EP 394 : Managing Your Spa’s Cash Flow with YNAB with Nicole Cooley
Aug 19, 2024Your sales are going great, and you’re expecting one of your spa's highest revenue months yet, but when it comes time to do your monthly bookkeeping, what you brought in seems to have flown out the door just as fast. Does that feel familiar?
Whether it’s constantly feeling like you’re in a state of catch-up with your business finances, or you honestly don’t know where all the money is going — Team Addo coach Nicole Cooley and I are here to break down all your cash flow woes so you can start seeing exactly where your money is going and manage it to flow where you want, when you want.
If you ever feel like trying to manage your business’ finances is a rollercoaster ride, we’re going to shine a light on our biggest tips and top tool, YNAB (short for You Need a Budget), to smooth out the bumps so your cash flow can actually be in, well, flow!
In this episode, we discuss:
- How getting a hold of your spa’s cash flow allows you to pay yourself more and find opportunities for your business to absorb expenses that can be tax deductible
- Why you need to look at managing cash flow as a marathon, not a sprint, and how we use YNAB (You Need a Budget) as a tool to help demystify where money is going and flowing
- An overview of the Profit First enveloping system, how we tailor it to spas and tips for how to gradually shift your cash flow percentages
- Understanding the big picture of your business's financial health and how profit, savings, and taxes put the puzzle together
References Mentioned in Episode #394: Managing Your Spa’s Cash Flow with YNAB with Nicole Cooley
- Sign up for a free trial of YNAB (You Need a Budget)
- Download our Finance Month freebie, Profit First Calculator
- Listen to the previous episodes of our Finance Month series, “Episode 392 - Strategically Lowering Your Spa’s Expenses with Nicole Cooley” and “Episode 393 - 5 Money Mistakes Spa Owners Make On Their Journey to a Million”
- Tune into Episode #225: Becoming a Profitable Shareholder of Your Business with Mike Michalowicz and check out his book, Profit First
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EPISODE TRANSCRIPT
