Episode 139: Minimizing the Tax Liability for Your Consulting Business—with Octavia Conner
Are you paying more than your fair share in taxes? Or are you struggling with cash flow even though your profit-and-loss statement shows a net profit? Or are you unsure what you should be paying attention to financially?
There are so many financial things you have to pay attention to as a consultant to ensure you have a worry-free profitable and sustainable business!
On this week's episode of the Craft of Consulting Podcast, I interview Octavia Conner, CEO of Say Yes To Profits, a virtual CFO firm focused on helping consultants gain financial clarity and control and build profitable million-dollar businesses. We chat about all things legal structure, money, and taxes to help bring you some financial clarity.
Octavia Conner helps consultants get and keep more revenue in their pockets. In this episode, we talk about:
Choosing a legal structure with the most benefits for your consulting business and when to consider switching
Understanding what aspects of your finances you should reviewing regularly
Recognizing the difference between your net profit and your bank balance
Avoiding cash gaps
Having an accounting system as a financial foundation of your consulting business
Missing out on financial strategies if you wait too late to enter expenses and look at your finances
Knowing the difference between a budget and financial forecast
Forecasting all the ways money will enter and exit your business
Using client conversion rates to manage the flow of business and income
Creating your signature service and securing your signature client
Building your million-dollar plan and putting all the elements of the plan in place
Watching five key performance indicators constantly
Cultivating a money mindset and getting past money clocks
For more information about Octavia Conner: