Income Increase, Debt Reduction, And Business Growth
A conflict between a desire for growth and the combination of a heavy debt burden and lack of sales and financial strategy
We performed an audit of a fitness and health coaching business, beginning with the previous 12 months’ profit and loss data, the sole proprietor’s personal income and expenses, the pricing plan for services offered, and the financial health of the business. We then revised the pricing plan, designed a budget and systems for recording and managing income and expenses, coached our client on organizing multiple bank accounts and prioritizing cash toward debt reduction and creation of an emergency fund.
A 250% increase of monthly income; increased customer demand mandating business growth and increasing the size of the team; a $10,000 reduction in debt over a 4-month period; and a financial management system.