Episode 156: The Secret to Your Business Numbers Will Change Everything with Lauren Colson
It is time to get a bookkeeper? Or if you’re not happy with your bookkeeper, is it time to change?
We’re going to take some time to discuss finances, so you can get excited about what’s coming up next year.
Today’s guest is Lauren Colson, of Colson Strategies. Lauren is one of the guest experts I bring into the Sales Mastermind. She is so crystal clear about accounting and bookkeeping. She helps people understand finances are not something to be afraid of. Knowing your numbers is empowering. I think she's got this really cool, down-to-earth way of talking about money and accounting and bookkeeping and, my favorite, of course – projections or what's possible in your business.
When people don’t know their numbers; they don’t fully understand the ins and outs of it. Whether the person is scared to look at the numbers, or they think they have it all in their head – there is a big knowledge gap. And that’s a problem because people can make decisions that really impact their finances and they won’t see the consequences coming.
That knowledge gap can really impact a business owner’s ability to grow. Maybe the person wants to bring in three employees at a $50K salary. The importance of mapping out the finances and getting it out of your head becomes clear when you realize you need to consider payroll taxes, and worker’s comp insurance – there’s more to it than just that $50K.
Lauren says one of the biggest mistakes business owners can make is not understanding how much money their products and services are actually making. Big numbers can be misleading, so it’s key to understand what you’re bringing in at the product or service level.
For example, say you have four major services and one makes a lot of revenue. If you don’t realize that it has a lot of costs associated with it, you won’t realize you’re not making as much money. Maybe that service isn’t worth doing at all, and you need to put your time and energy into a higher performing service.
Lauren notes bookkeeping and recording all of your transactions is like a rear-view mirror – it helps you know what has happened. Getting everything down on paper and projecting what’s going to happen is how you move forward. You need both to know where you can take your business and how to get there.
This is why understanding the numbers is empowering. That knowledge can transform your business.
Helping others understand those numbers has led to Lauren and her team developing new services for small, pre-revenue businesses to multi-million-dollar businesses. It’s all about focusing on financial strategy: Where are we going, and how are we getting there?
===== Mentioned =====
===== Next Steps =====
- Stop Pretending You Can’t Make Money
- How to Make Financial Goals that Stick
- 3 Money Myths Keeping You Broke
- Transcend Your Money Beliefs, With Michelle Arpin Begina
===== Connect with Lauren Colson =====
- Website
- LinkedIn: @laurencolsoncpa/
You can check out our podcast interviews on YouTube, too!
Most business owners don't know how much money they actually need to make to feel free. It's time to break that trend. Download my free Freedom Calculator here and figure out the perfect number for you.
