Become Sensible

Too many business owners unknowingly give away thousands of dollars to the IRS every year simply because they don't know the tax code. What if you could keep more of your hard-earned money---legally? The biggest tax-saving opportunities are often hidden in plain sight. Are you missing out?On this episode of Become Sensible, we break down the most common tax mistakes business owners make, from poor bookkeeping habits to incorrect entity selection and missed deductions. You'll learn why simply "setting and forgetting" your tax strategy could be costing you thousands. Plus, we'll cover crucial tax changes, overlooked deductions, and strategic tax planning techniques to help you keep more money in your pocket.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps:0:00 -- Introduction: The most common tax mistake business owners make0:51 -- Why business owners overpay in taxes and how fear plays a role2:00 -- The "set it and forget it" mentality that leads to missed deductions2:54 -- How tax laws change frequently and why staying updated is crucial4:14 -- The impact of new tax regulations and upcoming changes6:09 -- Common tax overpayment scenarios and how to avoid them8:00 -- The importance of entity selection for tax efficiency9:51 -- Overlooked business deductions that could save you thousands12:00 -- Why bookkeeping mistakes lead to higher taxes and how to fix them13:21 -- Structuring your income and expenses to legally reduce taxes14:48 -- The power of tax planning: When and how to work with a tax professional16:09 -- Why last-minute tax planning won't work---and what to do instead

What if we could grow a thriving business while securing our financial future at the same time? Too many business owners pour every dollar back into their company, thinking growth will take care of everything---only to realize, years later, that they have nothing set aside for themselves. There's a better way.On this episode of Become Sensible, I explore how to build long-term wealth while running a sustainable business. I break down key money mistakes entrepreneurs make, why your business isn't your retirement plan, and how diversifying your investments can provide stability. I also share actionable strategies for setting up retirement funds, tax-efficient investment planning, and how to make financial decisions that align with both your business and personal goals.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:36 -- The biggest mistake: Reinvesting every dollar back into the business2:00 -- When reinvesting stops making sense and becomes unsustainable3:15 -- Why your business is NOT your retirement plan4:30 -- The power of compound growth: Why money needs time to grow5:48 -- The importance of financial diversification beyond your business6:52 -- How much money should you take from your business for personal wealth building?8:10 -- The dangers of not planning your personal finances early enough9:25 -- Setting financial KPIs: How to measure success beyond revenue10:40 -- Retirement planning for entrepreneurs: Solo 401(k) vs. SEP IRA12:18 -- Traditional IRA and tax advantages of different retirement accounts13:45 -- Smart investing strategies: Balancing risk, growth, and diversification15:05 -- Why automation is key: Setting up automatic transfers to grow wealth16:20 -- Real estate as an investment strategy for business owners17:48 -- Understanding cash flow, appreciation, and tax efficiency in real estate19:00 -- How to prepare for unexpected expenses while still investing

Financial stress doesn't announce itself loudly---it sneaks in, builds up, and can bring even thriving businesses to their knees. Up to 82% of business failures are rooted in poor financial management. Could your business be making critical mistakes that jeopardize its future?On this episode, learn how to spot red flags, tackle cash flow challenges, and implement systems to build a resilient business. I’ll give some actionable strategies, and a step-by-step survival plan to help you avoid common pitfalls like pricing mistakes, poor cash flow oversight, and underprepared growth planning.Links:Fiona's Newsletter  ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction: The struggle of small business finances and today's toolkit  0:45 - Why this episode matters: 82% of failures come from poor financial management  2:18 - The 7 biggest financial mistakes businesses make  4:12 - Mistake #1: Poor cash flow management (timing mismatches and seasonal challenges)  6:34 - Mistake #2: Lack of financial systems and tools for tracking expenses  8:16 - Mistake #3: Pricing problems, from underpricing to ignoring overheads  11:09 - Mistake #4: Insufficient financial planning during growth phases  14:00 - Red flags your business is in financial trouble (declining margins, overdue receivables)  17:36 - Case study: Helping a client double profitability through strategic changes  20:48 - Building your financial survival toolkit: Tools, systems, and cash flow planning  24:15 - The importance of an emergency fund and disciplined reserves  28:03 - Growth planning: How to prepare for sustainable scaling  31:15 - Fiona's closing advice: Take control and stay proactive to thrive in business

Tax season looms, and for many, it brings feelings of overwhelm and dread. From compliance challenges to managing cash flow for unexpected bills, the pressure can be immense. But what if you could tackle it head-on with clarity and confidence?On this episode of Become Sensible, we dive deep into tax season preparation for business owners. We’ll go into the psychological hurdles, practical challenges, and the importance of proactive organization. You'll learn actionable tips like setting up a documentation management system, ensuring your financial reports are accurate, and maximizing tax deductions—all while gaining insights into avoiding costly mistakes with the right professional help.Links:Mile IQ AppExpensify for Expense ManagementTax Preparation ChecklistConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction: Tackling tax season overwhelm0:32 - Why tax season feels daunting: psychological and practical challenges2:21 - Organizing your documents with a documentation management system6:15 - Essential tax forms and why 1099s matter9:00 - Financial reports: Profit & loss, balance sheet, and common errors12:30 - The importance of hiring experienced professionals14:42 - Tips for maximizing tax deductions during the year17:30 - Key tax deadlines to track19:45 - Tools and technologies to streamline tax preparation23:15 - Final thoughts: Taking action and staying ahead of tax season

Cash flow problems can sneak up on even the most profitable businesses. Imagine generating strong revenue yet struggling to cover basic expenses—what's the missing link? On this episode of Become Sensible, we break down the challenges that business owners face when cash inflows and outflows don't align. From understanding why profitable businesses still experience financial strain to exploring actionable solutions, we cover everything from cash flow projections to negotiating vendor terms. We also share inspiring real-life stories of entrepreneurs who started with minimal resources and turned their ideas into thriving brands.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction: Why cash flow matters more than profits2:30 - Common cash flow challenges in e-commerce businesses5:00 - How delayed payments disrupt cash cycles7:30 - Managing wholesale vs. direct-to-consumer revenue10:15 - The power of cash flow forecasting and cycle analysis12:45 - Negotiating with vendors and optimizing payment terms15:30 - Real-world examples: Starting with minimal capital18:45 - Cutting costs while maintaining product quality22:00 - Innovative strategies for accessing startup capital25:00 - Cash flow traps to avoid and their solutions30:00 - Wrapping up: Key principles for mastering cash flow

Are you ready to transform your business goals into extraordinary achievements this year? Sometimes, setting small, incremental goals isn't the answer. I've found that aiming higher can be simpler and more rewarding than we think. What's the mindset shift we need to go from ordinary to exceptional?In this episode of Become Sensible, I dive deep into the power of the 10X growth strategy inspired by "10X Is Easier Than 2X." I'll share how we can redefine our goals, reject outdated methods, and embrace transformative practices that align with massive success. Together, we'll explore how to leverage the SPAR method (Strategy, Planning, Action, and Results), create competitive advantages, and build a scalable foundation. Let's make 2025 a breakthrough year!Links:10X Is Easier Than 2X by Dan Sullivan and Dr. Benjamin HardyAtomic Habits by James ClearConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction: Why 2025 is our year for massive growth2:30 - The concept of 10X growth versus incremental change5:00 - Why doing more isn't always the answer7:30 - Rejecting outdated systems and beliefs for breakthrough results10:00 - The SPAR method: Strategy, Planning, Action, Results13:00 - Building a strong foundation: Financial, operational, and team readiness15:00 - Transforming our business with optimized systems and specialized talent18:00 - How courage and bold thinking drive transformative growth21:00 - Real-world examples of businesses that achieved extraordinary success25:00 - Final thoughts: Embrace bravery, rethink strategies, and make 2025 extraordinary

Important update regarding the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) reporting requirements FOR BUSINESS OWNERS.Recent Legal Changes:Law effective January 1, 2024Federal appeals court reinstated requirements (Dec 23, 2024)Mandatory compliance now in effect

Growing too fast can feel like your business is running you, not the other way around. Between cash flow management, hiring new team members, and optimizing operations, the challenge can seem endless. So, how do you scale without crumbling under pressure?On this episode of Become Sensible, Fiona and Anh discuss the critical steps to scaling a business successfully. They cover the importance of building a solid foundation, managing cash flow reserves, making smart hiring decisions, leveraging technology, and understanding debt. Whether you're running a consulting firm or any other growing enterprise, this episode offers essential strategies for sustainable growth. You'll hear practical advice on optimizing your operations and avoiding the pitfalls of overhiring or overleveraging your debt.LinksTools for Business Operations:Loom for screen recordingCalendly for schedulingMonday and Trello for project managementConnect Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 -- Introduction and the struggle of scaling a business1:30 -- The importance of building a solid foundation for growth3:00 -- Key metrics every business owner should know4:30 -- Cash flow management and the importance of reserves6:00 -- Deciding when to hire new employees8:00 -- Avoiding the pitfalls of overhiring10:00 -- Optimizing operations and improving efficiency12:30 -- Leveraging technology to streamline processes15:00 -- Managing business debt and avoiding financial pitfalls18:00 -- Final thoughts on resilience and scaling sustainably

Ever find yourself stuck in a loop of endless "what ifs" when making business decisions? The fear of financial loss, uncertainty, or a crisis of confidence can paralyze even the best entrepreneurs. What if there was a way to break free and make decisions with clarity and confidence?On this episode of Become Sensible, we tackle the thorny issue of overthinking in business. You'll learn about the top three triggers that lead to decision paralysis---financial fear, uncertainty, and self-doubt---and discover a proven decision-making framework to help you move forward. We break down strategies like the 70-40 rule, scenario analysis, and categorizing decisions to avoid getting stuck. From handling chaotic situations to practical real-world examples, this episode is a roadmap for decisive, confident action.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps:0:00 - Introduction and the struggle of overthinking in business  2:00 - The importance of execution speed in business decisions  3:00 - Three main triggers for overthinking: financial fear, uncertainty, and self-doubt  6:00 - Implementing a decision-making framework for clarity  8:00 - Simplifying problems using the first-principle method  10:00 - Categorizing decisions: one-way vs two-way decisions  12:00 - Using deadlines to prevent decision fatigue  14:00 - The 70-75 rule: making decisions with incomplete information  18:00 - Real-world strategies for testing decisions and collecting feedback  20:00 - Frameworks for handling simple, complicated, and complex decisions  24:00 - Final advice on building confidence and overcoming decision paralysis