Paying Yourself, Saving Smart, and Tackling Business Debt with Gina Knox [Ep 58]

Beyond The Systems Podcast | Business Systems & Growth Strategies For Your Online Business

In this episode, Gina Knox shares her journey from a background in design to becoming a financial coach for entrepreneurs. Gina discusses the importance of strong financial foundations for small businesses, the common pitfalls entrepreneurs face, and the significance of tracking financial data to ensure profitability. She emphasizes the need to focus on current problems rather than future uncertainties and provides actionable advice for separating personal and business finances. She shares her insights on managing business finances effectively. She emphasizes the importance of separating personal and business finances, maintaining a structured approach to working capital, and understanding the roles of gross profit in business operations. Gina also discusses the significance of having efficient systems in place to manage clients and automate processes, highlighting the use of technology like Airtable to streamline operations. The conversation serves as a guide for entrepreneurs looking to improve their financial management and operational efficiency.

Takeaways

• Finances can be overwhelming for entrepreneurs.
• Tracking financial data is crucial for business success.
• Many entrepreneurs ignore their financial data, missing out on potential profits.
• Sales alone is not a sustainable business plan.
• It's important to solve current problems rather than future uncertainties.
• Separate business and personal finances to avoid complications.
• Successful businesses track their expenses and ROI on marketing strategies.
• Understanding your financial data can lead to better decision-making.
• Coaching can be a powerful tool for entrepreneurs to improve their financial literacy.
• Gina has helped her clients save millions and build wealth portfolios. Don't open too many bank accounts; keep it simple.
• Working capital should be used and replenished constantly.
• Save for taxes monthly to avoid last-minute scrambles.
• Pay yourself consistently as if you were an employee.
• Your gross profit must cover taxes, personal pay, and debt repayment.
• Evaluate your expenses regularly to identify what's not working.
• Consider your offers as full-time and part-time jobs for better focus.
• Buffering in business indicates unresolved problems.
• Automate client management to reduce overwhelm.
• Use technology to track client data and improve efficiency.

More about Gina Knox:

Gina Knox is a financial coach for entrepreneurs with variable income and the host of the Small Business, Big Money Podcast. She teaches entrepreneurs how to create strong business foundations by paying off business debt while saving for taxes and paying themselves well in her 12 month program Small Business Money School, then she helps her clients create a 7 figure wealth portfolio with her mastermind 7 Figure Wealth. Over her career as a coach Gina has helped her clients save over 8 million dollars in their businesses, and build wealth portfolios worth over 14 million dollars.

Before becoming a money coach, Gina was a small business researcher for QuickBooks for 5 years where she investigated the books of over 400 companies globally.

Connect with Gina Knox:

• Website: http://ginaknox.co
• Instagram: instagram.com/ginaknox

Resources from this episode:

http://www.instagram.com/ginaknox https://ginaknox.co/podcast https://ginaknox.co/speaking https://ginaknox.co/email-list

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