How to create more financial success in your consulting business. 👇
So many consultants don’t know their numbers enough to know what they should be doing next. But if you want your business to be profitable as well as joyful, you need to be fluent with the numbers in your business.
Tune into this episode of Profitable Joyful Consulting with Hannah Smolinski, a CPA and founder of virtual agency Clara CFO Group, providing small businesses with financial clarity and profit maximization strategies, to learn simple, accessible financial tips for consultants.
Key areas discussed:
0:00 Introduction 1:46 How Hannah helped a two-person consulting firm go from working hard and just barely covering expenses to growing 75% in the first year of working together and building the agency of their dreams 4:57 The financial strategy work Hannah does for consultants 5:57 The financial ideas, concepts, and concerns consultants should be thinking about at the $500k a year level 8:34 Specific numbers you should be looking at every single month - including the number to keep in mind when you’re trying to make decisions about your business 11:45 The way to create flexibility in your finances and business 14:52 How to allocate enough to pay your taxes 17:39 Hannah’s first recommended step into hiring labor 18:41 When it makes sense to bring things in-house and switch from contractors to employees 21:47 When you should absolutely not hire employees 23:17 How you know if you’re pricing your services correctly 24:12 The ideal ratio of payment to contractors versus price to your clients 25:04 Cost of goods sold (COGS) for consultants 28:30 The problem with overdelivering and undervaluing 26:26 What people should think about before hiring a CFO 32:19 How Hannah started and grew her YouTube channel in a short amount of time 36:39 Hannah’s experience with YouTube shorts 39:32 How giving away what you know helps you grow your business 41:42 Remembering the value you bring to the table Get simple, accessible financial tips for consultants in this episode on YouTube: https://youtu.be/lrT9BFtkoos or your favorite podcast app: www.SamanthaHartley.com/blog-podcast.
DOWNLOAD ✅Hannah’s free offering to help you plan for your estimated tax payments ➡️ https://clara-cfo-group-llc.ck.page/b8117dcfd0
For more tips to help you create a profitable, joyful business without exhaustion, follow me on LinkedIn: https://www.linkedin.com/in/samanthahartley/ or https://www.facebook.com/samantha.hartley.71/
P.S. Here are 3 ways I can help you grow your consulting business:
🎧 Subscribe to my podcast, Profitable Joyful Consulting
You know who subscribes to my podcast? My clients. — On YouTube and your favorite podcast app.
💜 Connect with other consultants in the Profitable Joyful Consulting community
Ask questions, share insights, find colleagues.— Click here to join.
💡 Work with me to multiply your revenues without exhaustion.
Ready to add $150-750K to your business? Click here to book a 10-minute call with my Growth Strategist.