If you're an avid reader like me, always seeking knowledge to fuel business (and personal) growth, you're in for a treat! In this blog post, I'm sharing my must-read business finance books that have shaped my perspective and are also well-regarded as timeless guides for anyone looking to navigate the world of business finance. So, grab a cup of coffee and get ready to dive into these gems.
As a business owner, you need to understand what is happening with your finances. Use these must read business finance books as tools to take your business to the next level.
1. ACCOUNTING FOR THE NUMBERPHOBIC BY DAWN FOTOPULOS
I love this book because the author takes dry and often hard-to-digest concepts and breaks them down for any small business owner to understand.
Key topics that Dawn addresses include…
You are the most invested person in your own company so you must know what's happening with the finances.
Break-even numbers, how your net income statement is key to growing your profits, and real-world advice on measuring and increasing your cash flow.
Real case studies and practical action steps to help your business profitability.
A breakdown of what it takes to get a business loan and the nuances of the application process.
For entrepreneurs who want to easily track expenses (without stress) and be in-the-know about all the best practices that keep more money in your bank account — while less of it falls through the cracks.
2. ROCKIN YOUR BUSINESS FINANCES BY CHRISTINE ODLE
This is such a fun and easy book. The author takes annoyingly boring concepts and brings them to life. She helps you understand your financial numbers with certainty, how to lower your tax liability, and how to understand the numbers behind paying yourself and growing your business. All while not putting you to sleep.
I also love…
The worksheets for you to write down your company's numbers and apply her concepts right away.
You will want to apply these concepts as soon as possible and then watch your business thrive.
She discussed the mindset required to run a successful business and how to grow a healthy mindset.
She helps people know the difference between running a business and a hobby.
She discusses a healthy tax mentality and how to manage the budget and cash flow.
I truly believe all business owners can benefit from this one because the concepts she covers are low-hanging fruit for beginners and great refreshers for those with a more advanced understanding.
Download your free Ultimate Guide to Financial Clarity - click here
For entrepreneurs who want a better understanding of the financial side of their business without spending hours going down a google rabbit hole just to surface feeling confused, stressed & overwhelmed. If you're a small business owner who has ever worried that you're living beyond your means or felt unsure of how much you can spend, you need this guide.
3. PROFIT FIRST BY MIKE MICHALOWICZ
This book profoundly changed my life and how I run my business. Concepts from this book are also what I teach all of my clients. So if you take nothing else from this article, take this home, you NEED to read this book if you want the most profitable business possible.
More about the Profit First method here:
Some key takeaways from this book are…
Instead of sales - expenses = profit, he teaches sales - profit = expenses.
The book applies to more than just business… Do you only give your family what's left over or serve them first and ensure their happiness? So too in your business, do you pay yourself and your employees first and then be as frugal as possible with expenses?
Practical and easy-to-apply tips with numbers that make sense.
Instead of putting extra profits back into the business, he teaches how to run your business more efficiently without spending more money on new gadgets, which takes away from the profits.
This book is phenomenal and life-changing for my own business and many of the other people I have worked with. Some will argue that it’s not possible to pay yourself before paying your expenses but I truly believe that it's not only possible but essential to have a thriving business and life.
Download your Free Ultimate Cash Flow Guide - click here
This guide includes regular tasks to build into your workflow to ensure you don't run out of cash, tips on how to create and keep a budget, and the best apps to use to track expenses seamlessly. With this guide, you'll feel confident in managing your cash flow!
Navigating Financial Jargon with HM Accounting:
In addition to these insightful reads, consider complementing your knowledge with financial coaching. At HM Accounting, we believe in the "Profit First" approach and offer guidance to ensure your business thrives financially. To explore how we can help, email me at info@hmaccounting.online or schedule a free 30-minute Discovery Call on my calendar.
Arming yourself with knowledge is the key to financial success, whether on a personal or business level. These handpicked financial books, coupled with the guidance of financial coaching, can empower you to make informed decisions and achieve lasting prosperity.
Let me know, in the comments below which business finance book you're reading.
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