#311 Matt Shriver - The Power of P&Ls: Transforming Business Decisions

Watch & Subscribe on YouTubeAre you struggling to grow your online coaching business and manage your finances effectively? I've been there, and I know how overwhelming it can feel.In this episode of the Wealthy Wealthy podcast, Krisstina Wise sits down with Matt Shriver, a successful entrepreneur and marketing expert who has built a seven-figure business in just a few years. Matt shares his journey from struggling coach to thriving business owner, offering invaluable insights on financial management, marketing strategies, and team building.The main focus of this conversation is the importance of understanding your numbers, both in business and personal finance. Matt discusses how learning to read and interpret financial statements transformed his business decisions and led to significant growth. He emphasizes the power of tracking key performance indicators (KPIs) and using data to drive marketing and operational choices.Additionally, Matt dives into effective Instagram marketing techniques, the value of paid advertising for coaches, and the technology stack he uses to run his business efficiently. He also shares his approach to team management and leadership in a remote work environment.If you're a coach or online entrepreneur looking to scale your business and improve your financial literacy, this episode is packed with actionable advice and real-world examples. Don't miss out on Matt's hard-earned wisdom – click play now and start your journey towards business success and financial freedom. Key Takeaways6:30 Understanding P&L12:54 Personal Money Management19:48 Expense Management26:32 Business Growth Strategies33:02 Business Transformation39:32 Marketing and Leadership45:26 Instagram Strategy52:41 Money Management Course57:03 Myth Busting in BusinessMemorable Quotes"When I first reached out to you, I had just been fortunate enough to be exiting a business and I didn't know anything about money at the time. I was like, 'I don't know what to do with this.'""I started to separate our expenses based on sales contract labor, marketing contract labor, fulfillment contract labor. So I can see them all on a P&L and I can see how much of the top line is going to which department and how they're performing.""If you want to make money on Instagram, I can help you. What I have a lot of people do is really pick a couple topics that they feel really confident in and just continue to provide value in those areas.""Until you understand your household stuff and your personal finances, it doesn't matter how much money you make. Because I went through your course and was like, 'Wow, my business needs to make four times the amount of money so that I can pay myself X so that I can hit my financial goals.'""The myth is that once you have some cash, you know, you've got five or ten clients, it's okay to start advertising. Because spending money on ads is the fastest way for you to test your message to see if it actually resonates."Resources MentionedMatt's FREE 20-minute training: How to sign 10 clients a month - https://mattshiver.com/freetrainingGoHighLevel - A CRM and marketing platform - https://www.gohighlevel.com/Later - Social media scheduling tool - https://later.com/Connect with KrisstinaWebsite - https://wealthywellthy.life/Instagram - https://www.instagram.com/krisstinawiseYouTube - https://www.youtube.com/@krisstinawiseKrisstina's Book, Falling For Money - https://www.amazon.com/dp/0692560904/ Thank you.