In this episode of Profitable Franchisees, host Tracey Leak speaks with executive financial coach Sloan Wilkins about the importance of financial wellbeing for franchisees and small business owners.
Sloan shares his personal journey into financial coaching, emphasizing the need for good financial habits and effective budgeting tools. He discusses strategies for eliminating debt, the significance of having a profit plan, and how business owners can support their team’s financial wellbeing.
The conversation highlights practical tips for achieving financial success both personally and professionally.
Chapters
00:00 Introduction to Financial Wellbeing
02:51 Sloan’s Journey to Financial Coaching
06:05 Building Good Financial Habits
08:56 Tools for Effective Budgeting
12:12 Eliminating Debt and Planning for the Future
14:59 The Importance of a Profit Plan
17:45 Supporting Team Financial Wellbeing
21:05 Conclusion and Key Takeaways
Takeaways:
Financial wellbeing is crucial for franchisees and small business owners.
Good financial habits contribute significantly to personal finance success.
Budgeting should be viewed as a spending plan to encourage positive behaviour.
The debt snowball method helps eliminate debt effectively.
Emergency savings provide peace of mind and financial security.
A profit plan prioritizes profit and ensures business sustainability.
Investing in team financial wellbeing can improve retention and productivity.
Regular financial discussions within couples can enhance financial management.
Setting up separate accounts for profit and taxes helps manage finances better.
Small actions lead to significant financial improvements over time.
Sloans details:
Email: sloan@everydaymoney.live
Website: www.everydaymoney.live
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