Unlocking Financial Clarity: The Six Essential Questions Every Business Owner Should Ask

As a business owner, have you ever felt unsupported and overwhelmed when it comes to managing your finances? You're not alone. After spending six years doing sales for a CPA firm, I saw firsthand how many business owners struggle with financial literacy. It's not their fault—these crucial skills weren't taught in school, and CPAs are often too busy to provide the necessary support.

Just two weeks ago, a CPA told me to call him back in the fall because he had just filed 700 tax returns and was now off to enjoy some fishing and golfing.

Another CPA questioned why he would offer bookkeeping services at $200 an hour when he could prepare tax returns for $400. It's great that they can enjoy a luxurious lifestyle, but who is helping the small business owners, the backbone of our country?

Who Can Help?

Last night, a friend shared her frustration with me over dinner. She handles the bookkeeping for her business, which she then passes to her CPA for tax filing. Despite paying taxes throughout the year, they still owe thousands more. This story is all too common, and it's exactly why I started Business Owners Advocate.

Financial literacy wasn't part of our education, but we did learn something valuable: asking the right questions. Today, I want to share a simple exercise that will help you gain clarity in both your personal and professional life.

The 6 Key Questions Exercise

Ask yourself these questions:

1. WHO: This is you. Write down your name.
2. WHAT: What is one thing you want in your personal life?
3. WHEN: When do you want this to happen?
4. WHERE: Where do you want this to take place?
5. WHY: Why is this important to you?
6. HOW: How much time will it take or how much money will it cost?

For example, here are my answers:

• WHO: Becca
• WHAT: Spend time with my friends Katie, Morgan, Kelsey, and Kourtney
• WHEN: Once a month starting June 1st, 2024
• WHERE: Our backyard or their backyard
• WHY: Mom talks, friendships, and watching my children make memories is important to me
• HOW: Coordinating schedules and allocating time

Reflecting on these questions helped me realize that I often complain about how hard it is to round up the kids, yet the effort is worth the priceless memories we create.

Take Responsibility for Your Happiness

It's time to stop blaming external factors and take responsibility for your own happiness. Next week, we'll apply this exercise to your business. Over time, I'll teach you more questions to ask your bookkeeper and CPA, but it all starts with you.

Why Am I Sharing This?

Because I care about small business owners. I know some people don't have the time or money to commit right now, but ask yourself, what will happen six months from now if you do nothing?

Want to take the fast track to build your business and transform your life? Click here to learn about the Money Mindset Makeover.

All the best,

Becca Heissel