Profit First: Jo Simpson's Secrets to Financial Success in the Beauty Industry

Susan welcomes her dear friend Jo Simpson, a financial expert and founder of the Financial Growth Academy. Jo shares her unexpected journey into the world of finance, emphasising the importance of understanding money as a tool for personal wealth generation. The conversation delves into Jo's experiences in the beauty and fashion industries, her approach to bookkeeping, and the significance of building a supportive team. They discuss the challenges faced by beauty business owners, including pricing strategies and the importance of selling products effectively. Jo also highlights her commitment to creating a safe space for clients to ask questions without feeling judged, and she shares insights on her current personal development challenge, the 75 Hard, which aims to foster consistency and growth. This episode is packed with valuable advice for entrepreneurs looking to thrive in their businesses while maintaining a healthy work-life balance. KEY TAKEAWAYS Understanding Finances: Many business owners struggle with financial concepts, but it's essential to view finances as a means to understand and manage money effectively. Simplifying financial discussions can empower clients to make informed decisions. Building Relationships: Establishing a strong relationship with clients is crucial. Providing real-time support and being approachable helps clients feel comfortable discussing their financial concerns, fostering a supportive environment. Profit First Methodology: The Profit First approach emphasizes allocating money into specific categories to ensure business owners pay themselves first and manage their expenses effectively. This method can be tailored to different industries, including beauty, to optimize financial health. Importance of Consistency: Consistency in business practices, such as regular financial reviews and client engagement, is key to success. Implementing structured routines can help business owners stay on track and achieve their goals. BEST MOMENTS "I always say to people now, do you like money? Well, think of it as money. That's all it is." - Jo "I want my clients to generate more personal wealth out of their business." - Jo "I never want anybody to feel stupid, or that there's no question is stupid." - Jo "You should be the best paid person in your business." - Jo HOST BIO Susan Routledge is a distinguished figure in the beauty industry with over 38 years of experience. As a multi-award-winning salon owner and international business consultant, she's recognized among the top UK industry influencers for her passion and dedication.  Known for her down-to-earth, light-hearted approach, Susan is an international speaker and established awards judge. She founded the exclusive Beauty Directors Club, a global membership community for salon, clinic, and spa owners, offering business resources and multi-expert advice. Susan also created the online "Salon Success Freedom" program to help beauty businesses thrive. Susan founded and has grown her clinic of 36 years in Co. Durham into the largest independent beauty salon in Northeast England. She is the creator of the trademarked STABLE business formula and author of "The Little Book of Client Retention" and the world's No. 1 bestsellers "Beauty And the Best" 1 and 2.  She serves on the Professional Board for BABTAC, helping to represent and raise industry standards, and on the advisory board for the prestigious PHAB Service Stars. Susan's expertise continues to shape and elevate the beauty industry worldwide. USEFUL LINKS https://susanroutledge.com https://www.instagram.com/susan_routledge/ https://www.tiktok.com/@beautybusinessmatters https://marketing.susanroutledge.com/beauty-and-the-best-chapters This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

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