Jaimie: Well my guest this week is Natalie Hall. Now Natalie works with ambitious female founders and helps them embrace their personal power and become financially empowered so they can scale their business without the burnout and create more wealth, impact and fulfilment in both business and life. Natalie has over 16 years combined experience as an accountant, CPA, business strategist, owner of a successful health and wellbeing studio. CFO and CEO consultants and business and wealth mentor and here to tell us all about so many things that can empower our own businesses. Please welcome Natalie Hall. Welcome to Pitch Perfect.
Natalie: Thank you. Thanks so much for having me.
Jaimie: Oh, it's great to have you here. I got so excited reading that out. You have done so many things. So would you say that you really do know how to create healthy numbers for someone's business?
Natalie: Yeah, I've definitely both professional and personal experiences from the last 16 years that I can bring to work with my clients and it's really become the basis for my profit, purpose and Wellbeing Framework so that you can still create the wealth you want that makes sure it's the impact and also the fulfilment because I think that's the part that a lot of us tend to miss out on. We become so focused on the profit or the income, the money that we want to generate the impact that we sort of forget about ourselves, and we are business's most important asset. And also we went into business to create more freedom or time or energy was the base for us, but we ended up having less of it, because we get so caught up in our business. So it's about finding a balance that works for you. And I find that those three particular areas if you focus on Laurie, that's definitely going to help you.
Jaimie: And speaking of getting caught up do you think people I mean, this is probably a huge topic, but do you think people get so caught up in how much money they're making more so than focusing on the money that's going out and the expenses in the business?
Natalie: Yeah, definitely. It's a big thing. If you talk about numbers in business, and if there is a number that business owners will Nori, it'll be net revenue, which is really important because we obviously need to have money coming into the business in order to have a business, but at the same time, that's why profit is so important because it makes you look at what money is going out. Because if money's going out as quickly as it comes in, you're not creating a profit. If you're not creating a profit, you're going to struggle to make the impact you want to create the life you want to build the wealth you want. So it's really important that you're looking at all facets of the money in the money coming in and the money going out because my background in accounting was in insolvency and turnaround and so I've seen what happens when you only focus on the revenue and it's not great. So it's I think knowing and understanding cash is king and business and that you need to have the cash coming in but you need to make sure that you're managing it in a way that's going to allow you to grow and be able to hall and sustain that growth as well.
Jaimie: I'm sure you've seen so many sad stories in rookie insolvency of businesses folding and almost collapsing and collapsing. Do you think this is relevant advice if you are running your business as what many of us start out doing as a side hustle, as opposed to running it as a full time business? Is there, is this information and advice just as relevant when it is something that you're doing in addition to full time work, for example?
Natalie: Yeah, definitely. I think regardless of what stage you are, it's so important to get on top of your numbers and it's probably easier to do it with a side hustle or in the earliest stage of the business when it isn't. You don't have as much money coming in and the numbers aren't as high to start focusing on looking at your numbers and especially if you're in a side hustle because if that is your plan is ultimately from the grow that and to make that your full time thing to transition out of full time work. You want to make sure that the time and energy you're putting into that into your side hustle is worth it. So understanding and knowing your numbers I think is key definitely for any date. of business or any type of business that you're doing.
Jaimie: And speaking of the stages, it's something that you should be looking at all year round or do you do it when you sort of coming out towards the end of the financial year and introducing tax planning and all that sort of thing? When is the right time to be looking at this all the time,
Natalie: Yeah, so I highly recommend having a weekly profit date. So you're sitting down and looking at in particular your sales cash coming in cash going out for that week to make sure you're on track and also looking at what's coming up in the week ahead. So you know you have sufficient cash available to make any purchases or investments. Also looking at your invoicing because a lot of businesses don't tend to invoice as quickly as they should or if there's outstanding invoices it's a really great time to reflect and see whether you need to follow any up and also using the time to check in on yourself because your relationship with money your money mindset plays a big part in how you show up not only with your finances, but all areas of your business. So checking in on that as well. And then each month I highly recommend doing a profit planning date where you're looking at your financial statements. You're doing a much deeper dive into the finances into the numbers just to make sure that you are on track going forward that you're where you need to be and if you need to make any changes. A lot of people tend to do it once a year which is better than nothing but it's generally too late to make any changes by looking at it only yearly. So definitely recommend doing 12 month plans but then checking in weekly and monthly going forward.
Jaimie: Yeah, that's great. When we were talking before you came on the show, you gave me a list of topics I say, “oh, what topic would you like?” And I looked at the list of topics and I thought I'll take one of each please because they are all incredible topics and the one that really speaks to me and probably speaks to a lot of our listeners is the money blocks. And it's something which I've never really heard of this money block concept. There's so many different people out there like Denise Duffield Thomas, for example, who talks about money blocks all the time. And you know, I guess I now know what they are, but I know what they are in relation to me. From your perspective working so many years as an accountant as a CPA. What are the common money blocks that you would see particularly for entrepreneurs and business owners in general?
Natalie: Yeah, I'm not good with money. I'm not good with numbers is probably the biggest one out there. And I think, you know, especially entrepreneurs, they're creative, they're into they're using a different side of the mind. But I think it's really important to know nobody is great with numbers when you're born like it's a learned skill. It's an acquired skill that anybody can pick up you just have to be willing to want to understand and learn and know about them. And the great thing is that it's not actually that hard. The practical side of finances of money is probably the easiest part. It's the money is emotional. And so there's the inner work of money that we really need to focus on and I think that's actually the part that stops people from actually taking initiative to go and learn how to work with their numbers. But majority for business owner you don't need to know when an accountant knows you don't need to know really what the bookkeeper knows you just need to know how to understand what the numbers are telling you what's the story behind the numbers. And maybe there's some addition and subtraction multiplication, but you can do it with your calculator on your phone.
So it's just I think really important to know that it's just because you feel you're not good with that. It's not something that you cannot learn it it's definitely learned an acquired skill. And yeah, so that's definitely one of the biggest ones. The other one is you have to work really hard to make money. And I think you know, when you grow up, I had parents that worked really really hard and did really well but they worked really hard and I know in my corporate job that I did the same and that resulted in burnout and anxiety for me. So when I went through that I was like there has to be another way like you have to be able to do it so you can still create the wealth you want and the impact and the fulfilment without burning yourself out. So what I've come to learn is that I think a lot of us define our success based upon society's definition of success, wealth, and power. And that is generally against what we all believe to be our own successes. So it's about the thing that you can break the rules. You don't have to go by the rules that society defines. And in fact you're showing you should define your own rules. So getting really clear on what that looks and feels like to you and going after it. And finding a way that works really well for you that actually nourishes your soul that does isn't going to burn you out that you can create a business and life that truly does fulfil you and like show up on all levels. So I think again, it's just changing the mindset and knowing that you can do it your way. You don't have to follow it.
Jaimie: So one of the main books I have is when I invoice someone or for example, if someone buys my course, even though part of me knows it's great even my membership you're in PR Club I think wow, someone's investing in me and this is, you know, I know they're going to get great value out of it and they're going to make more money if they do what I give the advice I give them but there's still that part of me which does have a money block I think, “oh my goodness, this person is paying me to just give away in my head what is easy knowledge and I've certainly built that up in 20 years,” but to me, it's just basic, obvious stuff. So I think oh my goodness, they're paying me this amazing money or, you know, my course is $1,500 and I think oh gee, they're investing. I mean, it's a complete strangers and to me, I feel like that is a money block. Do you think that that's something which entrepreneurs are prone to as well? I feel guilty about charging for their services.
Natalie: Yeah, definitely. That's another really big one. And I think it comes back to just knowing your worth, like knowing you're worthy of being compensated for your the value that you're providing. And if you're, like you said it's 20 years wrapped up into a course that's huge. And so $1,500 for the investment is well and truly worth what they're getting in value for it. So it's about understanding and knowing you know, energy is money. It's, we put we give meaning to it, it does actually have a meaning and so it's about just understanding and getting clear. Well, what do I value what how do I feel and one of the biggest things money mindset and money looks really good, but for me, it's the sort of uncover what are the deep rooted beliefs that we've got. So the one that comes up with pricing generally comes back to the work like am I worthy of having somebody pay this much for the course that I'm doing all the work that I'm providing? And so it's about being really solid and having that self trust, belief self worth knowing that you are valuable you are worthy of having people come into your life and to pay for what you are providing them with because it is valuable they are getting so much out of it and I just said 20 years wrapped up like that, that is a lot and just because it's like in nature to us I can handle it doesn't mean it's brand new content. These people are learning that are gonna go change their life in so many different ways. So yeah, that is a big one that I think it just comes back to building their self worth.
Jaimie: Yeah, absolutely. You talked before about the other money block, you have to work so hard to be successful. How do you scale then? I mean, because to me, scaling does require a lot of extra work. How do you scale a business without burning out in the process?
Natalie: Yeah, I think it comes down to having a really strong foundation. So having a strategy, a vision of why where you're wanting to go, and this is where your numbers do come into play. So having a strong financial gameplan so I like to think of you have a 12 month budget financial gameplan that is a translation of your vision into numbers. So you're really clear on what you need to have in your business in order from investments, resources. So it gets you to deep dive. Do we need to hire more people? Do we need to improve our operations, our systems, our processes, because I think what happens is people get focused on the growth and attracting the growth into their business. But what they forget is how is the business going to hold and sustain this growth? And I think that's where a lot of the burnout comes because you're working 24/7 to keep up with the growth in the business. So if you can get strategic before the growth actually comes in, which is having no solid foundations in place, making sure you have sufficient resources that you know where your money is going, but also factoring in time for us. So what are your self care practices? What areas of your life are really important to you that you know are going to fulfil you fill up your bucket and give you the energy that you need, and making that a priority? And don't let it become it has to become a non negotiable in your business? If you truly do want to go and scale because like I said earlier, you are your business's most important asset. So if you go down, the business isn't gonna go as well as it should. And also you're not going to make the best financial decisions for your business. If you're not feeling great.
Jaimie: Yeah.
Natalie: If you're stressed, you're overworked, you're exhausted, we never make the best decisions and that type of energy. So yeah, having a great strategy knowing where you're going and having a financial gameplan having cash flow forecast in place cash is king, especially during growth phases. And that's what I did witness a lot in my career was in business multi state politics of a multi eight figure businesses in growth phases lose it all because they just didn't have a strategy or have cash flow forecast management in place that unfortunately saw them lose everything so yeah, it's definitely okay in prioritising you and your well being.
Jaimie: Yeah, definitely isn't simply I mean, the thing that came to mind hearing you describe that was putting on team. Is it as simple as that employing people at the right time to help manage that workload when you are in that period of sort of explosive growth?
Natalie: Yeah, and I think it's, you know, they say like, even hiring people six months before you need them, because we all know we've hired sometimes like it takes a while to find the right person and to train them to make sure that they fit in with the team. So when you sit down and you do your strategy, you've got your plan in place, you then know okay, well, maybe we need to get this person in place. Or maybe we don't have the financial capacity right now. So maybe we need to push our plan a little bit out so that we can then start saving money towards having this new employee come in place. So it just gets you to be a lot more proactive rather than reactive so that you know that things are in place and I mean, things change your business all the time. So you also have to be prepared for that. But if you can try and plan and control the things that you can, it's just going to make it a lot easier. But yeah, teams a big one. Even just use those processes you might need to update the ones that you're currently using. It's a really great opportunity to go in and make sure everything's streamlined that your customer service or customer journeys are running as smoothly as they could be because obviously with extra growth that's just going to put more pressure on those first and not going great and customers and the most important if you don't have them, then you know going to have a business or the relationships making sure that that's being nurtured really well and they're being given everything that they need.
Jaimie: I love that advice. So I guess just finally, naturally what are some of the signs that you may need to happen so you know, to heal your relationship with money.
Natalie: Going into the heavens, that approach is probably the biggest one. So if you're avoiding looking at your numbers, if you're not opening up bills, if you are maybe using your bank account as your guide for what financial decisions to make, that's going to be based on emotions and short term which definitely not going to help. If you feel really anxious and stressed when you think about money, that's generally a pretty good sign. It's not working for you if you're spending money every time it comes in. That's generally feelings of lack of scarcity. So we're getting money out as soon as it comes in. You're always thinking about money, money stresses is probably one of the highest stresses that we come across. So they are pretty good signs that you need to do some work with your relationship with money which is ultimately going to improve your relationship with self that then impacts everything so that I think the best thing that I love about working with money is that it's not about the money it's actually coming back to you and connecting to your personal power so that you can go and create the business and life you truly do love and create more impact wealth and fulfilment and live that best life.
Jaimie: Sounds good to me. I'm sure I could talk to you all day about this topic. And I'm sure so many people have loved hearing from you and they probably all really inspired and also nodding their heads totally relating to what you're saying. If people want to work with you find out a bit more about you. How can they get in touch Natalie?
Natalie: Yeah, they can go to my website, nataliejhall.com. or Instagram @natalie_j_hall.
Jaimie: Natalie, thank you so much for coming on. It's been a wealth of knowledge. I've learned so much as I'm sure so many other people have we're really enjoying having you inside PR Club and thanks again.
Natalie: Thank you so much for having me and highly recommend PR club I'm loving
