The SmallBizChat Podcast: Uncomplicate Your Financials with Ellen Rohr

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Ellen Rohr is a financial expert dedicated to making business “uncomplicated.” She is the founder of venture capital and consulting company Bare Bones Biz, president of Zoom Drain and Sewer, LLC, and president of Benjamin Franklin, The Punctual Plumber, where she increased sales by $40 million in under two years. As a thought leader in her space, Ellen has contributed to companies and publications, including Wells Fargo, Huffington Post, HGTV, National Association of Women Business Owners, and Business News Media, among others.

Ellen joins me today to demystify business finances and discuss what you truly need to know about money as a brand leader. She highlights certain aspects of finances where people tend to get stuck and why keeping up with your brand’s financials isn’t as complicated as it may seem. Ellen also highlights specific numbers and statements to keep an eye on, the power of knowledge and mentorship, and how to ensure that you are truly elevating your brand by being financially smart.

“If you have to learn it yourself, you don’t have to do it forever, and you will not regret having learned that.” – Ellen Rohr

Listen to the podcast below:

Here’s what you’ll learn in this episode:

The bare minimum of what business owners need to know to be financially responsible
Ellen’s experience with being in debt, and how that pain point motivated her for change
The power of mentorship, and what Ellen’s mentor taught her about business finances
How much time you need to dedicate to the financials of your business
How to determine your “known financial position” and pay attention to the numbers that matter
Ellen’s best piece of advice for gaining insight into your business financials
The different types of financial reports and why the balance sheet can be the most confusing financial statement
The difference between revenue and profit as well as the difference between profit and cash
How behavioral changes can help you ensure that you make a profit
The two numbers in your financials that you should watch the most closely
Looking at the “offense” and “defense” of your financials
How to determine how much you should charge
What a profit-first account is and Ellen’s best borrowing advice
Where you should start to find financial support and the power of learning it yourself