Business By The Books with Danielle Hayden

Simply knowing your numbers isn't enough; the real game-changer is understanding how to leverage them to strategically reach business goals. In this episode, Danielle Hayden speaks with Christa Gurka, owner of Pilates in the Grove, to find out how she uses financial insights from her seven-figure business to make informed decisions and drive growth. They discuss what business owners need to know about their finances, exploring everything from reviewing key financial statements to strategic financial planning. Tune in to find out what it truly means to take ownership over your numbers and grow your business. Key Takeaways: Every business owner has the responsibility to routinely review their numbers, including the balance sheet, P&L statements, cash flow statements, etc. This information paints a clear picture of their business and guides them in the decision-making process. Strategic financial planning is crucial for reaching business goals, from making smart investments to preparing for the unexpected with reserve accounts. Christa's business journey highlights the value of financial insights, highlighting the practical application of strategic spending in order to optimize profits. Building a money team that includes a bookkeeper and CFO will support business owners trying to understand their financials, adapt strategies and plan for the future. Topics Discussed: Overview of Christa's business and her approach to numbers (2:24) Leveraging financial knowledge to reach business goals (8:58) Optimizing profitability: planning and implementing a strategy (10:04) Financial assessment: what numbers to look at and understand (22:26) Managing finances: bookkeeping, spending, and saving (26:23) The importance of having a money team (37:07) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Connect with Christa Gurka: Instagram | https://www.instagram.com/christagurka/ Website | https://www.christagurka.com/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Have you tried cost cutting to increase profitability, only to have it backfire? That's because cutting costs can actually kill business growth. This episode outlines strategies to boost profitability, make smart financial decisions and reach your business goals. CEO Danielle Hayden shares actionable steps to align spending with business goals, highlighting the importance of analyzing financial statements and knowing your numbers. Her insights on where to cut costs or strategically increase spending using the Kickstart CFO framework will transform your approach to business growth. If you want to pay yourself more as a business owner and confidently make business decisions, this episode is a must-listen! Key Takeaways: Contrary to popular belief, cost cutting can limit growth and strategic spending can actually help businesses scale. A critical analysis of financial statements (focusing on key areas like payroll, fees, marketing, etc.) is a great tool to guide business owners on making important business decisions. A balanced approach to time and money not only enhances overall business efficiency but also optimizes resource allocation. Monitor these three key performance indicators (KPIs) to manage business growth: profit by month, percent of sales for top expense categories, and owner's pay over time. Outlining goals and understanding the season of their business will help business owners adapt their financial strategies to their goals. Topics Discussed: Foundations of managing business expenses (2:10) Financial review: cutting costs versus strategic spending (6:08) The power of negotiation and strategic spending (19:57) Key KPIs to track (23:15) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Download the Financial Goal-Setting Worksheet: https://kickstartaccountinginc.com/goal/ Listen to episode 166: How Debt Can Skyrocket Your Business to Success! https://kickstartaccountinginc.com/how-debt-can-skyrocket-your-business-to-success-ep-166/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Every growing business owner needs a money team if they plan to achieve their financial goals and scale smartly. This episode explores the essential roles within a money team: the bookkeeper, CPA accountant, financial advisor, and CFO. Through the lens of a client story, Danielle Hayden explores how these roles work together to manage the financial health and growth of a business. She also discusses when businesses should hire a CFO, and how Kickstart Accounting Inc. provides CFO services to clients. Tune in for practical tips and resources for building your money team! Key Takeaways: Growing businesses need a comprehensive financial team, including a bookkeeper, CPA accountant, financial advisor, and CFO (or business coach). This team can be assembled over time as a business grows. Every member of a money team works together to optimize the financial health and strategic planning of a business, from bookkeeping and growth strategy to tax compliance. Hiring a CPA for tax services helps ensure accuracy, compliance and optimization of tax benefits, which becomes increasingly important as a business grows. Financial advisors play a critical role in wealth management and retirement planning, helping business owners maximize and protect their profits for financial security. While not every business is ready to hire a CFO, business owners can independently adopt CFO strategies to reach their personal and financial goals. Topics Discussed: The four key players on a money team (2:13) The fundamental role of bookkeeping (2:25) Tax prep and strategy with a CPA (4:52) Personal finance planning with a financial advisor (6:58) How CFOs help businesses reach their goals (9:27) Kickstart Account Inc.'s CFO framework: a client success story (12:04) Deciding when to hire a CFO (15:31) How to leverage CFO strategies in your business (16:23) This week's homework: applying Danielle's insights (18:40) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Learn more about KSA Tax Partners: https://ksataxpartners.com/ Download the Financial Goal-Setting Worksheet: https://kickstartaccountinginc.com/goal/ Check out the Kickstart Accounting Inc. Build Your Own Budget Course for Entrepreneurs: https://www.e-suite.co/BYOB Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Think your business is too small to benefit from CFO services? This episode of Business By The Books will change your mind. Join Danielle Hayden and Victoria Hughes as they explore the benefits of partnering with Kickstart Accounting Inc. They discuss the benefits of outsourcing CFO services and introduce the signature CFO Framework, a strategic overview of how Kickstart Accounting Inc. helps business owners manage debt, make data-driven decisions, and plan for the future. Discover how Kickstart's CFO services can help you achieve your business goals at www.kickstartaccountinginc.com/CFO Key Takeaways: Kickstart's CFO services provide strategic financial guidance to small business owners, taking a holistic approach to integrate personal goals and financial planning. Mindset matters! Small business owners or even solopreneurs can benefit from CFO services if they're ready to commit and put in the work to reach their goals. The Kickstart CFO framework offers tailored financial strategies and comprehensive support, including personal and business assessments, custom budgets, KPI monitoring, forecasting, and more. Knowing your numbers is the foundation for making informed decisions that drive business success. Topics Discussed: Danielle's story: from creative to corporate CFO (0:00) The role of a CFO in small businesses (7:07) Benefits of outsourcing a CFO (11:08) Kickstart's CFO framework (13:20) What's included in the Kickstart CFO service (27:16) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://www.kickstartaccountinginc.com/CFO Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Debt is a scary word, but business owners could be risking more than financial security by letting fear stop them from seizing opportunities to invest and expand their business. In this episode, Danielle Hayden dives into the strategic use of debt to fuel business growth, giving a detailed look at how to approach debt responsibly and decide if it's the right strategy for your business. She also offers a comprehensive guide for funding investment into your business, sharing helpful resources and insights on balancing financial risk with growth opportunities. Tune in to discover how to effectively leverage debt for achieving your business goals! Key Takeaways: Don't be afraid of debt! When strategically used, it's a powerful tool for business growth. Identifying and understanding the influence of your Money Mindset Personality Type is crucial for making informed financial decisions. With this knowledge, you can more effectively tailor your financial strategies to align with your inherent attitudes towards spending and saving. There are various funding options available to business owners, including credit cards, SBA loans, and underutilized resources like grants. It's important to research these options and choose the right one for your business's financial health. Topics Discussed: Considering debt as a growth strategy (0:00) Case study: A client's strategic investment (1:57) Money Mindset Personality Types and their impact on financial decisions (3:01) Funding options and resources (10:10) Steps to create an investment plan for your business (14:10) This week's homework: assessing your business's need for debt (18:36) How to monitor debt as a business owner (19:28) Resources: Take the Money Mindset Personality Type Quiz: https://kickstartaccountinginc.com/quiz Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Next up in our hiring series is the dos and don'ts of hiring. With almost a decade of experience as a CEO, host Danielle Hayden is the perfect person to guide business owners through the hiring process, from the first step of understanding their numbers to evaluating the impact of new hires. In this episode, she shares personal experience and client stories to highlight the importance of embracing a CEO mindset, overcoming limiting beliefs, and taking charge of your business. Tune in to learn what you can do to avoid common hiring pitfalls and hire effectively for your business! Key Takeaways: Business owners need to embrace their numbers in order to make informed decisions in their business, especially when it comes to hiring. When hiring, don't look for your replacement, but instead find employees whose strengths compliment your weaknesses to create a well-rounded team. Perfectionism and limiting beliefs are the killer of entrepreneurship: Business owners need to let go of their fear and have the confidence to take action before they can grow their business. Hiring without a plan is a common pitfall among business owners. It's crucial to prepare to onboard employees and give them the tools they need to succeed and help your business grow. Topics Discussed: A client's journey from doubt to hiring success (1:17) Embracing your numbers (3:30) The don'ts of hiring (6:15) How to overcome limiting beliefs (10:30) The dos of hiring (11:45) This week's homework: hiring prep (16:40) Resources: Learn how our Money Mindset Mastery Program can help transform your business! https://www.e-suite.co/money-mindset-mastery-sales-page Listen to episode 161: How Much Revenue Do You Need to Hire? – https://kickstartaccountinginc.com/how-much-revenue-do-you-need-to-hire/ Listen to episode 162: Can You Afford Your Next Big Hire? – https://kickstartaccountinginc.com/can-you-afford-your-next-big-hire-ep-162/ Listen to episode 163: The 4 KPIs You Need to Track After Hiring – https://kickstartaccountinginc.com/the-4-kpis-you-need-to-track-after-hiring-ep-163/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

It's time for your business to start hiring, but what do you actually do next? In this episode, CEO Danielle Hayden presents The Ultimate Hiring Checklist to help business owners prepare for hiring employees. From drafting contracts to creating operational procedures and company insurance, she walks through the specific steps business owners should take in order to ensure that employees succeed and their business is protected. Plus, Danielle doesn't gatekeep information — she shares her favorite tools and best advice on payroll management, HR handbooks, and building a company culture. This comprehensive checklist is the foundation for successful team building and business growth. Tune in now! Key Takeaways: The Ultimate Hiring Checklist provides guidance on what business owners need to do before hiring, covering essential steps like contracts, HR handbooks, payroll setup, and more. When setting up payroll, consider a schedule that aligns with your business's cash flow. Software like Gusto simplifies the payroll process with an easy setup that ensures compliance and comprehensive support. Set employees up for success by setting clear expectations through training, standard operating procedures (SOPs), and consistent communication. Understanding the insurance requirements for hiring employees, such as workers' comp and unemployment insurance, is crucial to protect both the business and its employees. Topics Discussed: Who is The Ultimate Hiring Checklist for? (1:17) Introducing The Ultimate Hiring Checklist (3:30) What to include in an HR handbook (6:15) Setting up payroll for you and your new hires (7:48) The importance of SOPs for employee success (13:06) Onboarding and training new employees (16:49) Insurance: how to protect your business and employees (20:20) This week's homework: Download The Ultimate Hiring Checklist (22:11) Resources: Download The Ultimate Hiring Checklist! https://kickstartaccountinginc.com/hiring/ Check out this Employee Handbook Builder! https://www.handbooks.io/ Listen to episode 161: How Much Revenue Do You Need to Hire? – https://kickstartaccountinginc.com/how-much-revenue-do-you-need-to-hire/ Listen to episode 162: Can You Afford Your Next Big Hire? – https://kickstartaccountinginc.com/can-you-afford-your-next-big-hire-ep-162/ Listen to episode 123: Stop Making These Legal Mistakes NOW: An Easy Step by Step Guide For Small Business Owners with The Legal Paige - https://kickstartaccountinginc.com/unravel-the-complexities-of-business-entities-and-taxes-ep-123/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

So you took the leap and started hiring in order to grow your business or lighten your workload. But now's not the time to sit back and relax; it's vital to your business's success to monitor how hiring impacts financial performance. As we continue this hiring series, host Danielle Hayden outlines the four KPIs business owners need to consider when assessing the efficacy of their hiring decisions: revenue per employee, percent of sales, net profit and overhead rate. She details how to track these key indicators and then analyze them, ensuring your business continues to thrive with the addition of new hires. Tune in to learn how to leverage these four KPIs and make informed decisions for your business! Key Takeaways: Business owners need to understand the numbers in their business in order to make strategic decisions about scaling up or down their workforce. There are four essential KPIs for evaluating financial health and hiring needs: revenue per employee, percent of sales, net profit and overhead rate. It's imperative that business owners consistently review key KPIs to adapt and align their business growth strategies with the season of their business. Topics Discussed: Introducing Emily's story: a tale of rapid growth (1:44) Four critical KPIs and why they're important to track (3:48) Utilizing KPIs to make informed business decisions (8:16) Emily's decision to change her business structure (13:05) Resources: Listen to episode 158: Healthy Spending Habits for Financial Success In Your Business - https://kickstartaccountinginc.com/healthy-spending-habits-for-financial-success-in-your-business-ep-158/ Listen to episode 114: What To Do When You Are Operating In The Red – https://kickstartaccountinginc.com/what-to-do-when-you-are-operating-in-the-red-ep-114/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Is hiring the best growth strategy for your business? In this episode, Danielle Hayden explores this critical question to provide business owners practical methods to evaluate if their business is ready to expand and strategies to grow their team effectively. She shares the Kickstart Accounting Inc. framework to help business owners assess whether they can afford to hire, how to budget for new hires, and take into account the often overlooked costs of hiring. Danielle also goes over the steps to take if your business is not profitable, and therefore, not ready to make new hires. Tune in now to get the tools you need to make informed decisions about growing your team and your business! Key Takeaways: Hiring for growth is a strategy that requires a careful balance between expanding capabilities and managing financial risks, ensuring sustainable business development. The Kickstart Accounting Inc. framework offers a systematic way for entrepreneurs to evaluate their hiring affordability, and features three key methods: the look-back, averages, and look-forward approach. Understanding your risk tolerance as a business owner is essential before hiring, as it will guide you in the best way to balance growth and finances. Salaries and hourly pay aren't the only expenses business owners need to consider when evaluating their readiness to hire; hidden costs like applicant tracking, payroll taxes and fees, equipment, and more also need to be taken into account. Topics Discussed: From solopreneur to leader: Danielle's decision to start hiring (2:15) 3 methods to assess if your business can afford to hire (5:54) Assessing profitability: What if your business is not profitable? (8:30) Benefits of using a budget-based method (10:07) Financial benchmarks to meet before hiring (13:15) The process and hidden costs of hiring (15:58) Resources: https://kickstartaccountinginc.com/hiring Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Hiring can be intimidating for business owners, but it's a crucial step in the business growth journey. In fact, not hiring could be holding you back — both in business and your personal life. During this episode, CEO Danielle Hayden answers the following questions: How can business owners determine when to start hiring? What are the 3 types of people they should hire? What is the business owner's role in their business as they expand their team? Danielle shares the Kickstart Accounting Inc. framework that guides business owners through the hiring process, from recognizing the signs that it's time to hire to choosing the right type of hire: expert, contractor, or employee. Tune in to learn more! Key Takeaways: Hiring will not only help a business grow, but also allows business owners to delegate work and realign their focus towards both career and personal goals. Experts, contractors, and employees each bring unique advantages to a business. While there is a general framework for who and when to hire, every business is different and should tailor their strategy to their specific needs and goals. As your business grows, business goals will evolve which makes it crucial to routinely assess and adapt your role and the structure of your team. Topics Discussed: Deciding when to hire: the tipping point (1:54) Questions to ask yourself when determining when to hire (4:39) Types of hires: experts, contractors, employees (5:55) Who to hire for your profit margin (10:21) The role of owners in their business (12:36) What to expect in our hiring series (15:44) Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc