What does it mean to "maximize business numbers" and why is it important? What are some common metrics that businesses track and optimize to maximize their numbers?

On this episode of Healthcare Hacks and Connections, our host Nate interviews Justin Green, a Certified Financial Planner and the founder of Be a Wealthy Coach. He offers education, coaching, and fractional CFO services to Online Coaches who want to set up their financial systems and use their financial data to make better business decisions. Ultimately, he is passionate about assisting coaches in converting revenue into real wealth and living their dream lives.

They will talk about the importance of understanding the numbers in your business to maximize profits and improve your personal lifestyle. With tax season underway, the conversation focuses on the key financial data that small business owners should be looking at to make better decisions. If you're an online coach or service provider looking to boost your financial know-how, this episode is for you.

They will touch on such topics as:

• Most people get into business to help people but to also maximize their own lifestyle. If you don't know the numbers, it's really hard to figure out how to maximize that. 
• Talks about the P&L (Profit and Loss) report: “In order to have a P&L, you need to track all your income and all your expenses, which is essentially what bookkeeping is.”
• How to implement profit first: “I think having a financial operating system is extremely important.”
• The importance of preparing for taxes: “The best time to be planning for taxes is right now.”
• You have to start somewhere, but tracking everything will make your life a lot easier.
• Why shouldn't people write off everything in their business? The reality is, as a business owner, the tax code was written in your favor. So, there are a lot of benefits available to get creative. But you can't write everything off right. It’s illegal.
• Paying yourself and reinvesting your money: “Keep profit margins high, pay yourself, and then you can reinvest that however you want in your personal life, whether it's the stock market or real estate.”
• When you're self-employed or a small business owner, there's a lot of overlap between personal and business. You have to have a separate business bank account, and a separate business credit card, from your personal one. 
• The importance of having a spouse in the business: “You can turn a personal trip into some business deductions legitimately and legally. It's cooler when you can go with your spouse.”

Hack: “You have to not compare yourself versus other businesses that are completely different. Compare yourself against your industry and also just yourself. You just want to improve and figure out what your profit margin goal is.”- Justin Green

Reach Out to Justin:

Podcast: Dollars & Dumbbells

Instagram: @justingreenfp

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