EP 80: The 5 Money Mistakes You Can't Afford To Make In Your Business with Rachel Minns
Being financially successful (which is why we're in business!) doesn't happen by accident. And surprisingly, it doesn't happen by focusing on growing your business and getting more sales in. It happens by being intentional and strategic when it comes to understanding and managing your money. This is why I'm so thrilled to bring you the money wisdom of the lovely Rachel to guide you on 5 mistakes that you can't afford to make, and most importantly, how to fix them!
Not only does Rachel have an incredible way of talking about money so that us ‘non-accountant’ brains can actually understand, she’s also sharing her very honest insights and experience from being my private client for 2 years.
So if you need a huge dose of real mum in-business talk, inspiration to keep going (especially in those early days!), and some bank balance-changing wisdom - go have a listen to this week’s episode!
🎙️ Listen to full podcast Episode 80:
Before we dive in…
Have you heard about my shiny new Time + Money Booster calls?
If you’d love some coaching to help you work less and earn more (my speciality) and finally have some clarity on where your precious energy needs to be in your business, then get your beautiful self booked in right here (did I mention they’re completely free??)...
🎙️ Listen to full podcast Episode 80:
Ok, let’s dive in!...
If you've ever felt overwhelmed by the numbers side of your business or found yourself avoiding your accounts like the plague, this episode is your golden ticket to financial clarity and confidence. We're diving deep into the five crucial money mistakes that could be holding your business back - and more importantly, how to fix them!
The Power of Money Mindset in Business Success
This line from Rachel perfectly summarises the first step to money success:
"The number one thing you need to work on is your mindset and working out what your money blockers are and identifying them... It's the most important aspect."
In a world where we're constantly juggling family life and business demands, our relationship with money can make or break our success.
The 5 Money Mistakes That Could Be Costing You
Let's dive into the five key areas Rachel identified as common pitfalls for female entrepreneurs:
Mindset Blocks Rachel emphasised the importance of identifying and releasing money blockers. These often stem from childhood experiences or past financial setbacks.
Poor Cash Flow Management Did you know that 82% of businesses fail due to cash flow issues? Understanding how money flows in and out of your business is crucial.
Ignoring Profit While revenue is important, profit is the lifeblood of your business. Rachel stressed the need to focus on what's left after expenses, not just top-line sales.
Lack of Budgeting Big businesses budget for a reason - it works! Creating and sticking to a budget acts as a roadmap for your business goals.
Overlooking Return on Investment (ROI) Every expense in your business should be evaluated for its potential return. This applies to everything from new products to team members.
Key Takeaways:
Address your money mindset blocks to unlock your business's full potential
Implement a cash flow management system to avoid becoming a failure statistic
Focus on profit, not just revenue, to ensure sustainable business growth
Create and stick to a budget that aligns with your business and personal goals
Evaluate the ROI of every business expense to make informed decisions
My Approach to Coaching Mums in Business
As an online business coach specialising in supporting mothers and female entrepreneurs, I've seen firsthand how transformative these financial principles can be. One of my clients, a mum of two starting a product-based business from home, was struggling with cash flow and feeling overwhelmed by her finances.
We implemented Rachel's strategies, starting with addressing her money mindset blocks and creating a simple but effective budgeting system. The result? Not only did she gain clarity on her numbers, but she also doubled her profit margins within three months - all while working fewer hours and enjoying more time with her family.
Imagine Your Future Financial Freedom
Close your eyes for a moment and picture this: It's six months from now. You're sitting at your desk, reviewing your business finances with a smile on your face. Your cash flow is healthy, your profit margins are growing, and you've just hit a major income goal. Best of all, you feel completely in control of your numbers, making confident decisions that propel your business forward. You close your laptop, knowing you can fully enjoy the weekend with your family, free from financial stress or guilt.
This isn't just a daydream - it's entirely possible with the right strategies and support.
Your Next Step Towards Financial Mastery
If you're ready to transform your relationship with money and take control of your business finances, I'm here to help. As a virtual business coach specialising in supporting mothers in business, I understand the unique challenges you face in balancing business growth with family life.
Why not take the first step towards that financial freedom you just imagined? Book a discovery call with me today. Together, we'll dive deep into your current financial situation, identify your money blocks, and create a tailored strategy to help you achieve your business goals - all while maintaining that precious work-life balance.
Remember, you don't have to choose between being a present mum and a successful entrepreneur. With the right financial strategies in place, you can have both. Let's work together to create a business that not only thrives financially but also aligns with your values and lifestyle.
Book your discovery call now, and let's start your journey to financial mastery and business success!
P.S. Don't forget - as mothers, we're already masters at budgeting and stretching resources. Let's bring that superpower into your business and watch it soar!
Learn more about Rachel Minns:
Instagram: Flourish Bookkeeping
Website: Clueless to Confident
Website: Passion for Profit Waitlist