Today myself and this week’s expert are talking about overcoming overwhelm when it comes to the numbers in our businesses.
I had already interviewed Trudi for this podcast season when she enquired about partnering with me for some episodes. So it feels like perfect alignment that Numeric 8 is the bringer of podcast goodness to your ears this week!
I’ve worked with several accountants and book-keepers in my entrepreneurial journey and I’ve learned through trial and a lot of error how to spot a very average accountant, and an awesome one.
I’ve had a pretty rollercoaster journey – particularly in the last 18 months – when it comes to managing the finances of my businesses. This was an area I knew NOTHING about starting my first business and I could see that that was a potential black spot for me… so I surrounded myself with experts.
I had a very intense and horrible experience with total overwhelm with business finance last year in the fall-out of a very traumatic experience that cost me pretty much the proceeds of selling my first business. I talk about this experience in detail in the new book, and will cover it properly at some point on the podcast…
ANYWAY my point is here that even seasoned entrepreneurs can fall victim to this particular type of overwhelm, and I know from personal experience that it’s a truly shitty place to be.
I know that for some of you listening right now, you’re in that place and it is a Very Hard Thing to pull your ostrich head out of the sand and front up to listening to this episode. I see you and I want you to know that this episode has the potential to get you out of that place today.
This is why I’m grateful to be able to bring you this week’s episode, with my own finance advisor Trudi Yip.
Trudi founded her business Numeric 8 13 years ago and I found her mid last year when I was in the throes of overwhelm with my business finances. Numeric 8 is…
I love Trudi’s keep-it-real perspective, her incredible energy and the no-BS approach she takes to her work.
In our conversation, we cover:
- How her business journey started at the tender age of 8
- The three biggest mistakes she sees business owners making when it comes to finance management
- How often we should be looking at our numbers
- Her advise that we should “stick to our knitting” – I love what she says about this!
- Why getting our business structures right from day 1 is critical (and my horror story on this point)
- Trudi’s super-simple tip on how to approach and manage finance paperwork
- How we actually should be managing those annoying receipts (and if we need to keep them!)
- The biggest cause of cash flow headaches and why you MUST have an escalation process in chasing money
- Why it is that we can have profit in our businesses, but no cash in the bank
- Her biggest tip for overcoming procrastination in dealing with finance tasks
- The one thing you need to do to get out of overwhelm mode
This episode is a must-listen if you’re planning on starting a business, are in start-up mode or have been running your own show for a few years now. Trudi has so much hard-won wisdom to share, and I also openly share my own battle scars from the business finance trenches.
If you’d like to learn more about Numeric 8, check out their website at www.numericeight.com.au.
You can find Trudi’s course “Australian Business Accelerator” at https://www.numericeight.com.au/bookkeeping/course. Use code LM50 to get $50 off the $197 program – just get your spot before 1st October.
And you can download my Calm the Chaos audio mentoring guide for free at www.lorrainemurphy.com.au/calmthechaos.
Big thank you again to Trudi for being so very generous with her knowledge, and to her company Numeric 8 for being my partner on this episode.