How To Fix Your Finances With Shawn Hanquist

Today on the show, Tim and Randy have the pleasure of interviewing Shawn Hanquist, a financial advisor and founder of FIT CFO.Shawn works with gym owners and online fitness coaches to help them understand their P&L numbers, balance sheet, and all those other financial  numbers.As a gym owner, the only way to measure the health of your business is through financial reports. Yet, for some reason, some gym owners completely avoid it.You cannot make sound decisions and take meaningful action without getting insight from your financial numbers.Perhaps you are nervous about your financials because you fear the numbers might expose you, but you need to overcome this fear quickly to help grow your business.In this episode, Shawn takes us through some important financial numbers that every gym owner should know and how to make projections for your business. Tune in!Key Takeaways- Accounting 101 (02:43)- Overcoming the anxiety of sharing your financial reports (04:32)- What’s a good net profit margin (06:13)- Owner’s benefit expense (09:00)- Cashflow is the lifeblood of your business (10:15)- Biggest mistakes gym owners are making (25:41)Additional ResourcesConnect with Shawn HanquistWebsite: FIT CFOSocials: www.fitcfo.com/social----- Learn more about our Business Accelerator Coaching Program for Gym Owners  - Learn more about The Iron Circle - Grab your tickets for the 2023 FitPro Growth Summit  Use Code WORM for 25% Off- Business Talk with Fitness Professionals Facebook group ---If you haven't already, please rate and review the podcast on Apple Podcasts!