How to Get Cash Confident in Business: Essential Steps for Entrepreneurs

10/21/24 • 16 min

What’s the biggest obstacle preventing my business from scaling?
For many entrepreneurs like me, it’s not a lack of sales—it’s poor financial management. In this episode, I dive into one of the most critical steps in my Profit Method framework: cash confidence. As I always say, “You need to know your numbers. Without that financial clarity, it’s impossible to grow your business.”

I start by revisiting my Profit Method framework, which is designed to help entrepreneurs at every stage of their journey. Step four—finances—comes into play after sales are rolling in, but this is where many businesses stumble. Even successful companies can go bankrupt if cash flow isn’t managed well. My mission in this episode is to arm entrepreneurs with the knowledge and confidence to manage their finances effectively.

The highlight of this episode is my Cash Confident Framework, a system that breaks financial management down into easy, actionable steps. I emphasize how mindset plays a vital role in achieving financial success, and I also walk you through the importance of understanding your financial statements and creating a solid business financial plan. I stress that financial decisions should always be data-driven, not emotional—because, as I often say, “Numbers don’t lie. Once you start listening to the numbers, you’ll make smarter, more profitable decisions.”
Listen to learn:‌

Get Cash Confident: Understanding your finances is crucial for growth. Cash flow mismanagement is a major cause of business failure.
Know Your Numbers: Whether it’s your balance sheet or income statement, clarity in financials allows you to make data-driven decisions.
Mindset Matters: A positive money mindset will help you make better financial choices and optimize profitability.
Create a Financial Plan: Set clear targets, monitor your progress, and ensure your business is both sustainable and scalable.
Cash Flow is Queen: Sales may be coming in, but without proper cash management, you could still run into trouble.
Track Your Expenses: Regularly track your income and expenses to stay on top of your financial health.

Links:‌ ‌

Courses:

Work with me:

Book a 90-minute Strategy Call

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

Get Cash Confident: Understanding your finances is crucial for growth. Cash flow mismanagement is a major cause of business failure.
Know Your Numbers: Whether it’s your balance sheet or income statement, clarity in financials allows you to make data-driven decisions.
Mindset Matters: A positive money mindset will help you make better financial choices and optimize profitability.
Create a Financial Plan: Set clear targets, monitor your progress, and ensure your business is both sustainable and scalable.
Cash Flow is Queen: Sales may be coming in, but without proper cash management, you could still run into trouble.
Track Your Expenses: Regularly track your income and expenses to stay on top of your financial health.

Links:‌ ‌

Courses:

Work with me:

Book a 90-minute Strategy Call

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

Previous Episode

Solving Your Sales Problem: The Foundation of Financial Stability

Do you think you have a money problem in your business?
What if the real issue is sales?
In this episode, I break down the common misconception that financial struggles are due to poor money management when, more often than not, it’s a lack of sales that’s holding you back. If you’re finding it hard to generate revenue, this episode will give you actionable strategies to prioritize sales and turn your business around.
We start by exploring the fundamental role that sales play in business success. I share personal experiences and client stories that highlight how businesses often focus too much on perfecting their products or operations, only to neglect marketing and sales—the lifeblood of any profitable company. It’s a common mistake, especially among women entrepreneurs, who may feel uneasy about selling or fear rejection. But here’s the truth: sales don’t have to feel “sleazy.” When you focus on serving your customers and solving their problems, selling becomes an authentic part of what you do.
From reframing how you think about sales to practical advice on building confidence in the sales process, this episode covers it all. I also introduce the concept of outreach, which is the third step in the She Means Profit framework. Effective outreach, through marketing and sales, allows you to connect with your target audience, generate leads, and ultimately increase revenue.
Tune in for a deep dive into how sales can transform your business and why it should always be your first priority. Whether you’re just starting out or struggling with a cash crunch, these tips will help you create a sustainable and profitable business. Plus, I introduce the Path to Profit with Sales course, designed to provide a more in-depth guide on building sales strategies that work.
Listen to learn:‌

Reframe Sales: Shift your mindset from “selling” to “serving” your clients—focus on solving their problems.
Sales First, Then Everything Else: Prioritize sales and marketing before perfecting your product or branding to ensure long-term business success.
Confidence in Sales: Overcome fear and rejection by practicing and gaining confidence in your pricing and sales approach.

Links:‌ ‌

Courses:

Work with me:

Book a 90-minute Strategy Call

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

Next Episode

The Power of Influence: Transforming Your Expertise into Impact

Have you ever wondered what it really takes to stand out in your industry and go from simply surviving to truly thriving?
In today’s episode, I’m diving into one of my favorite topics—building your influence and establishing thought leadership as a business owner. Influence is step five in my PROFIT Method Framework, and it’s a game-changer when it comes to scaling your business and expanding your reach.
This isn’t just about gaining more followers or getting likes on social media posts. It’s about positioning yourself as the go-to expert in your field, the trusted voice people turn to for insights and solutions. When you focus on becoming a thought leader, you open doors to new opportunities—like media features, speaking engagements, and partnerships—that take your business to the next level.
To build influence, you have to start by defining your unique point of view—what sets you apart in your industry? Then, create consistent content that amplifies your message, whether it's through blog posts, podcasts, or social media. It’s also about making strategic connections with other leaders in your field and leveraging media coverage to boost your credibility.
Thought leadership doesn’t happen overnight—it’s about showing up consistently, sharing your unique perspectives, and building genuine relationships. If you’re ready to make a lasting impact, start today by honing in on your niche, developing a solid content strategy, and networking with intention. Let’s take that step together because your voice has the power to create real change in your industry.
Listen to learn:‌

Influence is about positioning yourself as a trusted expert, not just gaining visibility.
The difference between an influencer and a thought leader lies in providing valuable insights, not promoting products.
Building influence opens doors to new opportunities, clients, and collaborations, leading to business growth.
Consistency in content creation is key to establishing trust and authority.
Strategic networking and collaborations help you grow your audience and expand your influence.
Thought leadership is a long-term commitment, but it pays off in business growth and lasting impact.

Links:‌ ‌

Courses:

Work with me:

Book a 90-minute Strategy Call

Follow me on:

IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa

She Means Profit - How to Get Cash Confident in Business: Essential Steps for Entrepreneurs

Transcript

Note: We use AI transcription so there may be some inaccuracies

Melissa Houston: Welcome to episode 168. Today we're diving into one of the most critical steps in your entrepreneurial journey, and that is managing your finances. So if you've been with us for the last few weeks, we've been following the new profit method framework that we are now adapting at She Means Profit. And today we're on step four, which is a big one.

And we're talki