166. Using Financial Data to Solve Your Business Problems

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Episode Synopsis: 

In this podcast episode, Gina Knox discusses the importance of bookkeeping and how it can reveal the underlying issues in a business. She shares stories of clients who struggle with their finances and explains how looking at the cellular level of a business can help identify and solve problems. Gina highlights six ways that businesses waste money, including software, coaches, team members, projects, equipment, and inventory. She emphasizes the need to be intentional with expenses and make data-backed decisions.

Timestamps:

03:28 - Analyzing a Client's Financial Data
05:23- Understanding the Cellular Level of Your Business
10:22 - Identifying and Avoiding Wasteful Expenses
14:45 - Wasting Money on Software and Coaches
19:51 - Avoiding Unnecessary Expenses and Focusing on Sales
25:01 - Being Strategic with Team Members and Projects
31:12 - Managing Equipment and Inventory Expenses
36:12 - The Power of Looking at Financial Data

Takeaways: 

• Bookkeeping is essential for understanding the financial health of a business and identifying underlying issues.
• Businesses often waste money on unnecessary expenses, such as software, coaches, team members, projects, equipment, and inventory.
• It's important to be intentional with expenses and make data-backed decisions.
• Avoiding financial management can lead to business failure, so it's crucial to confront and address financial issues.
• Looking at the cellular level of a business can help identify and solve problems.
• Regularly reviewing and analyzing financial data is key to making informed business decisions.