Financial stress doesn't announce itself loudly---it sneaks in, builds up, and can bring even thriving businesses to their knees. Up to 82% of business failures are rooted in poor financial management. Could your business be making critical mistakes that jeopardize its future?

On this episode, learn how to spot red flags, tackle cash flow challenges, and implement systems to build a resilient business. I’ll give some actionable strategies, and a step-by-step survival plan to help you avoid common pitfalls like pricing mistakes, poor cash flow oversight, and underprepared growth planning.

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• 0:00 - Introduction: The struggle of small business finances and today's toolkit
• 0:45 - Why this episode matters: 82% of failures come from poor financial management
• 2:18 - The 7 biggest financial mistakes businesses make
• 4:12 - Mistake #1: Poor cash flow management (timing mismatches and seasonal challenges)
• 6:34 - Mistake #2: Lack of financial systems and tools for tracking expenses
• 8:16 - Mistake #3: Pricing problems, from underpricing to ignoring overheads
• 11:09 - Mistake #4: Insufficient financial planning during growth phases
• 14:00 - Red flags your business is in financial trouble (declining margins, overdue receivables)
• 17:36 - Case study: Helping a client double profitability through strategic changes
• 20:48 - Building your financial survival toolkit: Tools, systems, and cash flow planning
• 24:15 - The importance of an emergency fund and disciplined reserves
• 28:03 - Growth planning: How to prepare for sustainable scaling
• 31:15 - Fiona's closing advice: Take control and stay proactive to thrive in business

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Tax season looms, and for many, it brings feelings of overwhelm and dread. From compliance challenges to managing cash flow for unexpected bills, the pressure can be immense. But what if you could tackle it head-on with clarity and confidence?

On this episode of Become Sensible, we dive deep into tax season preparation for business owners. We’ll go into the psychological hurdles, practical challenges, and the importance of proactive organization. You'll learn actionable tips like setting up a documentation management system, ensuring your financial reports are accurate, and maximizing tax deductions—all while gaining insights into avoiding costly mistakes with the right professional help.

Links:

• Mile IQ App
• Expensify for Expense Management
• Tax Preparation Checklist

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Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 - Introduction: Tackling tax season overwhelm
• 0:32 - Why tax season feels daunting: psychological and practical challenges
• 2:21 - Organizing your documents with a documentation management system
• 6:15 - Essential tax forms and why 1099s matter
• 9:00 - Financial reports: Profit & loss, balance sheet, and common errors
• 12:30 - The importance of hiring experienced professionals
• 14:42 - Tips for maximizing tax deductions during the year
• 17:30 - Key tax deadlines to track
• 19:45 - Tools and technologies to streamline tax preparation
• 23:15 - Final thoughts: Taking action and staying ahead of tax season

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Cash flow problems can sneak up on even the most profitable businesses. Imagine generating strong revenue yet struggling to cover basic expenses—what's the missing link?

On this episode of Become Sensible, we break down the challenges that business owners face when cash inflows and outflows don't align. From understanding why profitable businesses still experience financial strain to exploring actionable solutions, we cover everything from cash flow projections to negotiating vendor terms. We also share inspiring real-life stories of entrepreneurs who started with minimal resources and turned their ideas into thriving brands.

Connect

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 - Introduction: Why cash flow matters more than profits
• 2:30 - Common cash flow challenges in e-commerce businesses
• 5:00 - How delayed payments disrupt cash cycles
• 7:30 - Managing wholesale vs. direct-to-consumer revenue
• 10:15 - The power of cash flow forecasting and cycle analysis
• 12:45 - Negotiating with vendors and optimizing payment terms
• 15:30 - Real-world examples: Starting with minimal capital
• 18:45 - Cutting costs while maintaining product quality
• 22:00 - Innovative strategies for accessing startup capital
• 25:00 - Cash flow traps to avoid and their solutions
• 30:00 - Wrapping up: Key principles for mastering cash flow

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