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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.
Looking for closed captioning or a transcript? Watch the episode on YouTube!
A Sneak Peek at the Episode
[0:00] Note: this episode is from an in-person session from one of our other brands, but the content is applicable to entrepreneurs across industries. We hope you enjoy this special episode!
[02:23] Shanna worked in finance, helping entrepreneurs around the world make more money and manage it well. She unlocked the blueprint to building a profitable and sustainable business designed to align with the life you want to live.
[06:02] It’s like we try all the things and it just feels sometimes like we’re spinning wheels focusing on the wrong numbers. Here’s the next thing which will make you your roadmap to six figures.
[11:01] Did you know that 85% of small businesses fail? You’ve probably heard this statistic before, but did you know that all five of the top reasons are all financial? These are very solvable problems.
[18:03] Our goal isn’t revenue. Our goal is profit. Do not look at how much you sell, but think about how much you want to make at the end of the day, after all is said and done.
[22:10] Never sell anything until you know what it costs. Until you know what your goods or services cost, price is just a guessing game.
[35:25] It comes back to just five simple numbers. When we know how to read those numbers and analyze those numbers and figure out what’s going on, it empowers us to make better decisions.
Mentioned on this Episode
Must-Hear Takeaways
As with every episode, we highly encourage you to listen to the entire conversation! But, here are a few of the highlights:
“Being great at your craft does not guarantee success in business. You could be the best copywriter, you could be the best financial advisor, you could be the best coach designer, but that does not guarantee success in business. So I’m gonna give you some great tips and takeaways today of how to actually make money doing what you love in case you haven’t yet made your income goals.” – Shanna
“This all comes from when you know why you charge what you charge, you’ll stop emotionally pricing. When we understand why we’re charging what we are, it’s so much easier to say, that’s what the price is. If we need to lower the budget, let’s take some stuff away. How can you avoid these common mistakes in your own business and really move forward with some financial understanding?” – Shanna
“If you’ve been in business, what I would recommend is going back to your last three projects and looking at these costs. How your price compares. Did I price it well? Did I make profit on this? How much did it actually cost me to produce my goods?” – Shanna
Watch the episode
You can catch every Energize Your Online Business podcast episode on our YouTube channel. Check out this episode below, and don’t forget to subscribe to the Circuit Sales System channel so you don’t miss anything (including some special, YouTube-exclusive content).
Get an *Exclusive* Bonus Recording!
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Plus, you’ll get your copy of the 6 to 7 Figures (and Beyond) Workbook for Ambitious Business Owners, and our team’s suggested reading list packed with ideas to help you move your business further, faster!
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About the Energize Your Online Business Podcast
Are you sick of the stress, chaos, and risk of trying to keep up with the next big thing in digital marketing? And what about the confusion of trying to scale, build a team, and still try to make sure your business is worth the effort it takes to run it? You are not alone.
Join Nicki Krawczyk, a 20-year marketing veteran and owner of a multi-seven-figure-per-year digital training company and her co-host Kate Sitarz as they bust through the online business industry echo chamber to talk about how to make consistent, predictable sales and how to scale your business with simple and stress-free systems.
Subscribe now to be the first to hear new episodes every other Tuesday!