In this episode 197 of "Small Business Talk with Cathy Smith," guest Amy Bett we discuss the challenges business owners face in managing money. Amy, a profit first professional and founder of Ladies Without Limits, helps business owners take control of their finances. She emphasizes that although many business owners initially focus on their product or service, understanding and making informed financial decisions is crucial as their businesses grow. Amy shares her personal experience of failing in her own business before becoming a profit first professional, reassuring business owners that managing money is not as difficult as it seems. She encourages them to seek support and learn simple systems to gain confidence in their finances.

Cathy and Amy discuss the profit first method by Mike Michalowicz, which involves separating cash flow into different bank accounts for income, expenses, taxes, profit, and owners' pay. This method provides better visibility of available funds and prevents overspending. They also highlight the importance of financial reports, such as profit and loss statements and balance sheets, in understanding business performance. Amy advises starting with small steps, like setting aside money for taxes, and gradually learning how to read and analyse financial reports.

The significance of averages in managing business finances is discussed, as they provide a clearer picture of income and expenses over time. Amy suggests using accounting software for financial organisation and informed decision-making. Planning for taxes and other financial obligations is emphasized to avoid last-minute stress. They also mention the relationship between money management and an abundance mindset, emphasizing the positive impact of being in control of finances.

To learn more about Amy and her work, visit her website at amybett.com. This episode provides valuable insights and practical tips for business owners struggling with money management.

Episode 197 Small Business Talk With Business WIth Cathy Smith Brought to you by CATCO Enterprises.

In this episode 197 of "Small Business Talk with Cathy Smith," guest Amy Bett we discuss the challenges business owners face in managing money. Amy, a profit first professional and founder of Ladies Without Limits, helps business owners take control of their finances. She emphasizes that although many business owners initially focus on their product or service, understanding and making informed financial decisions is crucial as their businesses grow. Amy shares her personal experience of failing in her own business before becoming a profit first professional, reassuring business owners that managing money is not as difficult as it seems. She encourages them to seek support and learn simple systems to gain confidence in their finances.
Cathy and Amy discuss the profit first method by Mike Michalowicz, which involves separating cash flow into different bank accounts for income, expenses, taxes, profit, and owners' pay. This method provides better visibility of available funds and prevents overspending. They also highlight the importance of financial reports, such as profit and loss statements and balance sheets, in understanding business performance. Amy advises starting with small steps, like setting aside money for taxes, and gradually learning how to read and analyse financial reports.
The significance of averages in managing business finances is discussed, as they provide a clearer picture of income and expenses over time. Amy suggests using accounting software for financial organisation and informed decision-making. Planning for taxes and other financial obligations is emphasized to avoid last-minute stress. They also mention the relationship between money management and an abundance mindset, emphasizing the positive impact of being in control of finances.
To learn more about Amy and her work, visit her website at amybett.com. This episode provides valuable insights and practical tips for business owners struggling with money management.
<a href="https://smallbusinesstalk.com.au/197">Episode 197 Small Business Talk With Business WIth Cathy Smith Brought to you by CATCO Enterprises.</a>

Small Business Talk for Coaches with Cathy Smith

Your go to podcast for marketing, visibility, and client growth. Whether you are just starting out or ready to scale, Cathy shares real strategies to turn your coaching passion into a profitable business.

🎙 Weekly episodes
📈 Practical tips and tools
🤝 Built for coaches like you

Need help growing your business?
Get free resources, the book, and program at
coachesmarketingroadmap.com.au

Follow for updates and fresh episodes.

Small Business Talk for Coaches with Cathy Smith
Your go to podcast for marketing, visibility, and client growth. Whether you are just starting out or ready to scale, Cathy shares real strategies to turn your coaching passion into a profitable business.
🎙 Weekly episodes 📈 Practical tips and tools 🤝 Built for coaches like you
Need help growing your business? Get free resources, the book, and program at <a href="https://coachesmarketingroadmap.com.au" data-start="575" data-end="647">coachesmarketingroadmap.com.au</a>
Follow for updates and fresh episodes.

Small Business Talk Podcast For Coaches. This podcast is the ultimate resource for coaches looking to transform their coaching passion into a thriving business. Cathy Smith began her journey as a marketing professional in 2001 and has helped thousands of businesses to grow. Cathy specialises in helping coaches and is dedicated to showing you how to get your first clients and many more. If you are ready to take your coaching practice to the next level, then you are in the right place. Whether you are just starting your coaching journey or you're an experienced coach not seeing the results you desire, this podcast is for you.

Small Business Talk For Coaches With Cathy Smith

Small Business Talk For Coaches

Why Do Business Owners Find It Difficult to Manage Money. In this episode 197 of "Small Business Talk with Cathy Smith," guest Amy Bett we discuss the challenges business owners face in managing money. Amy, a profit first professional and founder of Ladies Without Limits, helps business owners take control of their finances. She emphasizes that although many business owners initially focus on their product or service, understanding and making informed financial decisions is crucial as their businesses grow. Amy shares her personal experience of failing in her own business before becoming a profit first professional, reassuring business owners that managing money is not as difficult as it seems. She encourages them to seek support and learn simple systems to gain confidence in their finances.  Cathy and Amy discuss the profit first method by Mike Michalowicz, which involves separating cash flow into different bank accounts for income, expenses, taxes, profit, and owners' pay. This method provides better visibility of available funds and prevents overspending. They also highlight the importance of financial reports, such as profit and loss statements and balance sheets, in understanding business performance. Amy advises starting with small steps, like setting aside money for taxes, and gradually learning how to read and analyse financial reports.  The significance of averages in managing business finances is discussed, as they provide a clearer picture of income and expenses over time. Amy suggests using accounting software for financial organisation and informed decision-making. Planning for taxes and other financial obligations is emphasized to avoid last-minute stress. They also mention the relationship between money management and an abundance mindset, emphasizing the positive impact of being in control of finances.  To learn more about Amy and her work, visit her website at amybett.com. This episode provides valuable insights and practical tips for business owners struggling with money management.  Episode 197 Small Business Talk With Business WIth Cathy Smith Brought to you by CATCO Enterprises.