Episode 151 – Managing your Business Money with Danielle Hayden

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Managing your Business Money with Danielle Hayden is our latest episode of Business Growth Time

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About Danielle Hayden :

Danielle Hayden is a reformed corporate CFO (chief financial officer) who is on a mission to help rule-breaking female entrepreneurs understand their numbers so they can gain the confidence needed to create sustainable profits. After spending 10+ years in the boardroom as a corporate finance officer, Danielle is now in her sweet spot as the co-owner of Kickstart Accounting, Inc. where she helps business owners with bookkeeping, financial analysis, and education, and as the author of the Profit Planner book series. When Danielle isn’t crunching numbers on her client’s behalf or crafting the next iteration of the Profit Planner, you can find her hanging with her two kids as she inspires them to lead their fullest lives or doing any, and almost every fitness-related activity ranging from Spartan races to pilates.

Time Stamped Show Notes:

03:47 – Let’s get to know Danielle Hayden

05:49 – Why she left the corporate world and started her own business?

She thinks that she has an opportunity here to change the economy. We have the opportunity to empower small businesses so that they can succeed.

07:36 – Danielle described the concept of Profit Planner

They believe that accounting doesn’t need to be so overwhelming.
They give you one action task per day and each task builds on each on itself, so that at the end of the week, you feel like you’re empowered.

10:36 – Why does Danielle develop this framework?

This is the framework that she used as a CFO. She had several different tools that she used to manage her portion of the business and then several different reports and tools that she used to give to her CEO.

12:32 – How Danielle Sets Goals as an Entrepreneur

As you’re tracking your goal and actual progress throughout the year, you could feel really freaking empowered.

14:49 – How do they power their workforce?

They have a ton of male clients that work with them.

17:28 – How did your business grow if you dislike Marketing?

Danielle said that “One of the things that I found as an entrepreneur is I can’t do it all.”
She hired a team of experts who can do that.
Pick the system that works for you.

21:52 – When should I convert from LLC to S Corp?

If you’re paying yourself every three months or you’re not consistent you could most likely stay in LLC, but if you are consistently paying yourself, then it’s usually time to move to an S Corp.

23:18 – Managing your Business Money and How to Choose a Payroll Service

They have used a system for Payroll called “Gusto“
Gusto’s fabulous because they’re really inexpensive and they’re pretty easy, self-serve model, they sync with a lot of time tracking systems.
If you’re using QuickBooks or you’re using a CPA, evaluate your fees.

25:20 – Danielle shares “The importance of numbers in Managing your Business Money.”

What’s more important is for you to be able to make business decisions all year based on those financials.
Your numbers are trying to tell you a story, you have to listen to the story that they’re telling you.

31:27 – Danielle’s advice for Business owners at this COVID-19 crisis time

If there’s any way for your business to pivot online, do it, don’t be so reluctant, this change can be a really good thing.
You should always have three to six months’ worth of savings in your checking account.

37:02 – Action Steps: