Having a great idea for a business doesn’t necessarily mean you understand how to best manage your money, make a financial plan, or handle cash flow. So where does an entrepreneur turn when they need to learn how to manage the financial end of their business responsibly?
They can turn to someone like today’s guest, Tracey Bissett. Tracey provides her clients with coaching. She prefers to frame it as teaching them how to become financially fit, rather than focusing on financial literacy. She helps her clients succeed by making sure that they understand how to manage their money in a smart way.
Listen to the episode to hear Tracey explain what her clients are looking for and how she guides them, the biggest mistakes she sees, and what main ideas she wants her clients to walk away with.
Topics Discussed in Today’s Episode:
✔ Tracey’s history and the company she runs
✔ The types of clients Tracey works with
✔ What clients reach out to Tracey for
✔ What Tracey means by financial fitness
✔ What are the “whys” Tracey gives clients to think about
✔ Some of the biggest mistakes Tracey sees
✔ Whether entrepreneurs know they are making mistakes by the time they come to Tracey
✔ What most business owners are successful at when managing their money
✔ Whether most business owners understand their financial statements
✔ Whether Tracey has a few main components she wants clients to walk away with
✔ Differences in how Tracey coaches from a geographic standpoint
✔ Tracey’s process with clients
✔ Why cash flow planning is important and how to set the price
✔ Advice for growing a healthy and sustainable business
Resources:
QUOTES:
“I do have quite a few people reach out and start wanting to plan for a future-oriented business so they’re getting their business plan together.”
“Most people don’t decide to start their business not to get a paycheck.”
“It’s not that we’re solving all the problems immediately, but we’re quantifying them, and then they’re able to move forward with action steps to actually solve things.”
“If we’re trying to understand what they can or can’t afford, what I find is the easiest way to do that is build out a cash flow forecast.”
“If we can’t figure it out simply, with a piece of paper, we’re probably making it too complicated.”
“By knowing what we think is reasonably going to happen, either by looking at our historical results or what we have in our pipeline, or we know what trends are, we can start to see, are we going to have a need?”