Welcome back to The Conscious Edge Podcast! I’m Alecia St. Germain, and today, I had the immense pleasure of diving into a topic that hits home for so many of us—finances. I was thrilled to host Nikki Fraser from NextKey Services, a brilliant mind in the financial world and a dear friend. Nikki joined me to peel back the layers of financial anxiety, the importance of understanding your numbers, and how to make strategic decisions to grow your business.
We started the conversation with a candid discussion about the struggles many entrepreneurs face when it comes to managing finances. Nikki and her husband Dan transitioned from corporate roles to founding NextKey Services, where they offer fractional CFO services, accounting, and financial planning for small and medium-sized businesses. Their mission is to transform how entrepreneurs view and manage their finances.
Break the Cycle of Financial Avoidance
Nikki explained that one of the tendencies of business owners is to avoid dealing with their finances until it’s too late. This avoidance can lead to severe consequences, as I shared from my personal experience of paying hefty fines for late tax filings during the pandemic. Nikki emphasized the importance of understanding your numbers not just as a compliance exercise but as a strategic tool.
The Power of Financial Clarity
Nikki shared that having financial clarity brings energy and confidence to business owners. When you know your numbers, you can handle unexpected challenges, make informed decisions, and seize opportunities. This clarity transforms the way you approach your business and can be a game-changer in your strategic planning.
Budgeting as a Tool for Growth
We also discussed the misconception that budgets are restrictive. Instead, Nikki views budgeting as a privilege and a tool to allocate resources effectively. This mindset shift allows entrepreneurs to see their budget as a way to invest in their business growth rather than a constraint on their spending.
Preparing for Opportunities
A significant takeaway from our conversation was the importance of being prepared for opportunities before they arise. Nikki advised having your financials in order and understanding your numbers to move quickly when opportunities present themselves. This preparedness can make the difference between seizing a great opportunity and missing out due to lack of preparation.
Upcoming Workshop and Program
Nikki and Dan are hosting a free “Level Up” workshop this summer, where they will teach their process for determining when it’s time to make the next hire and how to manage your finances strategically. You can register here.
Additionally, this fall, they are launching “Finance Unleashed: The Entrepreneur’s Edge,” a program designed to help entrepreneurs overcome financial fears and gain control over their financial destiny. This initiative aims to empower more business owners with the tools and knowledge they need to succeed.
If you’ve been putting off dealing with your finances, now is the time to take action. Embrace the clarity, energy, and confidence that come with understanding your numbers, and watch your business thrive.
Sending you love!
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Register for the Level Up Workshop: Invest and Thrive
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