Finance + Law. Two words that send chills up most entrepreneurs’ spines! Mine included. Contracts, Law, Licensing, legal … have always been concepts I’m just not sure I’m getting 100% right! Legal is one of those things I’m going to leave to the professionals! What I wish is that some really smart attorney somewhere would just break it all down into words us commoners could understand! Thank goodness for Annette and Christina who I believe are on a mission to do just that!
But knowing my own aversion to law helps me understand my audience so much more as a finance professional! Let’s face it, I’m pretty sure most people feel about the same when it comes to finance! Could someone just break it down into layman’s terms already?! Well, you don’t have to stick around here for long to know that’s exactly my mission : to be a bridge builder between the world of finance and entrepreneurship! To make finance approachable (even fun!) so that YOU can know all the things that help your business keep growing.
I was so glad when Annette Stepanian asked me to join her on her podcast : Office Talk. In this episode I’m breaking down finance fundamentals and giving it to you straight!
My favorite quote from the interview :
There’s only a few things in business you have to get right, but until someone tells you those things (and proves it in their own business) we believe we have to do all the things right!
5:47 – The common patterns I see entrepreneurs struggling through
6:40 – 80% of small businesses fail, here’s the four financial reasons why.
12:50 – One thing you can do today to take control of your business and not feel you’re living paycheck to paycheck
14:00 – The very first step to take in your finances
15:23 – Step #2 to take in your finances
15:55 – How time-tracking saved my business, plus my favorite app for time-tracking
17:30 – The two ways we get paid as a business owner
21:00 – How to create profit in your prices
25:00 – How to sift through clutter and spend your time on what matters most
27:00 – Why knowing the purpose of your business is essential to its success
32:00 – How to take time to rest and why I believe every entrepreneur needs a sabbatical!
35:00 – How we took 10 weeks off and came back to a business that was better because of it!
36:00 – How to financially plan for time off
At the end of the interview Annette asked me “What is one thing you know for sure?”
“A profitable, sustainable, life-enriching business is more possible than you think. It takes just a few simple steps! – Shanna Skidmore
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