BBP 035 : How to Make Your Hard Work ‘Count’ with Chris Cheeney

Most of us on the beauty business industry chose this path because it is our passion to create and help our clients look and feel amazing, however most of us have ‘dreams’ when it comes to what we want our business to give back to us, rather than goals in place to allow us to become successful and earn the money we want or even need! We often neglect the most important aspects of the business which is planning, budgeting, goal-setting, team management and also KPI’s which help us make sure our business is not only running smoothly but is also doing well financially. Imagine your business after a year or two… do you see it expanding or staying pretty much the same, struggling with costs, expenses, debts or taxes? It’s a scary vision to see your passion turn into nothing because you have avoided to work on the financial aspect of your business. Never fear . . . On this week’s episode, our guest is a secret weapon behind successful beauty business owners like Susan Routledge, Phil Jackson and Clare Cockell – all friends of the show! 😃. His name is Chris Cheeney and it was his wife’s passion that became the trigger for his calling to work with beauty business owners using his knowledge and experience as an accountant. Now, we are not going to delve deep into the world of accountancy,  but we do share some tips and insights to help you and to make beauty business owners aware that you should not be just “surviving” or “existing” in your businesses,  but is doing well and even making a significant profit! So if you’re ready to turn your DREAMS into reality for your beauty business then hit the play button to start listening! For all the links, visit the show notes page: Click here!   Biggest Takeaways from Chris: “The business was being ran based on passion and based on, you know this power of “I want to do this and I WILL achieve it”, but not on how you should run a business which is planning and budgeting and measuring your performance. So it took a long time for us to sort of understand that and understand what the KPI’s should be to have a successful business.” “If we hit our targets and we spend how we say we’re gonna spend, then we can see our cash where it’s gonna be in 12 months time.” “Don’t’ wait until you’ve hit the VAT Threshold to charge properly. Your prices have to be as if you are already VAT registered.” “It’s not to think of your accountancy fee as a cost. You’ve got to think of it as an investment . .  because it is an investment in your business getting to where you want it to get to.” “If you find the right accountant that understand you, your personal goals, your business goals , your desires then they’re the people that can really hold your hand, keep you accountable and make sure you get there.”   Episode Highlights: How To Deal With Clients That are Passion-Driven (10:15 ) Dream Calculator (13:21) The Power of The Huddle System (15:05) How The Huddle System Works (17:40) Existing Numbers vs Budgeting From Scratch (12:36) KPI’s: Numbers to Measure (23:03) Advice On Taxes (27:11) How To Deal With VAT (30:08) Working with An Accountant (34:34) Tips on the Right Accountant for your Beauty Business (37:06)   This Episode is brought to you by: This episode of The Beauty Business Podcast was supported by Kabbage.com. Kabbage helps small business owners access simple and flexible funding, up to $250K, right away, without the headaches that come with applying for a traditional loan. Special Offer for Beauty Business Podcast Listeners from Kabbage.