In this episode, Melinda Emerson welcomes Entrepreneur and Business Advisor, Michele Phillips. They discuss the challenges Phillips faced while owning a hair salon and spa, the top three challenges for business owners, and the importance of a tailored approach to business advising. They also delve into addressing business gaps, improving sales processes, and the value of entrepreneurial experience in business advising.

(0:00) Introduction to Financial Management in Small Businesses

(0:35) Welcome and Introduction by Melinda Emerson

(1:07) Sponsor: Become Your Own Boss Online Course

(1:39) Guest Introduction: Michelle Phillips, Entrepreneur and Business Advisor

(4:12) Challenges and Lessons from Owning a Hair Salon and Day Spa

(7:04) Top Three Challenges Faced by Business Owners

(9:35) Tailored Approach to Business Advising and Financial Planning

(11:22) Addressing Business Gaps and Improving Sales Processes

(13:00) Importance of Entrepreneurial Experience in a Business Advisor

(16:27) Value Over Cash in Business

(17:11) Announcement: Become Your Own Boss Online Course

(17:34) Podcast Closing and Appreciation