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My Daily Business Podcast
The steps I work through to consistently make good money in my small business
Jan 31, 2024
In this coaching episode, Fiona guides small business owners through the critical process of Money Mapping. Topics discussed include reviewing the prior year, mapping out revenue streams, and emphasizing the importance of financial planning. Listeners are encouraged to reflect on personal business growth and take a strategic approach to ensure success and sustainability.
47:47
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Quick takeaways
- Determining your thrive figure is essential for financial success in a small business, which involves mapping out revenue streams and financial goals.
- Evaluating profitability, optimizing financial systems, and seeking guidance help make informed decisions when mapping out finances.
Deep dives
Creating a Thrive Figure
To achieve financial success as a small business owner, it is crucial to determine your thrive figure, which includes mapping out your revenue streams and financial goals. This process involves reviewing the previous year, assessing big expenses, identifying periods of reduced work availability, calculating the survive rate (minimum required income), and adding desired achievements and their associated costs to determine the thrive figure. Each revenue stream should have a target goal that, when combined, equals the thrive figure. It is essential to regularly review and adjust these goals, consider profitability, plan marketing strategies, evaluate support systems, and improve financial literacy to stay focused on achieving your financial objectives.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode