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Episode 4: Get a grip on your biz funds with these money mindsets
Dondrea Owens is a Certified Professional Accountant (CPA) who helps women entrepreneurs get a handle on their cash so that they can support their lifestyle, grow their business, and save for the future.
Before launching The Creative’s CFO (Chief Financial Officer), Dondrea worked in public accounting by day and ran her graphic design business Jenkins Rose by night.
Her core mission is to educate and empower women to confidently make financial decisions in their business.
She lives in Cumming, Georgia with her husband John and spends her time raising their two young children and reading romance novels.
In this episode we talked about:
· Trading services in the industry- the benefits
· The process what an online CPA does and the hurdles that come into play from it being online.
· A few key ways to manage money, especially those who run online businesses.
· Understanding what a money mindset is, coming up with a strategic plan to shift towards more positive mindsets, and overcoming limiting beliefs.
· The best ways to focus on the numbers of clients needed and what the price points should be during a certain period of time.
· How to take off the pressure from trying so hard to get so many clients.
· Ways to setup budgeting client numbers and how to make it manageable.
· Investments; what they are and how to go about them correctly.
· Knowing what the difference between an investment vs expense is and knowing if an expense is worth it by budgeting for it.
· Ways to budget for those who specifically attend conferences.
· Mindset on using credit vs liquid assets for business debt.
· Why small business owners believe they shouldn’t be paying that much in taxes and figuring out ways to know what they should owe by doing the numbers with proper bookkeeping.
· Tips for DIY (do-it-yourself) bookkeeping vs professional outsourcing.
Here’s a few quotes that we thought were awesome:
<7:58> “Money is the route of all evil.”
<12:06> “I say that operating expenses should be about 30% of what you spend.”
<12:50> “Budgets don’t have to be annual…that’s another myth.”
<15:19> “Know your numbers upfront and to keep that budget going so that you’re not relying on what’s in your bank account to tell you what you can do.”
<23:24> “Try not to put things on credit when you don’t need to put them on credit and ask yourself, before you wipe the credit card, “Is this an Oprah moment?...””
<31:21> “The two professionals that you need are a money-person and a legal-person.”
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