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When running a business, finding the balance between paying yourself, managing cash flow, and growing the company can feel impossible. What happens when your resources are stretched thin, and you're questioning your next steps? This episode unpacks the struggles and solutions.
On this episode of Become Sensible, Fiona and her co-host dive into the nitty-gritty of early-stage business challenges. Together, they tackle a case study of a product-based entrepreneur facing inventory bottlenecks, funding hurdles, and personal financial strain. We explore essential topics like raising capital, understanding your breakeven point, building relationships, and making strategic moves to keep your business afloat while still managing personal obligations. It's a masterclass in prioritizing what truly matters.
"Running a business is hard, but with the right strategy and mindset, you can build something extraordinary." Tune in to discover how to focus your time and energy where it counts most and embrace the resilience it takes to succeed.
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
Timestamps:
0:00 - Introduction and the reality of juggling personal and business finances2:30 - Exploring a case study: the entrepreneur's cash flow and funding challenges5:00 - The importance of inventory management in a product-based business7:00 - Strategies for raising capital: self-funding, angel investors, and venture capital10:30 - Aligning your resources: capital, time, expertise, and relationships15:00 - How to identify your breakeven point and prioritize efficiency18:30 - Balancing quality, customer promises, and business growth20:00 - The concept of balance in business: myth or reality?25:00 - Building resilience: creating recovery moments and sustainable habits30:00 - Practical advice for testing a business idea and knowing when to pivot31:00 - Closing thoughts and listener questions: balancing passion and strategyHosted on Acast. See acast.com/privacy for more information.
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Ever wondered if an S Corp structure could help reduce your tax burden? Many business owners are surprised to learn how shifting their LLC to an S Corp could save them thousands. But the journey isn't without its hurdles---phantom income, self-employment tax, and missed compliance deadlines are just the beginning.
On this episode of Become Sensible, Fiona and Anh dive into the world of S Corporations, discussing why and when it makes sense for a business to transition from an LLC. They examine a real-life client case involving a creative agency, tackling common pain points like self-employment tax concerns, phantom income issues, and challenges in keeping personal and business finances separate.
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps
0:00 - Introduction to the episode and today's case study1:30 - Overview of the client's business: structure, revenue, and tax issues3:00 - Understanding phantom income and its impact on LLC members5:00 - S Corp advantages for reducing self-employment tax7:15 - Step-by-step guide to filing for S Corp status9:30 - Common administrative errors and tips for staying compliant12:00 - The importance of separating personal and business expenses15:30 - Strategies for effective quarterly tax planning18:45 - Tips on reasonable salary and tax savings for S Corp owners21:00 - Listener Q&A: Operating agreements, home office deductions, and more25:30 - Wrap-up and final advice on navigating the LLC to S Corp transitionHosted on Acast. See acast.com/privacy for more information.
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Are you trying to decide if an S Corporation is the right choice for your business? I know it sounds appealing with all those potential tax savings, but making the wrong choice can lead to unnecessary complications. But how do you know if an S Corp is truly a smart move for your business?
On this episode of Become Sensible, I'll take you through everything you need to know about S Corporations---from what they actually are to how they differ from other structures, like C Corporations. I'll cover the unique tax benefits, the requirements and limitations, and how this entity type can impact your long-term growth strategy. Whether you're a new entrepreneur or have been in business for a while, this episode will help you understand if an S Corp is the right move for your situation.
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
Timestamps
0:00 - Introduction to S Corporations and common business questions1:00 - Understanding what an S Corporation is and its unique tax treatment3:00 - Pass-through benefits and how they differ from a C Corporation5:00 - Key components and restrictions of an S Corporation8:00 - Tax advantages and the role of self-employment tax10:30 - Who should consider an S Corporation and the factors involved12:00 - Calculating reasonable compensation and IRS expectations15:00 - Weighing S Corp costs vs. benefits for small business owners18:30 - Common misconceptions and mistakes with S Corporations21:00 - Choosing between LLC and S Corporation based on business phases24:00 - Planning ahead: S Corporation requirements and deadlines26:00 - Key takeaways and final advice on choosing the right business structureHosted on Acast. See acast.com/privacy for more information.
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Turning a creative passion into a thriving e-commerce business is an incredible journey! But along with the excitement of launching products, the reality of managing sales tax, bookkeeping, and finance essentials can quickly feel overwhelming. So, what if we had a clear roadmap to handle it all?
On this episode of Become Sensible, we tackle the complexities creatives face when managing sales tax compliance across multiple states, understanding bookkeeping needs, and setting up efficient systems for growth. Together, we explore how to stay compliant with tax laws, choose the right accounting software, and protect time for creativity without getting bogged down by numbers. Whether you're a new business owner or scaling up, this episode offers practical insights to navigate the financial side of your business confidently.
"Managing finances is a skill you can learn and master. It's all about starting strong and setting up systems that work for you."
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps
0:00 - Introduction to sales tax challenges for creatives2:00 - The basics of sales tax and digital product compliance5:45 - Understanding Nexus and state-by-state sales tax requirements8:15 - Tips for navigating multi-state tax obligations12:00 - Choosing the right accounting software for your e-commerce store15:45 - Why creatives need automated systems for bookkeeping18:30 - Handling bookkeeping and finances without interrupting creative flow21:00 - Essential questions to ask your accountant23:30 - Staying compliant with sales tax deadlines26:00 - Financial confidence through regular review and tracking systems28:30 - The biggest financial mistakes creatives make and how to avoid themHosted on Acast. See acast.com/privacy for more information.
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On this episode of Become Sensible, Fiona Nguyen breaks down the importance of owner equity. From defining what it is to explaining how it impacts financial health, growth potential, and investor interest, this episode is packed with actionable insights. Whether you're running an LLC, a corporation, or just starting out, understanding owner equity could help you measure success, plan your exit strategy, and even attract investors.
"Financial clarity is not just a numbers game; it's the foundation for making better business decisions."
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps
0:30 -- Introduction to the topic of owner equity and why many entrepreneurs overlook it 0:53 -- Defining owner equity: What it is and why it matters 1:50 -- The importance of tracking owner equity for financial health and growth 2:27 -- Understanding equity in the context of different business structures (LLC, C Corp, etc.) 3:43 -- How increasing equity signals business growth and attracts investors or lenders 4:57 -- Key components of owner equity: Investment, distribution, retained earnings, and net income 6:30 -- The impact of equity on tax planning and compliance, with a focus on S Corporations 8:05 -- Practical advice on managing distributions and avoiding accounting mistakes 10:12 -- Why financial reporting needs to align with accurate equity management 11:46 -- Strategic planning tips: How equity helps with expansion, diversification, and exit strategies 14:25 -- Conclusion: Emphasizing the importance of owner equity for financial clarity and better decision-makingHosted on Acast. See acast.com/privacy for more information.
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It's easy to put off taxes---until the years pile up, and suddenly, the task feels impossible. But you don't have to do it alone. What if I told you that catching up on back taxes is simpler than it seems, and getting started today could save you from bigger problems tomorrow?
On this episode of Become Sensible, I introduce my new co-host, Anh, and together we dive into the story of “Samantha”, a graphic designer who came to us with three years of unfiled taxes. We walk through the exact steps I take with clients to prioritize the oldest tax year, minimize penalties, and catch up on bookkeeping.
"The best time to start is yesterday, and the second-best time is today."
If you've been avoiding your taxes out of fear or overwhelm, I want to assure you---it's never too late to turn things around.
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
Timestamps
0:00 - Introduction to the episode and my new co-host, Anh 2:00 - “Samantha's” story: A graphic designer with three years of unfiled taxes 5:15 - Where do you even start if you haven't filed taxes in years? 8:30 - Should you manage your taxes or hire a CPA? 10:45 - Using AI-powered accounting tools for faster tax prep 14:00 - How does the IRS calculate penalties and interest? 17:00 - Can you request a waiver for penalties? 20:45 - Fixing automatic IRS filings with amended returns 24:30 - How important is keeping up with bookkeeping? 27:00 - Encouragement: "Better late than never" 30:00 - Final thoughts: Don't be ashamed---just start todayHosted on Acast. See acast.com/privacy for more information.
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Q4 is here---are you ready to finish the year on a high note? Whether you've had an incredible year so far or faced challenges, now is the time to set strategic financial goals to close 2024 with success. But how do you ensure these goals are actionable and impactful?
On this episode of Become Sensible, I walk you through a step-by-step approach to setting up your business's financial plan for Q4. From assessing historical data to identifying key performance metrics and setting ambitious yet achievable goals, I provide a practical blueprint for business owners. You'll also learn about the importance of tracking your progress and how to adjust strategies based on real-time data, ensuring your business is positioned for growth as the new year approaches.
"Failing is a part of the business journey, but it's how we use those lessons that determine our future success."
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
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Timestamps
0:00 - Introduction and the significance of Q4 planning1:30 - The importance of financial reflection and historical data analysis3:00 - Key questions for evaluating your financial performance over the past nine months5:00 - How to set Q4 financial goals that are both challenging and achievable7:30 - Product and offering strategy: Adapting to market changes and customer behavior10:00 - Cash flow and profitability targets for Q412:00 - The impact of changing identity and aligning actions with your goals14:30 - The role of tracking financial habits and progress16:00 - The importance of adapting strategy based on real-time data18:30 - Communicating your business21:00 - Encouragement for building a strong foundation for long-term business success
Hosted on Acast. See acast.com/privacy for more information.
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As a business owner, figuring out how to pay yourself can be one of the most challenging decisions you face. It’s not just about taking a paycheck—there are tax implications, cash flow concerns, and long-term financial impacts to consider. How do you make sure you're doing it right?
On this episode of Become Sensible, I break down everything you need to know about owner distributions. I’ll guide you through the different ways to compensate yourself, including how distributions differ from payroll, and what this means for your taxes. No matter if you're a sole proprietor, running an LLC, or managing a corporation, you'll come away with a clear understanding of how to pay yourself and manage your personal finances while staying on top of your tax obligations.
"Distribution is not just a paycheck; it’s a financial decision with long-term implications."
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.***
Timestamps:
0:00 – Introduction to owner distributions and tax implications1:30 – What is an owner distribution, and how does it work?3:00 – Owner distribution vs payroll: Key differences5:00 – Understanding your business structure and its effect on taxes7:30 – Real-life example: How an S-Corp owner handles payroll and distribution10:00 – The risks of drawing too much from your business12:00 – Tax implications for sole proprietors, LLCs, partnerships, and corporations15:00 – The importance of managing owner equity and reasonable compensation17:00 – How to plan your owner compensation with tax strategies in mind20:00 – Wrap-up and final thoughts on paying yourself as a business ownerHosted on Acast. See acast.com/privacy for more information.
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Ever wondered how to stay agile while keeping your business finances on track? Budgets provide structure, but what happens when market conditions shift? How do rolling forecasts help you adjust in real time? The answers may surprise you.
On this episode of Become Sensible, we’ll dive into the fundamental differences between financial budgets and rolling forecasts. I’ll explain how budgets offer a snapshot of your business plan, set at the start of the year, while rolling forecasts give you the flexibility to adjust projections based on real-time performance. You'll learn how to combine both tools to drive smarter business decisions and stay ahead of changes in your market.
Whether you're preparing for year-end or planning for the next quarter, this is one episode you’ll want to pay attention to.
"Budgets set the goal, but rolling forecasts bring reality into focus."
Links
Previous Episode on BudgetingConnect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Hosted on Acast. See acast.com/privacy for more information.
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Are you overwhelmed by the pressures of running a business? Feeling like the weight of taxes, finances, and daily responsibilities is too much? In this episode, we dive deep into the realities entrepreneurs rarely talk about --- the hard parts. But don't worry, there's a proven method to turn things around, and it's all about resilience.
On this episode of Become Sensible, Fiona shares her personal journey of applying the principles of the 75-Day Hard Challenge to both her business and life. She breaks down how setting daily habits like reading, networking, and financial discipline can completely transform your business performance. Learn how small changes can lead to massive growth and how you can close the year with momentum by starting your own 75-day challenge today.
"Running a business is hard, but you have everything you need to overcome the challenge."
Links:
Atomic Habits by James Clear75 Hard Challenge RulesConnect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.****
Timestamps
0:00 - Introduction and business struggles
2:30 - Introduction to the 75-Day Hard Challenge
5:00 - Rules of the 75-Day Hard Challenge
7:00 - Personal experience and impact of the challenge
8:30 - Productivity and deep work
10:30 - Applying the 75-Day Hard principles to business
15:00 - Content creation and productivity systems
16:30 - Benefits of the 75-Day Hard Challenge
19:00 - Tips for preparing and succeeding with the challenge
22:30 - Personal goal of completing a triathlon
24:00 - Encouragement and concluding thoughts
28:00 - Closing remarks
Hosted on Acast. See acast.com/privacy for more information.
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Are you a business owner, freelancer, or have income from multiple sources? I know firsthand how overwhelming estimated taxes can feel, but trust me---it's crucial to your financial health. Want to know how to avoid penalties and make the process smoother?
On this episode of Become Sensible, I'm breaking down the basics of estimated taxes. I'll explain why it's necessary to pay throughout the year, the deadlines you can't miss, and what strategies you can use to avoid a hefty tax bill at the end of the year. Whether you're earning from a business, investments, or a side hustle, I've got practical advice to help you manage your taxes effectively.
"Financial decisions are personal, and your tax strategy should be tailored to fit your unique situation."
Links
IRS: Estimated Taxes OverviewTax Planning Tips: Tax FoundationConnect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
Hosted on Acast. See acast.com/privacy for more information.
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Are you paying more taxes than you should? I get it—taxes are a huge part of your expenses, and most business owners don't realize how much they could actually save with the right strategies. If you want to keep more of your hard-earned money, you're in the right place. In this episode, I'm going to show you exactly how to do that!
On this episode of Become Sensible, I will walk you through some of the most powerful tax-saving strategies out there. From understanding tax brackets to selecting the best business structure, maximizing deductions, and even contributing to your retirement---there are so many ways to make small changes that can lead to massive savings. Whether you're new to business or you've been at it for years, these tips could save you tens of thousands of dollars every year!
"A good accountant isn't just a cost; they're an investment in your future wealth."
Links:
IRS Tax BracketsConnect:
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
Hosted on Acast. See acast.com/privacy for more information.
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Are you a small business owner wondering whether a fractional CFO could be the secret to unlocking sustainable growth? The answer might surprise you. Discover the hidden power of having a financial expert on your side, without the full-time price tag.
On this episode of Become Sensible, we dive deep into the world of fractional CFOs. Whether you're navigating a growth phase, facing financial challenges, or preparing to raise capital, this episode breaks down how a fractional CFO can be the strategic partner your business needs. From understanding when to hire one, to the different types of fractional CFOs available, we explore all the key considerations that can transform your financial outlook and help you achieve your business goals.
"A fractional CFO is more than just a numbers person; they're a trusted advisor who helps align financial strategy with your business goals."
Connect:
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
Hosted on Acast. See acast.com/privacy for more information.
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Do you feel like financial forecasting is a mystery? Are you unsure how to predict the future of your business finances with confidence? In today's episode, I'm unveiling the secrets of financial forecasting---a crucial tool that can make or break your business. Ready to dive in?
On this episode of Become Sensible, I guide you through the essential elements of financial forecasting. From predicting sales and expenses to understanding the importance of cash flow and income projections, this episode is packed with insights that will empower you to make informed financial decisions. I also share practical tips for implementing financial forecasting, even if you're just starting out, and discuss why it's vital in today's unpredictable economy.
"Forecasting is not about having a crystal ball; it's about preparing for whatever the future may hold."
Links:
QuickBooks Online - A recommended tool for financial reports and forecasting.Financial Forecasting Software - Explore various tools for small businesses.Connect:
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Hosted on Acast. See acast.com/privacy for more information.
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What if I told you that selecting the right accounting software could be the key to saving time, reducing errors, and gaining the financial insight your business needs to thrive? This decision is more than just about convenience---it's about setting your business up for long-term success in an ever-changing market.
On this episode of Become Sensible, we’re going to dive deep into the world of accounting software, breaking down the key features you need to consider to make an informed choice. From user-friendliness and automation to the importance of scalability, this episode covers it all—I’ll share my expertise, honed from years of experience with top software systems like QuickBooks, Xero, and FreshBooks, to guide you toward a solution that fits your unique business needs.
“Choosing the right tools is a powerful step toward success.”
Links:
Forbes on Labor Cost ReductionAccountancy Age on Cloud Accounting SoftwareConnect:
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Hosted on Acast. See acast.com/privacy for more information.
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Hosted on Acast. See acast.com/privacy for more information.
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Navigating through financial reports can be daunting and leave you questioning the health of your business. Imagine a simple tool that cuts through the confusion, providing a clear picture of your company's performance. That's the magic of financial KPIs, and today, I’m unlocking their secrets to help you make smarter business decisions!
On this episode of Become Sensible, we explore the significance of financial KPIs in business management. We'll break down what KPIs are, why they are crucial for monitoring the health of your business, and how you can select and implement the right KPIs to drive your company's success. We'll also share insights on the practical application of KPIs and how they can simplify complex financial reports.
"KPIs are like a quick health check for your business, giving you the clarity and confidence to make informed decisions."
Connect:
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Hosted on Acast. See acast.com/privacy for more information.
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Are you constantly worried about cash flow in your business? Have you ever wondered why your revenue hits the bank only to vanish just as quickly? Discover the crucial strategies behind effective cash flow management and how it can make or break your business.
On this episode of Become Sensible, we dive into the essentials of cash flow statements and why they are the backbone of your business's financial health. Learn the three key components of cash flow and how understanding them can prevent your business from joining the 82% of businesses that fail due to poor cash flow management. From the differences between direct and indirect methods to practical tips on how to manage cash inflows and outflows, this episode is packed with invaluable insights.
"Growth requires a lot of cash and funding!"
Links:
Harvard Business Review article on the importance of cash flowSCORE report on business failures due to cash flow managementConnect:
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Hosted on Acast. See acast.com/privacy for more information.
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What if you could transform your struggling business into a thriving success story? The journey might seem daunting, but with the right strategies and insights, you can navigate through the stages of growth and achieve financial stability.
On this episode of Become Sensible, we dive deep into the crucial stages of business growth, from existence to success, and explore practical tips to manage your finances effectively at each stage. Whether you're struggling with cash flow, looking to optimize pricing, or aiming to expand your market reach, this episode has you covered. Grab your favorite beverage and join us as we unravel the secrets to financial success in business.
"Your ability to execute and manage finances can make or break your business. Start today to build a thriving future."
Links:
James Clear's Atomic HabitsConnect:
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Hosted on Acast. See acast.com/privacy for more information.
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Have you ever wondered why the balance sheet is such a crucial part of your financial toolkit? Today's episode dives deep into this often-overlooked report that holds the key to understanding your business's financial health. But what exactly makes it so important?
On this episode of Become Sensible, we explore the balance sheet, dissecting its components and explaining why every business owner should pay attention to it. From assets to liabilities to equity, we cover how this financial statement reflects your business's health and why potential investors and bankers scrutinize it. You'll learn how the balance sheet interconnects with the profit and loss statement and get practical tips on maintaining a balanced sheet to secure funding and make informed financial decisions.
Understanding your balance sheet isn't just for accountants. As a business owner, gaining insight into this report can empower you to steer your business towards sustainable growth and success.
"A balanced balance sheet is the cornerstone of a healthy business"
Connect
Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Hosted on Acast. See acast.com/privacy for more information.
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