30 May 2024 Podcast: Guest – Your Self Worth = Your Net Worth with Accountant Vanessa Bamford

Posted at 12:40h in Podcast by Evelyn Clark

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Evelyn sits down with Vanessa Bamford, a seasoned chartered accountant and financial coach, to explore the critical role of financial literacy in business growth and personal wellbeing.

Vanessa shares her journey from a traditional accounting practice to a holistic approach that empowers purpose-driven businesses to thrive.

Learn how understanding your numbers and addressing the psychological aspects of money can transform your business and personal life. Discover practical strategies for setting financial targets, managing cash flow, and creating a sustainable business model that aligns with your personal values.

Key Topics Covered:

Understanding Breakeven Points: Why knowing your breakeven point and minimum profit requirements is crucial for business sustainability.
Psychological Aspects of Money: Addressing self-worth issues, guilt and other psychological barriers that business owners face regarding financial success.
Practical Financial Strategies: Monthly coaching sessions, setting realistic targets and providing tools for business owners to measure their progress.
Client Success Stories: Real-life examples of how Vanessa has helped clients transform their businesses and achieve financial stability.
Financial Literacy for Children: Vanessa’s approach to teaching her children about money and instilling healthy financial habits from a young age.
Self-Awareness and Personal Development: The necessity of continuous personal growth for business owners to ensure sustainable business success.

Get in Touch with Vanessa Bamford:

Find out your next step in property finance:

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Get in touch:

Find out more about You Have My Interest at everlend.com.au/podcast and connect with us at podcast@everlend.com.au

You Have My Interest provides information and educational content relating to mortgages, finance and property. You Have My Interest‘s content is general in nature and does not take into account the individual financial, legal or tax needs or objectives of its audience members.

It is not intended as a substitute for professional advice. Listeners should seek out a licensed professional to discuss their individual financial, legal and tax requirements.

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Podcast produced with Apiro

Please find a Podcast summary below with the interview highlights:

n this insightful episode, host Evelyn Clark is joined by Vanessa Bamford, a chartered accountant and founder of Vision Beyond Advisory. Vanessa shares her expertise in helping purpose-driven business owners grow, scale, and achieve financial clarity. Together, they delve into practical financial advice, the psychological aspects of wealth, and strategies for creating thriving businesses.

Key Highlights:

Vanessa’s Approach and Ideal Clients:

Focuses on purpose-driven businesses committed to growth and wealth creation.
Works with clients across Australia, the US, and Canada, blending traditional accounting with financial coaching.
Empowers business owners to take control of their finances, demystify numbers, and make informed decisions.

Challenges for Business Owners:

Lack of Financial Literacy: Many owners rely on accountants without fully understanding the numbers themselves.
Mental Health Impact: Vanessa highlights the connection between financial stress and mental health, rooted in her personal experience growing up in a family business during the 1990s recession.
Reactive Industry Norms: She advocates for accountants to shift from reactive to proactive, helping clients anticipate and navigate financial challenges.

Key Financial Tools and Advice:

Know Your Numbers:
- Establish accurate, timely financial records.
- Identify your breakeven point: the minimum sales and profit required to sustain the business.
- Focus on one key metric to simplify financial management and reduce overwhelm.
Monthly Review:
- Regularly compare actual results to targets.
- Reassess targets as the business evolves, moving from breakeven to growth and stretch goals.
Scaling and Wealth Creation:
- Build a sustainable financial foundation before pursuing growth.
- Shift focus from merely limiting expenses (e.g., tax) to increasing profitability and scalability.
- Strategically reinvest profits into wealth-building opportunities.

Psychological Barriers to Wealth:

Self-Worth Issues: Many business owners undervalue their services, struggle with pricing, and feel uncomfortable earning more.
Guilt and Shame: There’s a societal stigma around wealth, leading to discomfort in pursuing financial success.
Limiting Beliefs: Vanessa observes common mental blocks, such as the fear of charging fair prices or the “fraud” mentality.

Overcoming Barriers:

Align business goals with personal purpose.
Shift the narrative around wealth as a tool for creating positive impact.
Develop self-awareness and address limiting beliefs to unlock business growth.

Supporting Financial Literacy in Children:

Vanessa instills money habits in her children through:
- The Rule of Three: Divide earnings into savings, spending, and longer-term goals.
- Encouraging hard work and decision-making about spending.
Advocates for reframing wealth as a positive resource for impact and security.

Case Studies and Impact:

Not-for-Profit Organisation:
- Guided the organisation to financial literacy, resulting in increased cash reserves, grants, and property developments.
Fast-Growing Business Owner:
- Helped a client overcome debt, align business strategies, and achieve significant profit growth, enabling wealth creation and purpose-driven projects.

Practical Tips for Business Owners:

Pause and Reflect:
- Step back from daily operations to assess what’s working and what’s not.
- Regular self-awareness is critical for business and personal growth.
Focus on Financial Education:
- Learn to interpret financial reports and ask the right questions.
- Hold your financial professionals accountable.
Seek Guidance:
- Engage with a financial coach or mentor to build confidence and strategy.

Where to Find Vanessa:

Website: Vision Beyond Advisory
Social Media: LinkedIn, Instagram, and Facebook.
Resources: Download “How to Interview Your Accountant” on her website to ensure you’re in the right financial partnership.

Vanessa’s mission is to transform collective wellbeing by empowering business owners with the financial tools and confidence to thrive.

This episode provides invaluable insights for business owners ready to take control of their finances, scale sustainably, and create a meaningful legacy. Tune in to learn how to align your business success with personal growth and purpose!

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finance, Lending, mortgage