A simple, easy-to-read guide for small business owners interested in having a better understanding of their business finances.
The money journey continues. I’ve never been comfortable with money. Growing up we were poor, so money conversations generally involved things like “No, we can’t afford that.” Then, as my career and salary grew, I embraced abundance only to learn the lesson that no amount of money could buy you happiness and joy.
As an entrepreneur, I’ve learned that if you’re not managing your business and your money, you don’t have a business. You have a job that pays an irregular income.
This is the year I’ve vowed to understand and embrace the financial components of my business and my life. It’s been a journey and I’ve been reading a lot of books on the topic. I read Profit First, The Millionaire Master Plan and most recently The Financially Savvy Entrepreneur: Navigate the Money Maze of Running a Business. I received a review copy a few weeks ago and have just finished it as part of my summer reading.
Emily Chase Smith – Helps Entrepreneurs Make Good Decisions
I’ve noticed a trend recently in the coaching and consulting marketplace. The influx of what I call non-traditional life coaches. These are attorney’s, financial planners, CPAs and other professionals along those lines.
I think this is a wonderful trend because it reflects the growth of solo-preneurs and acknowledges the need for these small business owners to have access to professional advice without a large digit price tag.
This is where you’ll find Emily Chase Smith. She’s a California attorney and money expert who helps entrepreneurs make good decisions as they start to grow their business. Her catch phrase is “Money only counts if you keep it.” You can hear more of her advice on her podcast “The Entrepreneurs Money Podcast” and read her blog at EmilyChaseSmith.com.
She’s been a bankruptcy attorney and uses these experiences to help small business owners build a grow a financially sound business.
It’s a Step-by-Step Understanding of the Good, Bad and Ugly of Business Finance
One thing I really appreciate about The Financially Savvy Entrepreneur is it’s focus on the entirety of small business finance; how to budget, how to get loans, how to keep cash flowing, etc.
This isn’t just a book about making and keeping more money and it isn’t a book about mindset. This is a practical guide for the pragmatic small business owner. Yes, it’s a little more “dry” than some of the other books I’ve been reading, but Chase Smith is spot on honest about the way it goes for small business owners with their finances.
One of my favorite chapters is Chapter 4 “What’s Eating Your Lunch”. In this chapter, Emily debunks the myth of having all the external trappings of owning a business and helps you identify those hidden items that are eating away at your cash flow and your profits.
I especially love the table she has on page 111 that outlines where you should put your money based on the kind of business that you have. If you’re a lawyer, get an office, ditch the fancy car and make sure you have great furniture. Or, if you’re a trainer, forget the office, forget the car and get yourself a great wardrobe.
I just love that kind of practical financial advice and you will too.