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In Episode 65 of Prosperity on the Horizon, Julianna addresses common financial questions faced by service-based businesses and professional service providers. Key topics include understanding the difference between profit and cash flow, determining how much to pay yourself, managing inconsistent income, and building an emergency fund. Julianna also discusses the importance of reviewing financial reports - profit and loss statements, balance sheets, and cash flow reports - regularly. She provides practical advice on determining if you're undercharging, effectively raising prices, and calculating service prices to ensure profitability. Additionally, she emphasises the need for tracking various business expenses to maintain financial stability. This episode aims to simplify financial management, helping business owners make smarter decisions and set up their businesses for success.

00:00 Introduction and Episode Overview

01:00 Understanding Profit vs. Cashflow

03:14 Paying Yourself as a Business Owner

04:33 Managing Inconsistent Income

05:45 Building an Emergency Fund

07:00 Key Financial Reports to Monitor

08:43 Pricing and Profitability Tips

15:41 Final Thoughts and Takeaways

We will continue to cover topics that matter most to you - from unlocking profit opportunities to simplifying financial processes.

We also encourage you to join our Facebook group, The Intentional Entrepreneur Community, and grab your free copy of the 12 Days of Business Success eBook to follow along with the guide.

If you are listening to this podcast, chances are you are already on your way to exploring your numbers with a desire to understand and master your business finances, realising the transformative power that numbers hold for your business success.

To help you on your journey of building a thriving business with healthy cash flow, I’ve published a podcast series (Episodes 1-8) to highlight the biggest mistakes that prevent businesses from succeeding. To assist you in maintaining a healthy cash flow in your business, I walk you through The 7 Deadly Cash Flow Sins and give you tips and strategies on how to overcome them.

You can grab a free copy of my e-book ‘The Seven Deadly Cash Flow Sins’ right here, right now.

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If you’d like to find out more about Julianna and her business, visit www.horizonaccounts.com.au or follow her on LinkedIn and Instagram @horizonaccounts or book a free 30 minute Business Diagnostic Review Call.