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As a creative entrepreneur, establishing financial boundaries might not be the first thing on your mind, but it's essential for the sustainability of your business.
In this episode "Financial Boundaries for Creatives," I delve into why setting financial boundaries is crucial for protecting your time, energy, and income.
We'll explore how to see yourself as an employee of your own business, and how creating separate accounts and paying yourself regularly can transform your creative pursuit into a profitable business.
Whether you're a freelancer, self-employed, or just starting, this episode can guide you towards maintaining clarity in both your personal and business finances.
You'll learn practical steps like opening a dedicated bank account for your creative income, making it easier to track your financial activity without the hassle of mixing personal funds.
After listening to this episode, you'll be better equipped to differentiate your business and personal finances, making smarter financial decisions for your creative venture.
For detailed guidance, follow this timestamped summary:
[00:00:02] Why Financial Boundaries Matter[00:01:12] Seeing Yourself as an Employee[00:02:11] Steps for Financial Control[00:04:04] Tracking Income and Expenses[00:04:57] Paying Yourself Regularly[00:05:36] Final Thoughts and EncouragementMentioned in this episode:
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Creative Success = Financial Balance with Flexible Budget Plans
As a creative individual, dealing with irregular income can be daunting.
In this episode of From "Creative Passion To Profit", titled "How Creatives Can Budget for Regular Income," I, Mahmood, tackle one of the biggest challenges faced by those in the arts and creative world—budgeting.
Have you ever felt the high of being fully booked and having commissions flying off the shelves, only to be met with silence and income droughts the following month?
You're not alone.
But here's the good news: with a little planning, you can smooth out those financial ups and downs.
In this episode, I'll share three simple steps to help you build a budgeting system that fits your lifestyle and supports your creative ambitions.
You'll learn how to determine your essential baseline expenses, create a financial buffer for quiet months, and implement a flexible yet simple budgeting method that allows you to thrive creatively and financially.
You'll also have some homework tasks...
Timestamped Summary:
[00:00:00] Introduction to challenges of budgeting with erratic income.[00:00:58] Step 1: Determine your baseline expenses.[00:02:12] Step 2: Build a financial buffer for quieter months.[00:03:46] Step 3: Apply a simple, discipline-based budget system.[00:04:58] Homework: Calculate baseline expenses and track income.Mentioned in this episode:
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Saknas det avsnitt?
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"If you don't drive your business, you will be driven out of business." - B.C. Forbes
If you’re like most creative professionals, you often think your artistic work isn't compatible with business. But ignoring the business side can hamper your potential and drain your passion.
My aim in "From Creative Passion to Profit" is to bridge the gap between creativity and business, helping artists thrive in both realms.
With 25+ years of transforming numbers into business success, I'll share key mindset shifts to elevate your creative career economically and sustainably.
The Transition from Creative to ProfessionalIn this episode, we dive into three key mindset shifts essential for turning your creative passion into a profitable venture.
First, we tackle the tricky subject of putting value on your work....
Timestamped summary00:00 "Creativity is a Business"
06:14 Pause Before Saying Yes
06:53 Artist vs. Business Mindset
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Welcome to another episode of Numbers Knowhow, where we dive into the significance of attitude in business. I'm Mahmood Reza, your host, and for nearly three decades I've been guiding businesses, entrepreneurs, and even charities to success.
In this episode, "The Power of Attitude," we delve into how your mindset shapes your business journey.
If you're a business owner, aspiring entrepreneur, or someone intrigued by personal development within a business framework, this episode is for you. By tuning in, you'll understand the concept of attitude and mindsets, explore the different types of mindsets, and learn practical ways to refine your attitude for business success.
Helping you to Plan It, Do It, PROFIT.
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Budgeting: The Strategic Path to Business Growth
Where you are today may not be where you want to be tomorrow, but it's influenced by your past.
My business journey of over 25 years has been about helping business owners and entrepreneurs navigate the often complex world of finance. Today, I'm excited to share one of the most powerful tools you can wield - budgeting.
This episode of Numbers Knowhow, "The Power of Budgeting," is designed to upend the commonly held misconceptions about budgeting and show you how transformative it can be for your business.
We’ll discuss real-world scenarios to illustrate how budgeting can serve as a guiding star for your organization's goals. You'll find out how incorporating your team in the budgeting process can drive innovation and create a culture of ownership and accountability.
Here are the headline points covered in the episode:
Clarity of Purpose and Direction (00:00:48) – Discover how a budget acts as a flashlight in the dark, defining your goals and showing you the path to reach them.Financial Control and Efficiency (00:02:09) – Learn how budgeting puts you in the driver’s seat, helping you track finances, reduce waste, and maximise profits.Goal-Driven Decision Making (00:02:59) – Understand how a budget, shaped by SMART goals, can simplify the decision-making process and ensure you're aligned with your financial objectives.Enhanced Communication and Team Empowerment (00:04:02) – See how involving your team in the budgeting process can improve communication and empower them to contribute creatively to your business's success.Motivation and Accountability (00:05:39) – Uncover the dual benefits of motivation and accountability in setting budget targets, creating a culture of excellence.Achieving End Goals and Reducing Risk (00:06:23) – Recognise how a well-planned budget helps you prepare for unexpected expenses and obstacles without losing sight of your goals.By the end of this episode, you’ll be better equipped to craft budgets that go beyond mere number crunching. You’ll learn to see budgeting as a strategic tool that aids in planning, decision-making, and team collaboration.
This newfound understanding will help you feel less anxious about your business finances and more confident in your ability to steer your organization toward growth and resilience.
Numbers Knowhow - Helping you to Plan It, Do It, PROFIT
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Welcome to another episode of Numbers Knowhow, where we break down complex financial concepts into digestible pieces. I'm your host, Mahmood Reza, and today we're talking economies of scale.
You've probably heard the term before, perhaps in boardroom meetings, financial news articles, or even casual business conversations.
But what does it actually mean?
More importantly, how can you, no matter the size or field of your business, harness the power of economies of scale to reduce costs, increase profits, and ultimately grow sustainably?
In the episode, I'll explain this concept through real-world examples, from small bakeries to large airlines, and give you actionable strategies to apply these principles to your own business ventures.
You'll learn why bigger can sometimes be better when it comes to business operations.
We'll explore how buying ingredients in bulk, investing in better equipment, and spreading out costs can make your business run more efficiently.
By the end of this episode, you'll understand the difference between internal and external economies of scale and why small businesses should focus more on the former.
We’ll also delve into advanced topics like the pitfalls of over-expansion and diseconomies of scale, where bigger isn't always better.
Plus, I’ll provide you with steps you can take right now to plan for growth in a measured and effective way, ensuring you're ready to scale up when the time is right.
Timestamped Summary:
[00:00:03] Introduction to Economies of Scale: Definition and importance for businesses of all sizes.
[00:00:56] Cake Shop Example: Explaining economies of scale through a simple, relatable analogy involving cake production.
[00:01:38] Friends and Money Example: Further elaboration using a scenario of dividing a fixed amount of money among friends.
[00:02:40] Broad Application: Discussion on how economies of scale apply to various types of businesses, from handmade jewellery to accounting firms.
[00:03:28] Airline Example: How low-cost carriers benefit from economies of scale, demonstrating the principle in the context of the airline industry.
[00:04:04] Creative Industries: How recording multiple songs or staging multiple productions can reduce costs in creative fields like music and theatre.
[00:05:00] Internal and External Economies of Scale: Introduction to the two types of economies of scale and practical examples for each.
[00:06:15] Real-Life Examples: Deep dive into examples involving a bakery and a theatre company to illustrate cost savings and efficiencies.
[00:08:53] The Limits of Economies of Scale: Discussion on the challenges and limitations, including the concept of diseconomies of scale and the risks of over-expansion.
[00:09:52] Practical Steps to Implementation: Steps to review costs, plan for growth, build partnerships, and integrate technology for better efficiency.
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Welcome to another enlightening episode of Numbers Knowhow, where we delve deep into the lifeblood of small business success—trust. I'm Mahmood, your host, and today we'll break down why trust is more than a mere buzzword. It’s the backbone of customer loyalty, employee retention, and valuable relationships with suppliers. Imagine your local cafe where the barista remembers your favorite order, or a plumber who consistently shows up on time. These aren’t just random acts of kindness; they're strategic moves that build an unshakable foundation of trust. Trust is what keeps customers coming back, makes employees loyal, and establishes resilient partnerships in challenging times. Tune in to learn practical steps that any business, no matter how small, can take to cultivate and maintain trust.
In this episode, we'll cover crucial points like honesty and transparency, keeping promises, clear communication, and showing consistency. We’ll also touch on how taking responsibility for mistakes can significantly bolster your credibility. Think about it—have you ever faced a delay in service or a mix-up in an order? How businesses handle these hiccups profoundly impacts your trust in them. We provide actionable steps, such as keeping customers proactively informed about delays and avoiding making promises you can’t keep. These straightforward yet effective practices not only ensure customer loyalty but also fortify your reputation as a reliable enterprise. Through relatable examples and scenarios, you'll see how these principles translate to real-world success.
After listening to this episode, you'll better understand the practical applications of trust in your business operations. You’ll be equipped with actionable strategies to foster a trustworthy environment for your customers, employees, and suppliers. By incorporating these methods, you'll be more adept at managing relationships, communicating effectively, and maintaining the consistency that trust depends on. You’ll see immediate benefits like enhanced customer loyalty, improved team morale, and reduced friction with suppliers. All of this ultimately leads to a stronger, more resilient business that stands out from the competition.
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If you're a business owner or an entrepreneur, you might have experienced the thrill of landing a huge deal or seeing your sales skyrocket almost overnight.
The sense of accomplishment and the rush of excitement can be intoxicating.
But what if I told you this rapid growth could actually put your business at serious risk?
In this week's Numbers Knowhow podcast episode titled "The Growth Trap: Avoiding Overtrading," I’ll guide you through the treacherous waters of rapid growth and help you avoid the pitfalls that could lead to financial disaster.
We'll explore a hidden danger—overtrading—which can creep up on even the most profitable businesses and leave them in tatters.
In this episode, you'll learn about what overtrading really means and how it can manifest in your business operations.
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"Passion might drive the car, but it's the planning, effort, and numbers that fill the gas tank, map the route, and ensure you reach your destination, helping you to Plan It, Do It, PROFIT."
Today, I'm going to challenge a belief that's so commonly accepted in business circles: the idea that passion alone can lead to success.
The truth?
It's utter nonsense.
I'm Mahmood Reza, and in this episode of Numbers Knowhow, we're diving deep into why passion without planning and sweat is a recipe for failure.
The heart of today's episode is a hard look at what truly builds equity in your business.
Passion can get you off the starting block, but it's the routine, the daily grind, and the small incremental gains that make the difference.
So, what will you gain from spending 30 minutes with me on this podcast?
For starters, a clear understanding of how numbers are the heartbeat of your business. We'll touch on why respecting metrics and data can save you from costly mistakes and how planning helps you navigate the inevitable bumps on the road.
By the end of this episode, you'll be better at interpreting your business data, planning for sustainable growth, and differentiating between passion-driven hobbies and profitable enterprises.
Numbers don't lie, and neither does the hard work behind them.
Remember, we're Helping you to Plan It, Do It, PROFIT.
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In this episode of Numbers Knowhow, I’ll be covering a topic that’s often overlooked but incredibly impactful: kindness in business.
Now, you might be thinking, isn’t business supposed to be cutthroat and competitive?
Yet, my own experience and a wealth of research suggest otherwise.
Kindness isn’t just a nice to have; it’s a game changer.
We often think of kindness as a sign of weakness, especially in the business world where aggression and dominance are sometimes seen as the keys to success. But let's flip the script.
The content of this episode includes actionable strategies like showing appreciation, fostering open communication, and promoting policies that cultivate kindness.
I’ll cover how a simple compliment or acknowledging hard work can dramatically boost team morale and productivity.
You’ll also learn why genuine kindness is more than an ethical choice – it’s a savvy business decision that can increase your bottom line.
By embedding kindness into every interaction, you’ll build a community around your business, fostering loyalty and trust, which ultimately translates to sustained success.
Remember, we're helping you to Plan It, Do It, PROFIT.
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Financial Accountability is Your Roadmap to Sustainable Business GrowthAction springs not from thought, but from a readiness for responsibility. – Dietrich Bonhoeffer
These words resonate deeply with the essence of financial accountability, a subject that often gets side-lined in the hustle of running a business.
But what if I told you that the art of being financially accountable can help steer you not just towards survival but to true business success?
This episode is all about dissecting the backbone of financial accountability and helping you understand how keeping a tight rein on your finances can set you on a clear, effective path to your goals.
We'll delve into why financial accountability matters so much and how you can cultivate it through practical steps and consistent reflection.
If you’ve ever found yourself wondering, "Am I doing enough to manage my business's finances responsibly?" then you’ve found the right episode.
Once you’ve listened, you'll find yourself better prepared to handle the monetary aspects of your business with confidence and precision.
You’ll walk away equipped with actionable tips and strategies that promote financial health and long-term sustainability. The knowledge I'm sharing here is tailored to not only reduce your financial stress but also enhance your decision-making process, ensuring you stay on track even when the unexpected happens.
Just like a diligent navigator, financial accountability keeps you on course and ready for the challenges ahead.
Remember, it’s not about achieving perfection; it’s about making progress.
And as always, Numbers Knowhow is here Helping you to Plan It, Do It, PROFIT.
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The Balanced Business Journey: Managing Isolation and Growth
I know all too well that the path to business ownership can often feel isolating.
It’s a road many of us have walked, with its unique set of challenges and triumphs.
In our latest episode titled, "The Lonely Road of Business Ownership," I'm talking you through this solitary journey, and proving that you’re not alone in this experience.
We'll explore various ways to reframe the feeling of isolation into opportunities for growth and creativity.
Timestamped Summary:
00:00:05- Introduction to the episode: Exploring the isolating journey of business ownership and a reminder that you’re not alone.00:01:15- The sense of isolation described as walking through a dense fog with metaphors of being the captain of a ship in a vast sea.00:01:55- Balancing multiple roles and the exhaustive nature of trying to juggle everything can be isolating.00:02:31- Disconnect with friends and family who may not understand the pressures you’re under.00:03:10- Highlighting the shared experience of isolation among business owners.00:03:52- Reframing isolation as an opportunity for creativity and innovation.00:04:27- The importance of connections, reaching out to fellow business owners, and maintaining support systems.Once you've listened to "The Lonely Road of Business Ownership" you’ll have insights into dealing with the isolation that often accompanies your business journey.
By the end of the episode, you’ll be better equipped to harness those moments of solitude for personal and professional growth.
You'll understand you're not walking this path alone and learn practical steps to thrive amidst the isolation.
This is all about navigating your business journey more effectively, and helping you to Plan It, Do It, PROFIT.
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The Human Side of Business Ownership
“Ships do not sail themselves. They need a captain with a steady hand on the wheel, eyes on the horizon, and sometimes an ability to weather the storm." – Mahmood Reza
Owning a business isn't just a financial venture; it's an emotional journey that tests your resilience, decision-making skills, and interpersonal abilities.
In my latest episode of "Numbers Knowhow", "The Human Side of Business Ownership: A Journey Beyond the Balance Sheet," I dive deep into the often-overlooked human elements that drive business success.
This episode isn't just about profit margins or cash flows; it's about what it truly means to be at the 'helm' of your own venture.
Prepare to gain insights on decision-making, managing people, handling stress, and the importance of self-care.
These aren't just abstract concepts but actionable ideas that will make your business journey more manageable and rewarding.
This episode is packed with practical insights that will help you not just survive, but thrive in your journey as a business owner.
So, grab a cup of coffee, sit back, and let's embark on this journey together as I help you to Plan It, Do It, PROFIT.
Timestamped Summary
[00:00:06] Introduction: Overview of the human side of business ownership and the journey beyond financial metrics.[00:01:01] The Captain Analogy: Discussing the importance of a steady hand in navigating business challenges.[00:01:44] Decision Making: Comparing business decisions to choosing a movie – assessing options, taking risks, and pivoting when necessary.[00:02:24] Managing People: Drawing parallels between managing a diverse team and hosting a chaotic family dinner.[00:03:25] Stress Management: Viewing stress as both a challenge and a motivator, and learning how to balance it.[00:04:15] Self-Care: Emphasizing the significance of recharging physically and mentally to maintain effectiveness.[00:05:17] Conclusion: Encouragement to embrace the human side of business ownership and enjoy the journey, bumps and all.
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How does YOUR 'garden' grow?
"Think of your business as a garden," I tell people.
It helps take the complexity out of the financial jargon.
Where you are today with your business may not be where you want to be tomorrow, but it’s shaped by the seeds you're planting today.
Hi, I'm Mahmood Reza from Numbers Knowhow and in this episode of the Numbers Knowhow podcast, I've boiled it all down to simple terms.
Whether you’re just starting out or trying to scale to new heights, understanding the fundamentals like revenue, profit, expenses, cash flow, assets, and liabilities is crucial.
Think of them as the vital elements for nurturing your business garden.
By the end of this episode, you'll have a clearer picture of what it takes to grow a healthy, profitable business.
You’ll feel more in control and less overwhelmed, enabling you to make better financial decisions.
Remember, we’re here to help you Plan It, Do It, PROFIT.
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In this episode of the Numbers Knowhow podcast, "Financial Jargon and How to Explore It Like a City", we're going on a quick trip away to demystifying those intimidating financial terms that often leave business owners feeling lost and out of control.
Hi, I'm Mahmood Reza.
Imagine stepping off a plane in a foreign country without knowing the language – that’s what it’s like diving into financial statements if you’re not familiar with the terminology.
But fear not, just as you’d pick up a few key phrases to survive in a new place, we’ll equip you with the essential financial jargon to help you steer your business with confidence.
You’re going to learn the meaning and importance of fundamental financial terms like revenue, profit, liquidity, assets, liabilities, and ROI (Return on Investment).
These aren’t just abstract concepts but crucial elements that determine how well your business performs.
I'll be breaking these down with some relatable analogies, making it easier for you to grasp and remember.
Once you’ve listened to this episode, you’ll be better equipped to understand your business’s financial health, make informed decisions, and feel more in control of your financial affairs.
You’ll have a grasp of key financial terms that will empower you to have more meaningful conversations with investors, lenders, or even your accountant.
No longer will terms like ROI or liquidity leave you scratching your head – instead, you’ll know exactly what they mean and why they matter.
So, take the time to give this episode a listen and invest in your understanding of financial jargon – it’s a journey worth taking for the future of your business.
If you've not yet joined the community, it's time to elevate your financial prowess and Plan It, Do It, PROFIT!
Timestamped summary[00:00:00] - How understanding financial jargon's like exploring a foreign country without knowing the language.
[00:01:00] - The frustration of encountering terms like equity, ROI, and liquidity for the first time!
[00:01:41] - The feeling of vulnerability and uncertainty when trying to understand financial statements or negotiate with professionals.
[00:02:23] - How sometimes, not knowing the language can lead to creative solutions and innovation.
[00:02:57] - The importance of understanding basic financial terms.
[00:03:35] - Breaking down key financial terms: revenue, profit, liquidity, assets, liabilities, and ROI, using easy-to-understand analogies.
[00:05:49] - The importance of engaging with financial jargon and the empowerment that comes with understanding the basics, making your business journey smoother.
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Whether you're a business owner, artist, or creative, mastering your business finances is key to staying sustainable and making a profit.
Hi I'm Mahmood Reza the man behind Numbers Knowhow.
In our latest episode, I'm unveiling the philosophy behind "Numbers Knowhow" — and how three simple steps can transform your financial future.
