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.

Connect

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps:

• 0:00 -- Introduction: The most common tax mistake business owners make
• 0:51 -- Why business owners overpay in taxes and how fear plays a role
• 2:00 -- The "set it and forget it" mentality that leads to missed deductions
• 2:54 -- How tax laws change frequently and why staying updated is crucial
• 4:14 -- The impact of new tax regulations and upcoming changes
• 6:09 -- Common tax overpayment scenarios and how to avoid them
• 8:00 -- The importance of entity selection for tax efficiency
• 9:51 -- Overlooked business deductions that could save you thousands
• 12:00 -- Why bookkeeping mistakes lead to higher taxes and how to fix them
• 13:21 -- Structuring your income and expenses to legally reduce taxes
• 14:48 -- The power of tax planning: When and how to work with a tax professional
• 16:09 -- Why last-minute tax planning won't work---and what to do instead

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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.

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• 0:36 -- The biggest mistake: Reinvesting every dollar back into the business
• 2:00 -- When reinvesting stops making sense and becomes unsustainable
• 3:15 -- Why your business is NOT your retirement plan
• 4:30 -- The power of compound growth: Why money needs time to grow
• 5:48 -- The importance of financial diversification beyond your business
• 6:52 -- How much money should you take from your business for personal wealth building?
• 8:10 -- The dangers of not planning your personal finances early enough
• 9:25 -- Setting financial KPIs: How to measure success beyond revenue
• 10:40 -- Retirement planning for entrepreneurs: Solo 401(k) vs. SEP IRA
• 12:18 -- Traditional IRA and tax advantages of different retirement accounts
• 13:45 -- Smart investing strategies: Balancing risk, growth, and diversification
• 15:05 -- Why automation is key: Setting up automatic transfers to grow wealth
• 16:20 -- Real estate as an investment strategy for business owners
• 17:48 -- Understanding cash flow, appreciation, and tax efficiency in real estate

19:00 -- How to prepare for unexpected expenses while still investing

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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.

• Fiona's Newsletter

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• 0:00 - 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

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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 App
• Expensify for Expense Management
• Tax Preparation Checklist

Connect

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 - Introduction: Tackling tax season overwhelm
• 0:32 - Why tax season feels daunting: psychological and practical challenges
• 2:21 - Organizing your documents with a documentation management system
• 6:15 - Essential tax forms and why 1099s matter
• 9:00 - Financial reports: Profit & loss, balance sheet, and common errors
• 12:30 - The importance of hiring experienced professionals
• 14:42 - Tips for maximizing tax deductions during the year
• 17:30 - Key tax deadlines to track
• 19:45 - Tools and technologies to streamline tax preparation
• 23:15 - Final thoughts: Taking action and staying ahead of tax season

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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.

Connect

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 - Introduction: Why cash flow matters more than profits
• 2:30 - Common cash flow challenges in e-commerce businesses
• 5:00 - How delayed payments disrupt cash cycles
• 7:30 - Managing wholesale vs. direct-to-consumer revenue
• 10:15 - The power of cash flow forecasting and cycle analysis
• 12:45 - Negotiating with vendors and optimizing payment terms
• 15:30 - Real-world examples: Starting with minimal capital
• 18:45 - Cutting costs while maintaining product quality
• 22:00 - Innovative strategies for accessing startup capital
• 25:00 - Cash flow traps to avoid and their solutions
• 30:00 - Wrapping up: Key principles for mastering cash flow

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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 Hardy
• Atomic Habits by James Clear

Connect

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 - Introduction: Why 2025 is our year for massive growth
• 2:30 - The concept of 10X growth versus incremental change
• 5:00 - Why doing more isn't always the answer
• 7:30 - Rejecting outdated systems and beliefs for breakthrough results
• 10:00 - The SPAR method: Strategy, Planning, Action, Results
• 13:00 - Building a strong foundation: Financial, operational, and team readiness
• 15:00 - Transforming our business with optimized systems and specialized talent
• 18:00 - How courage and bold thinking drive transformative growth
• 21:00 - Real-world examples of businesses that achieved extraordinary success
• 25:00 - Final thoughts: Embrace bravery, rethink strategies, and make 2025 extraordinary

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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, 2024

Federal appeals court reinstated requirements (Dec 23, 2024)

Mandatory compliance now in effect

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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.

Links

• Tools for Business Operations:
• Loom for screen recording
• Calendly for scheduling
• Monday and Trello for project management

Connect

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 -- Introduction and the struggle of scaling a business
• 1:30 -- The importance of building a solid foundation for growth
• 3:00 -- Key metrics every business owner should know
• 4:30 -- Cash flow management and the importance of reserves
• 6:00 -- Deciding when to hire new employees
• 8:00 -- Avoiding the pitfalls of overhiring
• 10:00 -- Optimizing operations and improving efficiency
• 12:30 -- Leveraging technology to streamline processes
• 15:00 -- Managing business debt and avoiding financial pitfalls

18:00 -- Final thoughts on resilience and scaling sustainably

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