Navigating Financial Challenges: Lessons Learned and Empowering Solutions for Small Business Owners

In the dynamic world of small business ownership, financial challenges are inevitable. However, these challenges can be transformed into stepping stones for growth and success. Join me as we delve into the valuable lessons learned during our recent workshop with Michelle at Master Booking and explore practical solutions to empower your business.

In December, we collaborate to help share the power of using your financial data with goal setting with business owners. Through strategy sessions and client calls, I've noticed that financial data is paired with goal setting instead. However, we want to make more money without understanding how much “more” is needed or the action steps needed to hit the goal.

We found several common challenges our participants faced. The conversations throughout December were insightful for both Michelle and me. Here are three challenges that came up for our participants:

1. Embrace Financial Visibility with Quickbooks

Many small businesses overlook the power of financial tracking platforms, hindering their growth potential. One solution stands out – Quickbooks. This user-friendly platform is tailored for event planners and small business owners, providing a streamlined approach to managing your finances. With Quickbooks, you gain real-time insights into your cash flow, expenses, and profits, paving the way for informed decision-making.

I did share how I started with QuickBooks for my event planning business. Over the past decade, I have enjoyed the unique features and updates that make keeping all my business financial data at my fingertips easier. Bookkeeping and tax season do not have to be difficult using a platform that keeps you organized.

2. Clearing the Fog: Pricing for Profit

Operating costs and pricing strategies often lead to confusion among entrepreneurs. Quickbooks offers a crystal-clear view of your financial health, helping you understand the actual cost of running your business. This platform allows you to confidently set prices that cover your expenses and ensure a healthy profit margin. Say goodbye to pricing uncertainties and hello to financial clarity!

I’ve made the mistake of thinking more revenue meant more profit. I oversaw keeping updated on administrative spending and our general operating costs. For the past few years, I have reviewed the profits per event quarterly to ensure my profit margins are not decreasing. Inflation has impacted multiple industries in this period. You want to ensure your pricing is based on how much it takes to run your business and how much you want to make while considering your actual operating capacity.

3. Grant Yourself Grace on the Journey

In the pursuit of success, it's crucial to acknowledge and honor your current business stage. Granting yourself grace allows you to set realistic goals aligned with your unique circumstances. Remember, each business journey is amazing, and comparing yours to others can be counterproductive. Embrace your progress, set achievable milestones, and relish the satisfaction of reaching them.

We set our goals. Comparison is the theft of joy. It can feel tempting to look to the left and right at everyone else highlight reels. Instead, you can create milestones that inspire and ignite your journey daily.

As we navigate our financial journeys, having the right tools and mindset is paramount. We are saving ourselves money by skipping on a monthly bookkeeping subscription. It saves you the extra fees for tax preparation, the money lost due to not correctly tracking receipts, and so much more. The QuickBooks Self-Employed member is currently $20! The best investment to save you money long term.

To kickstart your financial transformation, I invite you to try Quickbooks with an exclusive 30% discount for the first six months using my link. Don't miss this opportunity to revolutionize your financial management and propel your small business to new heights. Click HERE to get your special offer!

In conclusion, embracing financial tools, understanding pricing dynamics, and practicing self-compassion are critical to a successful entrepreneurial journey. Here's to conquering your economic challenges and building a thriving business!