, or you just don't have the time to dedicate to your bookkeeping, you should consider outsourcing it. Danielle Hayden joins me to talk about how she helps female entrepreneurs make sense of their numbers and plan for profit.
One of the most important aspects of being a business owner is to own your role, Danielle says. She has a client who refers to her million-dollar business in a way that makes it seem small and insignificant, which it obviously isn't. By taking ownership of your status, you help to elevate both yourself and your business.
That's one of the reasons why you need to know your financial numbers. When you know how much money your business is bringing in, spending, and what your bottom line is, you can make smarter business decisions throughout the year. And isn't that what we want as business owners? To make the best financial decisions for our companies?
Danielle talks about how business owners can be more when it comes to talking money with clients. As much as you love being in business, you're not doing it for free. The more you talk about money and learn your numbers, the more comfortable you'll be in financial situations. If you're not super comfortable chasing clients for money, Danielle recommends outsourcing this process as someone else won't have the same emotion attached to the outstanding invoice.
Danielle says that the most important number you need to know if your break-even number. This figure lets you know exactly how many clients you need to have, at what price, in order to meet all your bills. Of course, you'll want to make more than this, but knowing where you break-even is the start of the cycle.
How is your relationship with money? Do you know what your business break-even figure is? Have you considered outsourcing your bookkeeping?
In This Episode:
- What happens when you outsource bookkeeping
- Why you should step into and embrace your role
- Why you need to know your numbers in order to make good business decisions throughout the year
- How we can be more confident to ask for money from your clients
- Why you should continuously look at your numbers to become comfortable
- Why you need to know your break-even number
- Why you should think about outsourcing your collections
"There are mindset issues. I think that women get in their own way and they're not as willing to embrace their businesses." ([7:52])
"When we are running successful businesses, as women, we need to be proud of that and be confident about that and really step into that role." ([9:46])
"Use the numbers to make business decisions. Pay attention to your service lines and what you have to incur to keep your business running. What appears to be profitable may not always be profitable." ([27:02])
Are you a female millennial entrepreneur who wants to start or scale your service-based business but not sure where to start? Go to http://www.drcortneybaker.com/10-secrets to get your free copy of the 10 Secrets Female Millennial Entrepreneurs must know before launching their service-based business. Get your free copy now!
About Dr. Cortney Baker… She is an award-winning entrepreneur, researcher, author, speaker, and an advocate for gender equality. As a leadership expert and mother of three, she is passionate about inspiring and empowering women to lead with greatness.
Dr. Baker is the author of the best-selling books: The Ten Do's and Don'ts for Business Leadership: Lessons to Lead Effectively and Unlimited: Conquering the Myth of the Glass Ceiling. She is passionate about helping ambitious female millennial entrepreneurs go from side-hustle to CEOs!
Feedback? Questions? Comments? For more information or to reserve Dr. Cortney Baker to speak at an upcoming event, please contact her at: [email protected] or 1-469-708-8840.