[REPLAY] Financial Transparency Among Women on The Online Business ShowMar 20, 2022
This week I am sharing a special replay of my episode on the Online Business Show with my friend Tyler McCall, titled “Financial Transparency Among Women.” You all have heard why I feel strongly about this practice and improving your financial literacy through my quarterly income reports I record for our own show, but Tyler gave me the opportunity to go more in-depth on this topic when he interviewed me for his podcast. Some of the thought-provoking questions we discussed include why high profit margins can be a misleading indicator of a business’s success, the long-term benefits of documenting your income reports, and the three key numbers every business owner should be tracking on a monthly basis.
If you’re not already subscribed to the Online Business Show, I highly recommend you take a moment to add this show to your weekly podcast rotation. Tyler’s show is incredibly well produced, with a no-fluff, honest approach to the most impactful questions, hurdles, and opportunities we face as online business owners. The Online Business Show is one of the few business podcasts I listen to every week, and I’m especially a big fan of the thought-provoking expert roundtables that Tyler hosts; if you love Cubicle to CEO, I know you’ll enjoy The Online Business Show too.
Check these out:
- Listen to more of the Online Business Show
- Hear all of our Income Report episodes!
- Tyler's case study on the Cubicle to CEO Podcast
Favorite Takeaways From This Episode:
- You shouldn’t do the things you don't like in your business.
- How Ellen's relationship with finances has transformed from the beginning to now.
- Why she started publishing income reports + what they look like.
- You don’t know what you don’t know.
- What it looks like to “build in public”.
- “It’s kind of creating, not just the awareness of it, but then the action attached to that awareness.”
- What she’s learned about herself + how she spends money in her business.
- What are the factors that are actually affecting business sustainability + growth.
- Finances are a developing skillset.
- “The numbers themselves don’t actually say good or bad things about you or your business. It’s the emotional attachment you assign to the numbers.”
- The best thing you can do to begin is to just track your numbers… even if you don’t know what they mean.
- Why you shouldn’t attach a lot of meaning to high profit margins.
- Hanging onto high profit margins is you deciding how fast + big to grow your business.
- Look at everything in business through the lens of context.
- Knowledge isn’t power. Applied knowledge is power.
- Sharing on topics line money makes this knowledge more accessible + equitable for everyone.
What Did You Think?
What was your biggest takeaway from this episode? Let us know on Instagram @cubicletoceo.
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