034: Don’t Fear the Tax Man: Here’s How to Crunch Your Business Numbers.
With Donna Mazerolle
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Hey. I already know this isn’t your favourite topic. I get it. But I think this episode is probably among the most important business topics for us to put on the table.
Far too often we shy away from the numbers, and if shying away from numbers sounds like you, I want today to be the day that you put an end to this fear and finally face it head on. I want you to not only understand the math behind your business, but also I want you to get strategic with it. Because, working for free is just simply not an option if you are in this for the long run, amiright?
If you’re building an empire you need to really know your costs, and your margins, you need to set revenue goals and measure your results. Oh, and you can’t be shy with the tax man either. Because here’s the thing – shying away from the numbers puts you and your business at a very serious risk. So it’s time to stop cringing and start embracing the math.
And hey, there’s the silver lining to this. Once you know your numbers, and get comfortable with them, it will allow you to find clarity and confidence, the kind that will give you the knowledge you need to say “Yes” to the right opportunities, and “No” to the things that might not align with your business goals. And listen, I already know that you could use all the help you can get with that little two letter word, “No.”
So today’s guest, Donna Mazerolle is here to help you navigate your way through all of this. Donna shares her story of needing to overcome her own fears in order to find her way into the world of business accounting, and now she helps business owners just like you face the numbers head on and get on track for success. There are so many tangible tips, strategies, and takeaways from this episode, I am pretty sure it is just the kick in the pants that you probably need. And I am sure that after listening, you will be ready to take that money bull by the horns and shoot for the stars. Are you ready to crunch some numbers? Let’s do this.
In this episode, Donna talks about:
- Secrets to overcoming mindset blocks (we all have them).
- Helping people understand and define their goals to get to where they want to be in their business.
- Common mistakes business owners make when pricing their products and how to fix that.
- Competing on value per service NOT price alone.
- Needs vs. wants when it comes to big business purchases and and how that effects your bottom line.
- How to make big investment decisions with the smallest risk.
- The magic formula to know what to pay yourself.
- Stretch goals – what they are and how to set one.
- Understanding what products bring you the most profit and how to calculate your margins.
- The mistake that is discounting your products/services.
- How to manage your inventory to put money back into your business.
- How to collect your receivables… like a boss!
- CRA interactions and how to make the most of them.
Know your numbers! And I don’t mean how to do accounting. You need to understand your costs, know what other people are charging and know where you are at the lifecycle of a product and price accordingly. Know what products/services make you money.Donna Mazerolle
Ah, this conversation with Donna is just so needed. I hope, in the very least, it has left you feeling encouraged to talk about the hard stuff, because it is from doing these tough things that you will grow and succeed.
For more on how to get in touch with Donna, or to find any other resources mentioned in this episode, please visit kellylawson.ca/034 and until next week, keep on slaying your biggest goals. And don’t forget, your biggest success will be found on the other side of your fears. So, please don’t be afraid to show up imperfectly. Bye for now.
Check out Donna’s best Tax Tips!
Connect with Donna
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