This week, we're chatting with financial strategist, Iyanna Vaughn of Lovely Financials Group. Iyanna helps six and seven figure business owners understand their finances and then use that data to make strategic business decisions.

We all know we're supposed to be looking at our numbers and tracking things like revenue, profit, and costs of service, but most of us have at least some, if not a whole lot of holes, in tracking these and other important data points. Even though we know it helps us make better decisions and more money, it's a place that can cause a lot of anxiety with small business owners.

In this episode, Iyanna and I talked about how emotional junk, like fear and shame, can affect how we manage the finances of our businesses, and she gives some examples of how she was able to increase revenue for her business this year by 66%. Thanks to her regular review of her important metrics. She also shares some simple guidelines for how and what when you start tracking your numbers in the beginning. What I love most about Iyanna is her down to earth attitude and her straightforward approach to managing business finances.

Hopefully, this episode inspires you to update your data tracking processes, and start viewing your weekly metric reviews as something that helps you make better business decisions, and not just to something you have to do

 

 

To download the transcript of this episode, click here

 


 

 

Data takes a lot of the emotion out of the day to day of business. Use it! 

 

Some things we talk about in this episode:

 

  • Business owners often believe their financial situations are unique (spoiler alert: it's not.)
  • The taboo topic of “money” in the home starts at an early age (and what we can do to start owning our own ‘stuff' around money.)
  • The potential harm that comes from thinking about metrics based on memory.

 

Key takeaways:

 

  • We're not always aware of what is producing profit… stop relying on memory, use the data.
  • The role fear and shame play in business and finances. 
  • Learning to track your numbers (Check out the fun BONUS below!)

 

 

Lightening questions for Iyanna:

 

 

Q: What are you reading?

 

Q: What’s your superpower?

      • Made up: Reading someone's mind in a way that isn't intrusive. Real: High levels of empathy. 

 

Q: It's the zombie apocalypse. You're running. What three things do you take with you to go out on your journey? 

      • My daughter (duh.)
      • My husband (He's the one with all the helpful life skills!)
      • My bra (the apocalypse requires a lot of running… gotta have the right support!) 🙂 

 

Q: What's a mission you're really excited about right now?

      • I'm looking forward to creating free content to those who are just starting in their financial self-care journeys.
      • Stepping into my calling of helping people understand their finances without anxiety or shame. 

 

Helpful links mentioned:

 

Lovely Finances

Lovely Finances Instagram

The Profitable Ladies Lounge Facebook

 


 

BONUS: HOW TO START GETTING ON TRACK FINANCIALLY

 

1. Bookkeeping

      • Know what you're working with – get a simple bookkeeping software and jot down your numbers weekly 

2. Identify what you should be tracking

      • Track the different ways you're earning money
      • Questions to ask yourself about your numbers:
        • What should I double down on?
        • What are the direct costs related to my offering? 
        • How many clients do I need to be book to reach my revenue goals?
        • What is my sales page conversion rate?
        • How many people do I need on my email list to launch this course?

 


 

Where do you want to be 90 days from now? Take the assessment.

 

Thank you so much for tuning in to the BrainSpace Optimized Podcast! Click here for more episodes.

 

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