Purposeful Profit

Recently, I was talking to someone, and they asked me why profit mattered. 

I'll admit, was taken aback a bit. I felt like they were asking me why I needed to breath. It seemed so obvious to me.  

Businesses need profit to survive over the long-term. And business owners need profit if they want financial freedom or just to support their lifestyle.  
 
But profit is actually discussed very little in ma...

Sometimes what we mistake for fear or avoidance of our business finances, is really money trauma, which is a deeper issue than just being overwhelmed or confused or fearful of your finances. Join me for a conversation with Hailee, a trauma coach, as we talk about and try to normalize money trauma.

We talk about how money trauma is different from fear or anxiety, how to recognize the signs of money trauma and how Hailee use...

Do you have an LLC but are confused about how to file your taxes? This week's podcast episode is just for you.

April 15th is less than a month off, which means you need to get those LLC taxes done. Tax laws can be complicated and overwhelming., but whether you are doing your own or hiring a pro, it's important as a business owner to know the basics. 

Quite simply, informed business owners make better dec...

Freedom is my top value. It's really why I started my business.  I wanted more financial AND time freedom.

It's also usually a top 3 value of my clients as well.

But freedom means different things to everyone.

Knowing what freedom means to you is important if you ever want to achieve it.

In this week's episode of Purposeful Profit, I'm talking all about freedom, what it mean...

In today's episode of Purposeful Profit, I'm helping answer one of the most common questions I get from business owners:  

"Should I be an S corp or an LLC?"

And the answer is, they really are not mutually exclusive. 

You can be an LLC as a legal form AND still elect S corp status. And doing so, can generate significant tax savings under the right circumstances. 

Join me for t...

The best bookkeeping system for your business is the one you'll use.

A system, no matter how full featured, that you don't use, isn't any better than no system.

So if you don't have a system or you aren't using the system you have and are overwhelmed by the idea of using QBO or adding the cost, you are who Simple Financials was designed to serve.

Alex Mitchell is an integrative hy...

Is your bookkeeping system a shoebox? A file folder?

A bookkeeping system provides a way to record and classify transactions and a shoe box or file folder can't do that.

But not everyone needs (or wants) a full featured system like QBO. And bookkeeping doesn't have to be complicated.

🎧 Tune into this week's episode where I talk about the simplest bookkeeping system. You'll learn:

It's tax season and that often brings a lot of stress, handwringing and anxiety to business owners.

But tax prep can be a breeze if you are prepared.

Before you go to your tax preparer, there's some easy steps you can take to reduce the questions you get from your tax preparer and makes sure you've maximized your deductions.

🎧 Tune into this week's episode and be prepared for your sm...

In this week's episode of Purposeful Profit, I'm clearing up the confusion I see among small business owners around the requirements for 1099 reporting. 

And this confusion is leading to 1099's being issued for incorrect amounts, to people who should not receive one, not being issue to those who should get one.

Tune into this week's episode and get the 1099 rules broken down for you in simple t...

Is your business built on a solid foundation? Or is it built on dirt or soft ground?

When you build a house on soft ground, it might stand for a time, but eventually it caves in. Same goes for your business.

And your finances are the basement of your business. It’s the part that’s invisible to most outsiders, but what holds up the upper floors - your sales, marketing and your own personal zone of genius.

...

There is one thing that absolutely every business needs: bookkeeping.

You need it not just to report taxes properly, but to understand the finances of your business.

Selecting your bookkeeping system is one of the earliest decisions you'll make in your business.

But, let's face it, you are not an accountant and may not know what you need or understand your options. And selecting a system with ...

The only thing worse than no bookkeeping is bad bookkeeping. It costs you time and money, both today and in the future. I know because I'm often working with clients to clean up shoddy bookkeeping work. It's the starting point for a good financial foundation.

There are a lot of great bookkeepers and accountants out there. But it's also an unregulated field and anyone can hang out a shingle.

It&apos...

Are your finances for 2023 all in order? Or are they a bit of hot mess?

Are you going to be able to spend Q1 focused on your 2024 goals or are you going to spend it in mad rush, full of anxiety, trying to pull all your numbers together.

What if this time next year, your finance were all in order and you were not scrambling for the tax guy. What if you had put the annual mad rush and tax anxiety to bed and were ab...

The cash flow statement is one of the three standard financial statements for businesses. Yet it's an engima for many business owners.  It's typically the least used and understood of the 3 standard financial statements. Yet it's a vital tool to helping you understand how your business generates and uses cash flow. 

And that understanding and knowledge is key to managing your cash flow.

Join me for ...

Do you lose sleep worrying about whether you have enough cash in your business to pay your bills? Whether you can invest in your business so you can grow? 

Well, you are not alone. 70% of business owners say they have cash flow issues. 

When you are running a small business, cash is king. Because if you can't pay your bills or don't have money to invest in the business, you won't be able to sustain ...

Making more profit in your business and more money in your life doesn't start with your numbers. Or your strategies. It starts between your ears with your mindset.

The money stories we tell ourselves directly impact our ability to build profitable businesses and create wealth and money in our lives. These stories, many of which we accept as fact, are really just thoughts and beliefs we keep repeating to ourselves. The...

One common mistake I see with business owners who want to make more profit is that they are putting profit last. Profit is what happens to them after all their expenses are paid.

But sustainable project requires a Profit First mindset. In this week's podcast, I'm talking about how a Profit First mindset can transform your business. 

A profit last mindset is a sure way to unending hustle, burnout and poor...

When you hang out with entrepreneurs with a vision for their business, there’s one thing you’re bound to hear them talking about: scaling

But there’s a word missing from almost every discussion: PROFIT

And profit, not revenue, is the real point of scaling. But for various reasons, all the conversation about scaling centers around revenue. And this is resulting in businesses scaling prematurely and building outsized business...

This week I'm blowing the lid off one of the biggest myths out there about improving your profit. Profit improvement isn't just about increasing revenue or cutting costs.

In this week's episode, I'm sharing 5 much more nuanced strategies that can improve your profit without you hustling to chase more revenue or taking an axe to your expenses.

You'll learn:

• Why increasing your revenue or cutting e...