How Many Entrepreneurs Waste Money and Struggle Financially with Sylvia Inks, Ep. 283

There are many small business owners that have a great product or service but struggle with their business finances. This pandemic has seen many businesses close as soon as there was an interruption in operations. Even worse, many of these companies have been wasting money that could have helped them generate greater profits.

 

Sylvia Inks identifies that many of these owners just need a little help understanding their finances and managing their budget. Sylvia is a business coach, finance expert, and speaker who teaches small business owners how to grow profitable businesses by focusing on systems, pricing, and diversification with 5+ income streams.   

 

She is the author of the #1 Amazon best-selling book, “Small Business Finance for the Busy Entrepreneur – Blueprint for Building a Solid, Profitable Business.”  And in this episode, she shares how owners can stop wasting money, determine appropriate pricing strategies, and create more profits.

 

Partner: Download our Sample Deal Package

 

Insights to Create a More Profitable Business

• Sylvia helps small business owners who struggle with finances
• The top financial struggles small businesses go through

 

I see smart business owners with a great product or service, but they are one step away from having to go back to corporate America because they can’t manage their finances. 

 

• The ongoing impact of early money impressions that people receive 
• How to start to manage your finances, but first answer these three questions:

1. Do you have a business plan?
2. Do you have a working budget? (this is key!) 
3. How are you paying yourself?

 

If you don’t have a business plan, you don’t know where your business is going. 

 

• The steps to take to create an efficient budget 
• Tips on paying yourself while running a profitable business
• Process of how to pay yourself when dealing with fluctuating income 
• Sylvia’s book best-selling book, Small Business Finance for the Busy Entrepreneur
• How to manage your personal and business monies, and the ramifications if you manage them incorrectly

 

Never commingle personal and business money which could result in IRS penalties.

 

• The process to ensure you are not inadvertently crossing lines and opening yourself up to penalties or problems with the IRS
• Document everything! 
• How to find money in your budget that you didn’t even know was there!
• Should you be spending money on tools or further education? 
• A small business case study and how Sylvia solved their financial problems
• Tips on creating a pricing strategy

 

The two areas that I see small business owners fiercely compete are customer service and quality.

 

• Effective marketing strategies for small business success
• How are you helping your clients and/or customers? 
• Managing your email marketing
• The question that Sylvia would hope every business owner would ask her: How are you investing in yourself for a better ROI? 

 

Bullseye Round

Apparent Failure:

I hired someone to create my website that I was not comfortable with. My gut reaction was correct, and I hired someone else to fix it. Listen to your gut! 

 

Digital Resource:

Atomic Habits

 

Most Recommended Book:

I Will Teach You to Be Rich (Ramit Sethi)

 

Daily Habit:

Creating a productivity schedule 

 

Current Curiosity:

Small Business Marketing 

 

Wish I Knew When I Was Starting Out:

Creating an email list earlier on.

 

Best Place to Grab a Bite in North Carolina:

Brothers of New York Pizza 

 

Get in Touch with Sylvia:

Free email course: Top 5 Tools to Save You Time & Money in Your Small Business