Today we’re talking all about the money, honey. It’s a crucial part of business success and yet it’s an area that a lot of creative entrepreneurs feel all the emotions over. Learning to separate your income and expenses from emotions is an important first step and one that Amy Laliberte teaches to her clients.
Amy is a virtual CFO for hire. Numbers are her jam and she provides bookkeeping services and CFO services for six and seven-figure business owners. But she also shares strategies that any business owner can put in place. So, if you’re not a six figurer earner, don’t worry—this message is still for you!
Today we’re discussing the strategy from the Mike Michaelowicz book, Profit First, and the positive impact it will make on your business finances.
Creative Counsel Episode 56
In this episode, you will learn
- What the Profit First strategy is and how to implement it in your business
- The five bank accounts that your business needs to have set up right off the bat
- Why it’s crucial to address your money mindset in order to take control of your finances
- How to approach finances if you’re just working your side hustle right now and are thinking of going full-time
- The importance of separating your self-worth from your bottom line
- What professionals you want on your financial team
- How all those courses and software free trials are eating into your profit (I know, I know—I love a good online course as much as the rest of you.)
- The importance of choosing your clients instead of simply letting them choose you (hint-hint: not everyone in your niche is right for you)
Amy’s profit calculator: DOWNLOAD HERE
Check out the book Profit First: https://profitfirstbook.com/
Amy’s Website: https://myvirtualcfo.co/
“If somebody claims that they don’t have a good relationship with money, I would argue that you need to take a timeout and really unpack what that’s about.”
“If you’re really digging into your numbers and you can’t tell yourself what that thing was for, then chances are, it’s probably not essential to the benefit of your business.”
“You could very well be serving a niche, but there are people within that niche that are not a good fit for you.”
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*This blog post is not intended as legal advice. No attorney-client relationship. For informational purposes only.