While we often think of physical fitness, financial fitness can be just as important. Tracy Bissett is a coach and trainer specializing in financial fitness by helping to educate young people in financial literacy and entrepreneurs on how to take charge of their financial situation and confidently manage their business.
It’s All about the Numbers
Tracy has an impressive educational background in business and commerce in addition to experience as a banker that has led her to become a chief financial analyst and coach. In this position, she breaks down money concepts into digestible pieces, empowering entrepreneurs to take control of their financial decisions and run their business with confidence as well as coaching young people about how to manage their money. Tracy’s One Big Tip involves using the numbers to grow your business and this advice comes in three steps. First, the business owner must be held accountable and responsible for the business and resulting numbers. This doesn’t mean that you should not have assistance like an accountant or bookkeeper, but as the leader, you will be responsible for what the numbers say. Secondly, get familiar with the numbers by examining them regularly and having consistent monthly reporting. This way, you will “not only know your sales but also when the money comes and you actually get to collect it.” The final step, she states, is to use those numbers as you make decisions, from hiring someone to purchasing a piece of equipment. This method will allow you to closely examine your financial situation and have a better understanding of where your financial results are coming from as well as whether you can afford to invest money in a specific way. Additionally, as you make educated financial decisions, continue to keep in mind the goals of your company and how your decisions will help you succeed in your endeavors.
The Young and Financially Literate
Dealing with entrepreneurs is only one part of Tracy’s work and the other consists of educating young people about finances and the importance of money management. She points out that financial fitness is a spectrum and everyone’s journey toward it can look different. This applies not only to teaching kids but also looking at the parents’ financial competence and understanding. Financial literacy, Tracy states, starts with sharing experiences and involving kids in conversations about money and household finances. According to her, it is beneficial to expose children to different aspects of money, such as using credit cards, in order to set down a positive framework in their impressionable minds. In this way, as the children grow older and more independent, they will have a solid base for making their own good financial decisions.
If you are interested in connecting with Tracy, hearing more financial fitness advice, or just sharing your thought, you can contact her on LinkedIn at Tracy Bissett. Additionally, to learn more about Tracy’s financial advice, visit her website www.cashcoach.biz where you can sign up to download her money meeting agenda, and get started on your financial fitness journey today.