Financial Success in Your Consulting Business

Financial Success in Your Consulting Business

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 in this episode

  • 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

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From our reviews:

“highly condensed wisdom workshops”

“no nonsense and practical with such an open heart”

“insight and implementable nuggets”

“the very best golden nuggets in these bite-size podcast episodes”

“practical, bite-sized action steps”

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