Ep 0067 Ensuring Your Business / Life are Profitable and How to Focus on the Numbers with Jonathan Ankney

Finances | Life

Ensuring Your Business / Life are Profitable and How to Focus on the Numbers

Money Learnings: school didn’t teach Jonathan about money. His parents taught him to be charitable and also to worry over money.

Take away: Focus on the numbers.

Action step: Create your balance sheet, profit and loss and cash flow statements.

Bio:

Jonathan Ankney works with service business entrepreneurs to help them grow their businesses by giving them clarity about what the numbers reveal about how their business is doing and partnering with owners as their chief financial officer. His work includes preparing and interpreting financial reports to make informed decisions, setting up tailored financial systems to meet the business’s needs, training staff and owners on how to use the systems for consistent and accurate results, and relieving owners of the minute and boring details of making finance work smoothly.

Jonathan also runs a financial education blog at YourMoneyAndYourBusiness.com with videos, documents, and training courses to help businesses become more profitable as well as explain financial tools and concepts in non-technical language, tapping into his journey from musician to financial executive to bridge the gap for his audience. He is especially passionate about keeping the focus of everyone and every financial activity on profitability instead of taxes.

He is an active Toastmaster, an avid bicyclist, and serves on both the vestry and the finance committee of the parish of Calvary-St. George’s in Manhattan. He graduated from Binghamton University in 1994 with an MBA in finance and arts administration.

https://yourmoneyandyourbusiness.com/richersoul/

http://www.sbcfo.com/

Highlights from this episode:

What’s the money mindset people have?
Link to top 10 money mindsets
Being intentional with money
Why I don’t recommend 529 college savings plans
Where do your skills and desires intersect?
The changes in the job market and the rapid rate of change.
The personality of the business owner becomes the personality of the business
3 1/2 financial issues in business.
1. Business owners have issues with analyzing numbers.
2. Systems and processes in business are missing.
3. Financial hygiene is poor.
4. Businesses are under capitalized.
The percentage of businesses who don’t face one of the 3 1/2 issues is very low.
Looking at Quickooks can show a good picture of the issues.
Very few business focus on profit first.
The entrepreneurial lifestyle.
What’s the first step of getting on track?
Understand the numbers in a way that works for you.
When do people learn to take action and change their situation
Do your financials help you better understand your business
Look at the forest first before zooming in.
The 3 reports – balance sheet, profit and loss and then cash flow.
Look at your numbers monthly.
Creating habits and systems to watch over the numbers.
The issues of commingling business and personal expenses.
Small budget is no different than a big budget, it’s just a few more 0’s
The power of spirituality in living a richer life.
And much more