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🍵 Here's Your Weekly Tea

Long-term value in startups is lacking because founders are chasing predictions from institutions that extract value from them. I’m sure you’ve heard this: "Crypto is the next big thing!" "Metaverse is the next big thing!" "AI is the next big thing!" Here’s what happens… A flurry of startups pop up or pivot to catch an artificial wave created by people who have typically never built anything but LOVE ideas. Of that flurry, a few companies are actually clear on how their company adds REAL value. Many create noise. Most of these companies remain stagnant OR raise a ton of money, then collapse. Ain't it funny that AI is the next “big prediction”? AI has been in these streets. BUT it’s no coincidence that it's being pushed back to the forefront after the lights were turned on at the shiny object party where you realize nothing looks as good as it seems. Not to mention, someone running up a ridiculously expensive tab that you didn't even get to enjoy. And of course, it's not a rager until someone goes to prison . It’s perplexing how we’ve created an ecosystem where the sheep are herding the visionaries that feed them. What if creators placed their own predictions and followed through on where we think we can create the most value instead of chasing artificial waves? 

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💸 HERE'S YOUR TRACTION BRIEFING

Founder: Tiffany Aliche | Company: The Budgetnista | Location: Newark, NJ

Receipts: Award-winning teacher, author, financial educator and America's favorite financial educator has helped over one million women worldwide completely transform the way they think about their finances.

Here's your traction playbook...

Separate Business Finances From Personal Finances

Pay The Pig - "If your finances are not in order, you don’t have enough runway to get your business to be successful."- Tiffany Aliche. A critical step in setting your business up for financial success is separating your personal finances from your business finances in the beginning. The best way to do that is by doing what Tiffany calls, paying the pig. Paying the pig is essentially making yourself an employee within your company and giving yourself a salary. If you are running a small business or a consultancy, it might not seem like a big deal to mix the two. However, the repercussions can be severe, especially as you grow your business. Here's one mistake Tiffany made early on and what she learned from it.

🛠️ TRACTION TOOLS: How to get it done...

Separate Your Personal And Business Finances Here's why you need to separate your finances early on. How small business owners self sabotage when it comes to tax compliance. Shiloh Johnson, Founder of Complyant, highlights the mistakes you should avoid here.

Get A Financial Professional On The Team Immediately

At The Very Least Get A Bookkeeper - Every business needs an accountant, or at the very least a good bookkeeper. Money matters never end. Taxes, payroll, cash flow, invoices etc. all add up. In the early days, nearly everything falls on the founder. Unfortunately if you're not a professional accountant, you might be making some expensive financial mistakes. Tax errors for example could cost you your business. Tiffany advises business owners to get a qualified financial professional as soon as possible. For her own business, that meant bringing on an accountant and eventually hiring a CFO who helped her company keep its finances in order and saved them a lot of money in the process.

🛠️ TRACTION TOOLS: How to get it done...
Bookkeeping Vs Accounting. Here are the differences between bookkeeping and accounting. How To Build A Nationwide MULTI-MILLION Dollar Retail Business Here's how Kerry Docherty, Founder of Faherty Brand, mitigated challenges that came with running a business. eventually grow your customer base.

If You Can, Scale Without Taking On Investors

Be Okay With Moving Slowly - A large contributing factor to Tiffany's success in her several businesses is her willingness to move slowly. That gave her room to slowly finance her business through different growth stages without the need for outside investors. Moving slowly also gave her the opportunity to think outside the box. By starting a low overhead business, she was able to use the returns from that business to grow The Budgetnista to what it is today. Here is exactly how she implemented that strategy.

Support Tiffany in Scaling Impact: Check out the amazing work that The Budgetnista does here. You can also follow Tiffany's work here.

🤓 ACCESS YOUR TRACTION LIBRARY: Whether you are struggling with a limited budget or don’t know what channels to focus on, the Get Sh!t Done Traction Library is here to support you. Access your library here.

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