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Amanda Fisher, author of Unscramble Your Numbers: Unlock the Secrets to Your Business Cashflow, knows that understanding your finances can be vital to running a successful business.
In this herBusiness podcast episode, Amanda explains the importance of knowing the numbers of your business and updating yourself on them often – not just doing so in order to report them to the taxman.
Amanda has found that her most successful clients are those who aren’t afraid to work on their financial numbers. In fact, she says, those who do are the ones who see growth in their business; those who ignore their finances are often the ones who remain stagnant.
Amanda goes over some of the biggest mistakes she sees business owners make when it comes to finances – such as failing to set financial goals and following through on seeing whether or not you reach them – as well as discussing the benefits of using cloud-based technology in organising your finances.
But Amanda says there are a few basics every business owner should know about. She calls them the three Ts:
- Transactions
- Turnover
- Take-home
Listen to this herBusiness podcast with Amanda Fisher to also learn:
- How to use cloud-based technology to help update your finances regularly
- Some of the biggest mistakes business owners make when it comes to finances
- Why it’s important to set up and write out your financial goals – even the simplest of ones
- How to keep up on the progress of these goals
- More about the three Ts and the basics of finance that every business owner should know about
- Why it’s beneficial to invest in an accountant or bookkeeper
- How to keep yourself accountable for your financial goals
This post was co-authored by Courtney Sweeney. Courtney is currently completing a journalism internship at the Australian Businesswomen’s Network. She studies journalism, political science, and public relations at Michigan State University in the United States.