Episode #9: Tammy Johnston | 3 Skills That Will Help You Manage Your Finances Better

Tammy Johnston Talks About 3 Skills That Will Help You Manage Your Finances Better In this episode of Enlightened Entrepreneur Podcast, financial expert Tammy Johnston talks about three critical skills every entrepreneur needs to have and develop if they are going to succeed in their business. As a highly successful financial adviser with 23 years of experience on financial services and insurance, Tammy has graciously shared a few useful tips about finance that a lot of people, both in and outside the business realm, can benefit from in improving how they manage their finances.

Key Questions Asked:

What is the first critical skill that every business owner needs to develop when it comes to their finances? What tools can business owners use to become aware of what’s happening with their finances? For those who have already given the bookkeeping task to somebody, what are the ways around for them to get back to that awareness? What is then the second skill every business owner needs to have? What is the next stage that they need to focus on? What sort of planning tools does Tammy currently use in her business when it comes to finances? What is the right mindset that business owners need to adopt? How does Tammy go about finding like-minded and reliable individuals? What are the challenges that she faced and how was she able to overcome them?

Highlights of Lessons Learned: 

Skills an Other Tips

The first skill every business owner must develop is awareness. Most people are often so busy making money that they have no idea of what is actually going on with their finances. When Tammy starts working with somebody, the first thing she asks them to do is handle their own bookkeeping for a minimum of six months. For those who have already got somebody else doing their bookkeeping, make sure to sit down with your bookkeeper or having a phone conversation at least once a month and having a look at your reports. The second skill that business owners must develop is planning. Plan for where you want to go. Next stage you need to focus on and figure out is what brings in profit to your business and what can you be doing to improve your marketing strategies.

Mindset, Challenges and Tactics

As for the mindset, business owners need to be open minded, they need to find competent and qualified individuals who will help bring out the most in them. The biggest challenge that Tammy had to deal with when she first started out in her business was the stress of not having the steady paycheck and not knowing exactly what’s coming. As a new business owner, you have to find ways of coping and keeping forward and being able to pay your bills. One way Tammy was able to do this was by reading good business books, another thing that helped her was having a circle of friends who knows she’s trying to do acts as her immediate support system.