Profit Answer Man: Scaling with Profit First & Beyond Ep 164 Stop The Money Leaks In Your Business with Lauren Colson
Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com
In this podcast episode, financial experts Lauren Colson and Rocky Lavani discuss common financial mistakes made by business owners, including money leaks and inaccurate bookkeeping. They emphasize the importance of reviewing profit and loss statements, keeping track of software costs, and prioritizing business projects.
The conversation also touches on cash flow projections, understanding the balance sheet, and the need for a solid financial partner. Colson and Lavani provide tips and advice for managing finances effectively and improving profitability. They stress the importance of focusing on the bottom line and being resourceful rather than seeking more resources.
The Key Takeaways for this episode are:
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Business owners should regularly review profit and loss statements and keep track of expenses to avoid money leaks and inaccurate bookkeeping.
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It's important to prioritize projects and invest in those that will have the greatest impact on the bottom line, rather than spreading resources too thin.
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A solid financial partner, such as a bookkeeper or accountant, can provide valuable insights and guidance for managing finances effectively and improving profitability.
Bio Lauren Colson is a number geek with people skills!
As the owner of Colson Strategies, she runs a small but mighty team. Lauren finds passion in helping business owners make the best, most informed decisions through financial information. Lauren knows you're working hard to grow your business and as a financial expert, she doesn’t take that lightly. Lauren, along with her team, take the scary out of your finances so you can focus on what matters most.
Her job is to empower entrepreneurs with the tools they need to make the best decisions in their businesses. Lauren is more than a business owner - she is a mother of two, a coffee lover, and a book-reading, beach-loving, mindset enthusiast.
Links:
https://www.colsonstrategies.com/Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.