Become Sensible

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

How often do your big plans for the new year fizzle out by February? The secret to sustained success lies in setting clear goals, building meaningful strategies, and executing with consistency. Ready to make 2025 the year of transformation? On this episode of Become Sensible, Fiona and her co-host Anh break down the roadmap to achieving your business and personal goals in the new year. They discuss the four essential phases: setting intentional goals, crafting actionable strategies, allocating resources, and mastering execution. From aligning goals with your vision to practical tips on energy and time management, this episode is packed with actionable advice to keep you focused and resilient. They even touch on failure-proofing your plans with realistic backup strategies and how to create momentum through daily habits."Execution is not just about effort; it's about consistency, adaptation, and discipline."ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 -- Introduction: Setting the stage for 20242:00 -- Why execution matters more than planning5:00 -- Four key phases to goal-setting and execution8:30 -- Understanding Ikigai: Aligning goals with passion and market needs12:00 -- The role of vision in long-term success16:00 -- Setting realistic yet challenging goals20:00 -- Time and energy management tips for busy entrepreneurs24:00 -- The power of starting now and creating momentum28:00 -- Tipping point: How small efforts lead to exponential results31:00 -- Overcoming discouragement when progress stalls36:00 -- Final thoughts: Take ownership of your success

Tax season may feel like a daunting puzzle, but it's also an opportunity. What if you could save more, invest strategically, and close the year with a solid financial plan? Discover the secrets to navigating year-end tax planning effectively.On this episode of Become Sensible, Fiona dives into the essentials of tax planning for business owners and individuals alike. From understanding cash versus accrual tax methods to leveraging strategic deductions and investments, this episode is packed with actionable advice. Learn how to manage your cash flow, evaluate break-even points, and implement powerful strategies like retirement contributions, equipment purchases, and depreciation. Fiona also discusses practical scenarios to help you tailor tax strategies to your unique financial situation.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction and Thanksgiving reflections2:30 - Why tax planning is more than just saving on taxes4:00 - The basics: cash vs. accrual tax methods explained7:00 - Importance of cash flow in tax planning9:30 - Break-even points and preparing for seasonal challenges11:30 - Smart year-end spending strategies for businesses14:00 - Leveraging retirement contributions for tax savings16:00 - Depreciation as a tax-saving tool18:30 - Case scenarios: high profit with low cash flow21:00 - Key takeaways and planning for next year

When running a business, finding the balance between paying yourself, managing cash flow, and growing the company can feel impossible. What happens when your resources are stretched thin, and you're questioning your next steps? This episode unpacks the struggles and solutions.On this episode of Become Sensible, Fiona and her co-host dive into the nitty-gritty of early-stage business challenges. Together, they tackle a case study of a product-based entrepreneur facing inventory bottlenecks, funding hurdles, and personal financial strain. We explore essential topics like raising capital, understanding your breakeven point, building relationships, and making strategic moves to keep your business afloat while still managing personal obligations. It's a masterclass in prioritizing what truly matters."Running a business is hard, but with the right strategy and mindset, you can build something extraordinary." Tune in to discover how to focus your time and energy where it counts most and embrace the resilience it takes to succeed.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps:0:00 - Introduction and the reality of juggling personal and business finances2:30 - Exploring a case study: the entrepreneur's cash flow and funding challenges5:00 - The importance of inventory management in a product-based business7:00 - Strategies for raising capital: self-funding, angel investors, and venture capital10:30 - Aligning your resources: capital, time, expertise, and relationships15:00 - How to identify your breakeven point and prioritize efficiency18:30 - Balancing quality, customer promises, and business growth20:00 - The concept of balance in business: myth or reality?25:00 - Building resilience: creating recovery moments and sustainable habits30:00 - Practical advice for testing a business idea and knowing when to pivot31:00 - Closing thoughts and listener questions: balancing passion and strategy

Ever wondered if an S Corp structure could help reduce your tax burden? Many business owners are surprised to learn how shifting their LLC to an S Corp could save them thousands. But the journey isn't without its hurdles---phantom income, self-employment tax, and missed compliance deadlines are just the beginning.On this episode of Become Sensible, Fiona and Anh dive into the world of S Corporations, discussing why and when it makes sense for a business to transition from an LLC. They examine a real-life client case involving a creative agency, tackling common pain points like self-employment tax concerns, phantom income issues, and challenges in keeping personal and business finances separate.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction to the episode and today's case study1:30 - Overview of the client's business: structure, revenue, and tax issues3:00 - Understanding phantom income and its impact on LLC members5:00 - S Corp advantages for reducing self-employment tax7:15 - Step-by-step guide to filing for S Corp status9:30 - Common administrative errors and tips for staying compliant12:00 - The importance of separating personal and business expenses15:30 - Strategies for effective quarterly tax planning18:45 - Tips on reasonable salary and tax savings for S Corp owners21:00 - Listener Q&A: Operating agreements, home office deductions, and more25:30 - Wrap-up and final advice on navigating the LLC to S Corp transition

Are you trying to decide if an S Corporation is the right choice for your business? I know it sounds appealing with all those potential tax savings, but making the wrong choice can lead to unnecessary complications.  But how do you know if an S Corp is truly a smart move for your business?On this episode of Become Sensible, I'll take you through everything you need to know about S Corporations---from what they actually are to how they differ from other structures, like C Corporations. I'll cover the unique tax benefits, the requirements and limitations, and how this entity type can impact your long-term growth strategy. Whether you're a new entrepreneur or have been in business for a while, this episode will help you understand if an S Corp is the right move for your situation.Connect Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction to S Corporations and common business questions1:00 - Understanding what an S Corporation is and its unique tax treatment3:00 - Pass-through benefits and how they differ from a C Corporation5:00 - Key components and restrictions of an S Corporation8:00 - Tax advantages and the role of self-employment tax10:30 - Who should consider an S Corporation and the factors involved12:00 - Calculating reasonable compensation and IRS expectations15:00 - Weighing S Corp costs vs. benefits for small business owners18:30 - Common misconceptions and mistakes with S Corporations21:00 - Choosing between LLC and S Corporation based on business phases24:00 - Planning ahead: S Corporation requirements and deadlines26:00 - Key takeaways and final advice on choosing the right business structure

Turning a creative passion into a thriving e-commerce business is an incredible journey! But along with the excitement of launching products, the reality of managing sales tax, bookkeeping, and finance essentials can quickly feel overwhelming. So, what if we had a clear roadmap to handle it all?On this episode of Become Sensible, we tackle the complexities creatives face when managing sales tax compliance across multiple states, understanding bookkeeping needs, and setting up efficient systems for growth. Together, we explore how to stay compliant with tax laws, choose the right accounting software, and protect time for creativity without getting bogged down by numbers. Whether you're a new business owner or scaling up, this episode offers practical insights to navigate the financial side of your business confidently."Managing finances is a skill you can learn and master. It's all about starting strong and setting up systems that work for you."ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction to sales tax challenges for creatives2:00 - The basics of sales tax and digital product compliance5:45 - Understanding Nexus and state-by-state sales tax requirements8:15 - Tips for navigating multi-state tax obligations12:00 - Choosing the right accounting software for your e-commerce store15:45 - Why creatives need automated systems for bookkeeping18:30 - Handling bookkeeping and finances without interrupting creative flow21:00 - Essential questions to ask your accountant23:30 - Staying compliant with sales tax deadlines26:00 - Financial confidence through regular review and tracking systems28:30 - The biggest financial mistakes creatives make and how to avoid them