If you’re anything like me, numbers are one of your least favourite parts of business.

They’re one of the jobs you tend to put off then finally get to later and regret you let your books get so out of order.

Well, I think it’s time we change things around and take ownership of this less fun area of our biz.

In this episode I chat with money and business mentor Natalie Hall. She shares with us 5 numbers all biz owners need to be on top of and how we can practically do that through weekly and monthly money dates!

Natalie has seen too many businesses go under due to a lack on money management, but being a business owner herself she can see how tricky all the aspects of running a business is and her dream is to make the money side a little more manageable!

Here are some of my notes from our discussion:

5 numbers:

1. Your budget: plan out your money goals for the 12 months. Write down sales expected, expenses, investments, wage, super and forecasted profit. You can then make decisions on how you’re going to hit those goals. (Look at profit and loss statement for past figures to gain inspiration for these goals)

2. Cash flow forecast: Cash is king. Weekly cash flow forecast – over 12 week periods. This is the cash coming in vs coming out.

3. Tax: Speak with an accountant about working out your income tax for the year. Make monthly payments into a personal tax bank account so you’re putting it aside and don’t get a shock when it’s time to pay. Also looking at GST and putting it in a separate account too.

4. (and 5!) Sales and profit: Profit is what we end up with at the end of the day so it’s important to know what our end profit is. Look at sales weekly/monthly and profit end of each month. Compare against your budget and see if you’re on track.

WEEKLY: Have a weekly month date! ie. sit down on a Friday and check in on your numbers, reconcile your accounts, weekly revenue, expenses, cash in and out, bank balance and if you need to put any money into your tax accounts. Check invoicing, bills, etc. Look at your expected cash flow for the following week. And a check in on YOU – sleep, eating, family, self care – being aware of you and your mindset.

MONTHLY: Get your financial statements, maybe even print them off!! Profit and loss, cash flow, balance sheet – go through sales and then go line by line in your profit and loss expenses (check it’s going to plan and check that it’s all correct). Cross check your actuals with your budget. Check bank, cash, tax, super, GST accounts and Plan for the month ahead.

Don’t be put off my this list! Natalie explains that once your weekly/monthly dates are set up they won’t take long at all and will lead to far more success for your business in the long term as you make informed and wise decisions with your money.

ABOUT NATALIE:

Natalie Hall is a former accountant CPA turned money and business mentor based in Melbourne, Australia. She helps high achieving, 6-7 figure business owners grow their profit whilst prioritising their wellbeing and mindset. Educating women financially so they can learn the power of numbers to grow their profit, as well as supporting them to harness the power of their mind and wellbeing to create the business and life of their dreams. 

The end result? Unwavering self belief and trust so they can become the woman they were destined to be.
 

CONNECT WITH NATALIE:

Website: nataliejhall.com

Instagram: @natalie_j_hall

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