Episode 138: How to Generate Your Financial Plan

What We Cover In This Episode:  Defining your financial plan and what it actually means to have one [0:32] The top 5 elements that go into a financial plan that studio owners should be watching for [2:07] How to approach building a chart of accounts [6:16] Resources that can help you with your financial acumen [11:04] Why having a good bookkeeper is key in this process [12:01] Our thoughts on working with a financial modelling coach [12:20] What can happen if you do not have a financial model in place [12:52] Quotes:  "Probably the most important thing is keeping up with your books every month. You can't create a financial plan if you don't know what has been happening. A financial plan is not an emotional exercise, it is based on historical data. Let's try to predict the future the best we can." [Nick, 2:17] "You don't need to be as granular as people tell you, of tracking every single expense and writing down every subscription you are written for. It's really important to create a clean chart of accounts for yourself." [Nick, 6:09] "[A financial plan] is very therapeutic. It's like I have the answers of where my business is going in the next 12 to 18 months, because it's not a guessing game. Like I said, short of a pandemic it's pretty predictable of what the next 12 months look like if you have two or three years of business under your belt." [Nick, 8:51] "Don't you want to know where you are going? Part of being a business owner, it's trying to get control over where you are going. If you are an employee you don't have to worry about that, but as a business owner, I lose sleep if I am not sure about our next 6 to 12 months." [Nick, 10:31] LINKS:   Breaux Bradley Consulting fitDEGREE's Business Portal https://calendly.com/fitdegree/support  [email protected] https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.instagram.com/whycoachingandconsulting/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q