9 Money Habits Killing Your Small Business (And How to Fix Them)

27/03/2025 19 min Episodio 40
9 Money Habits Killing Your Small Business (And How to Fix Them)

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Episode Synopsis

You're probably making money---but are you actually keeping it? Too many of us hustle hard, only to find ourselves scrambling during tax season, running out of cash mid-launch, or underpricing our way into burnout. Sound familiar?On this episode of Become Sensible, I break down nine common money habits that quietly derail even the most promising businesses. From skipping tax planning to relying on revenue as our only success metric, I share the exact mindset shifts and strategic practices that can help us shift from survival mode to scalable growth. If you're ready to stop winging it with your finances and start running your business like a true CEO, this episode will give you a clear path forward.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps  0:56 - Habit #1: Not setting a non-negotiable salary for ourselves  2:26 - Why upfront revenue goals create clarity in chaotic seasons  4:00 - Habit #2: Not knowing our numbers---and what to do about it  5:10 - Habit #3: Over-relying on revenue as a success metric  6:46 - Why gross profit margins tell a more accurate story  7:00 - Habit #4: Avoiding tax planning until it's too late  8:26 - Understanding scaling stages and cash flow mismatches  9:46 - Habit #5: Operating without a cash buffer and its risks  11:14 - The danger of over-optimism in our business finances  12:12 - Habit #6: Pricing too low and failing to build margin for growth  13:34 - Habit #7: Not reviewing our financials monthly with our team  15:06 - Habit #8: Trying to scale without systems or automation  16:44 - Habit #9: Not asking for help early enough  17:32 - How the right financial support can pay for itself many times over Hosted on Acast. See acast.com/privacy for more information.

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