Increasing PROFIT during COVID (with Katie Ferro): Episode 175

Katie is a licensed CPA, professional bookkeeper, fellow entrepreneur, & mama of three little ones. Building her bookkeeping business was a twist of fate that has allowed her to be present with her family while providing for them. Her main purpose is to keep herself out of a cubicle so she can spend more time at the park and she is passionate about helping others do the same (sub park with whatever fills their heart). She empower entrepreneurs by giving them the ability to effortlessly see their profits (and thus increase them) and stay within their zone of genius by connecting them to talented bookkeepers who are much like her!

*This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link on this blog. I would never recommend a product I don’t use or love myself!

Takeaways

  • Katie said once she started making money, she had this ah-ha moment that she could start educating people in the online world about bookkeeping, through courses, clients etc.
  • Top mistakes entrepreneurs make:
    • Not putting money aside for taxes
    • Not registering a business
    • Making a business an ESCORP too early
    • Looking at their numbers
  • Worst Mistakes entrepreneurs make about money
    • Fearing them
    • Not looking at them
    • Telling themselves its complicated
  • Katie compares knowing your numbers to a weight loss journey. You might not like your current state of business, or your current weight, but you have to have something to benchmark. You have to have that “starting weight.” You need some sort of measure if you’re trying to improve. See where you are, and then you just fix it. If you ignore it, it will only get worse.
  • Profit is simply sales minus cost. How much money have you made in sales, how much have you spent to make that money, and is it a profit or a loss. 
  • If you want to cut expenses ask yourself the following:
    • Am I using this?
    • Do I need this?
    • Is this bringing me value now?
    • Will it bring me value later?
    • Does it earn me money?
    • Does it save me time?
    • What am I paying for that I’m not using that might help me?
  • Katie says that you should go through all your expenses, and cut anything that isn’t saving you time or money. 
  • Katie made a spreadsheet simplifying all your numbers: rachelngom.com/profit 
    • Income by category
    • Highest category (color coded)
    • Percentage of income
    • Total sales minus total cost = profit
    • Profit percentage (how many cents per dollar you get to keep as profit)
  • Profit percentage at the end of the day is just a metric. It’s a number you use to measure your own growth from month to month.
  • What’s really important right now:
    • Having the ability to serve people remotely
    • Selling something of value
    • Having a diversified income suite 

Highlights

  • (1:40) A little more about Katie Ferro.
  • (2:25) How she got into bookkeeping, leaving a multi-billion dollar corporate environment.
  • (5:12) What are some mistakes entrepreneurs make?
  • (7:51) How to get over the fear of your numbers.
  • (9:37) How to catch yourself up from this year if you haven’t logged your numbers yet!
  • (11:02) How to increase your PROFIT!
  • (15:41) Expenses you shouldn’t cut.
  • (18:13) The value of a business coach.
  • (20:27) Tracking your numbers…what should you use?
  • (22:05) How to use Katie’s bookkeeping spreadsheet!
  • (26:38) Profit percentage- what should you be striving for?
  • (27:40) Profit examples.
  • (31:50) What to be focused on right now during quarantine, and as businesses start to re-open.
  • (35:00) Shocking success stories of people in the online space during COVID.

Quotes

“My goal was always really focused on being a stay at home mom.”

“The purpose of my business was to make it so I never had to go back to corporate.”

“I don’t think you should be striving for 6 figures if it doesn’t fit your lifestyle.”

“I do think that you need to be in tune with what you want out of life and your business, and understand what the numbers are telling you about that.”

Resources

Connect with Katie Ferro: 

Facebook Group – The Profit Pursuit Community

Instagram – @KatieFerro

Website: katieferro.com/membership

Spreadsheet to Help You Start Tracking Your Numbers: rachelngom.com/profit use code IMPACT

Sites Mentioned in this Episode:

Kajabi.com 

rachelngom.com/profit use code IMPACT

Watch Full Episode:

Increasing PROFIT during COVID (with Katie Ferro): Episode 175

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Hey! I’m Rachel. I’m a former Big Ten volleyball player turned entrepreneur and professional cheese taster (kidding–but that would be a sweet job).

I’m a Pinterest strategist for female entrepreneurs who are sick of struggling on Facebook & Instagram and want to automate their traffic and get more leads on autopilot. I’ve used Pinterest to increase my blog traffic by 34,000/month…for free!

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