The Financial Advice Every Small Business Owner Needs for Success with Shanna Skidmore
Did you know 85% of small businesses fail due to financial reasons?
While money might not have been the reason you started your business, it is essential for keeping it going.
But for all the self-proclaiming “non-money people” out there rolling their eyes, we have good news…
You don’t need to be a mathlete or a numbers whiz to master your business finances.
It all comes down to understanding just five simple numbers.
Curious about what these numbers are?
Tune in to this week’s episode of the Energize Your Online Business podcast, featuring Shanna Skidmore. A former Fortune 100 financial advisor turned business consultant, who has spent the last 15 years helping entrepreneurs around the world make more money and manage it well. Shanna makes managing money simple and (dare we say, fun!).
If you’re feeling overworked, underpaid, or clueless about your finances, this episode is a must-listen.
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Chapters:
00:00 Introduction
00:47 Shanna's story
02:36 Career success vs. business success
03:28 Common pitfalls of growing your business
07:20 Shanna's expertise and work background
09:34 Top 5 financial reasons small businesses fail
11:15 Examples of Shanna's clients
15:37 Focusing on revenue
18:05 Comparing your price to competitors'
21:01 Three cost factors
23:04 Actual value vs. perceived value
26:15 Building a strategic growth plan
27:49 Knowing your enough number
28:40 Setting your sales goal
30:31 Five numbers business owners need to know
32:47 How is your business really going?
35:41 Knowing your numbers
37:20 Wrap-up