In this episode, host Molly Beyer continues her exploration into personal finances for business owners. This time, she explores why discipline is key to financial success. Far from being about restriction, discipline in Molly’s definition is about creating habits and systems that lead to long-term stability. She focuses on three major areas and delves into the how and why these three mindset shifts can positively impact business finance.

The three areas Molly highlights are the necessity of understanding a business chart of accounts, regularly reviewing the business profile and loss statement or balance sheets, and creating workflows and habits that make financial tracking second nature. Understanding leads to greater opportunity to grow and shift mindsets to successful habits. And running a successful business requires financial discipline, that’s an absolute fact.

Molly explains that the chart of accounts is comprised of the categories used for tracking expenses: travel, advertising, rent, etc. The profit and loss statement needs to be reviewed regularly and must be reconciled and updated before a review can take place. Finally, creating workflow and habits creates an awareness of where money is going, so there are fewer surprises. Molly advises setting up a weekly or monthly financial check-in with an accountability partner or bookkeeper and automating bill payments wherever possible. She challenges us all to identify a financial fear holding us back and reframe it as a growth opportunity.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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