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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
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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
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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:
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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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Did you know that merging psychology and finance can actually help you achieve your wealth goals?
On this episode of Become Sensible, we sit down with Kaitlyn Carlson, a Certified Financial Planner and CEO of Theory Planning Partners. Kaitlyn shares her journey from studying psychology to becoming a top financial advisor, and how she uses her unique background to help female entrepreneurs build and protect their wealth. We delve into practical tips for financial planning, the importance of cash flow, and the steps to ensure long-term financial security.
"It's not about having a zero tax bill; it's about understanding how taxes fit into your overall wealth creation strategy."
Guest Links:
Theory Planning PartnersKaitlyn Carlson on LinkedInHosted on Acast. See acast.com/privacy for more information.
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Ever wonder why your business finances feel like a foreign language? Get ready to decode the mystery and unlock the secrets of financial success!
On this episode of Become Sensible, we dive deep into understanding the Income Statement, a crucial financial report for any business owner. We break down the essentials of the Income Statement, including revenue, cost of goods sold, and operating expenses. Discover how to make sense of your financial data, use it to drive smarter business decisions, and take control of your financial future.
"Understanding your profit and loss is not just about numbers; it's about making informed decisions that propel your business forward."
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 feeling overwhelmed by your financial goals halfway through the year? Wondering how to realign them with your personal dreams amidst economic challenges? Don't worry---change is possible at any time!
On this episode of Become Sensible, we dive deep into setting financial goals that resonate with your personal vision and dreams, even as the year progresses. We discuss why it's crucial to reassess your targets now, especially with high inflation and rising operational costs. You'll learn how to set goals that are challenging yet achievable, ensuring your business remains sustainable and aligned with your personal mission.
"You can change any financial situation, regardless of the time during the year."
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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Welcome to the first episode of Become Sensible!
On today’s episode, we’ll talk about what inspired me to start this podcast, what you can expect from me going forward, and who will get the biggest benefit from listening.
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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Imagine transforming the way you think about your business finances, and unlocking your full potential.
I’m Fiona Nguyen, CPA and the innovative mind behind Balannx, and that’s the goal of my new podcast.
This is not just another finance podcast; it's a lifeline for impact-driven entrepreneurs eager to navigate the complexities of accounting and taxes with confidence and clarity. I’m dedicated to empowering small business owners and entrepreneurs with the financial and tax knowledge needed to thrive. Born from a passion for making a difference and fueled by the questions and feedback from my community, this podcast aims to bridge the gap in financial understanding, transforming complex concepts into actionable insights.
Each episode is designed with you, the impact-driven entrepreneur, at its core. We’ll delve into financial accounting and tax topics, breaking down the complexities into simple tools and strategies to enhance your decision-making and business growth.
I’ll invite guest experts to share innovative growth strategies and answer your most pressing questions. Your suggestions and feedback shape our content, making it relevant to your daily financial and tax challenges. Join us on this journey to financial wisdom and success!
Reach out with comments, suggestions, or questions to [email protected].
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