Small Business Tips and Habits

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Building a successful business takes more than passion and determination. Long-term growth requires financial clarity, strategic decision-making, and the ability to balance profitability with sustainability. For entrepreneurs, understanding key financial metrics, building the right support team, and protecting their own well-being are all essential components of lasting success.

This week on Money Sense, Heather Deaton, Wealth Advisor at Ellenbecker Investment Group, welcomes Cheryl McMurtry, Founder and President of McMurtry Financial Services. Drawing on her experience helping small businesses and nonprofit organizations strengthen their financial foundations, Cheryl shares practical insights on the habits, strategies, and financial disciplines that help businesses thrive beyond the critical first few years.

The conversation explores the importance of knowing your numbers, understanding cash flow, budgeting for growth, maintaining profitability, and building the right team of professional partners. Heather and Cheryl also discuss pricing strategies, business sustainability, succession planning, delegation, and the often-overlooked connection between entrepreneurial success and personal well-being.

Episode Highlights:

1:31 | Cheryl shares her background and the mission behind McMurtry Financial Services
2:52 | Why most businesses fail within the first three to five years and the role financial health plays in long-term success
4:46 | The importance of knowing your numbers and running a business with financial clarity
6:27 | Understanding your break-even point and why every business owner should know it
7:28 | Profit margins, pricing strategies, and avoiding the trap of underselling your value
9:18 | Managing cash flow and understanding how money moves through a business
10:13 | Identifying seasonal trends and using historical data to make better business decisions
13:19 | How often business owners should review financial data and meet with trusted advisors
14:35 | Why waiting until tax season is often too late to make meaningful financial improvements
15:40 | Building reserves, emergency funds, and financial safeguards for businesses
16:54 | The value of lines of credit and planning for unexpected challenges
19:10 | Becoming an expert in your industry while relying on specialists for financial guidance
19:42 | Why budgeting serves as the roadmap for sustainable business growth
24:13 | Understanding your unique value proposition and pricing it appropriately
27:42 | The importance of managing expenses and evaluating the true cost of doing business
29:17 | Building a team of professional partners, from marketing specialists to HR experts
30:13 | Knowing where your time creates the most value and learning when to delegate
31:52 | Succession planning and developing future leaders within your organization
33:41 | Common financial pitfalls that prevent businesses from reaching long-term profitability
34:14 | Cheryl's “You Are Here” financial map analogy and why accurate bookkeeping matters
36:14 | Remaining compliant with taxes, regulations, and reporting requirements
38:12 | Protecting your well-being as a business owner and avoiding burnout
40:22 | Moving from the hustle mindset to building a scalable business with systems and processes
42:11 | Setting boundaries, defining your ideal clients, and learning to say no strategically
43:43 | How understanding the numbers helped Cheryl reshape her business and reclaim her time
45:24 | Why more volume doesn't always lead to greater profitability or satisfaction
47:40 | Delegation as a key strategy for growth, leadership, and preventing burnout
49:03 | What self-care really looks like for entrepreneurs and business leaders
51:33 | Final thoughts on building a sustainable, profitable, and fulfilling business
51:54 | How to connect with Cheryl and learn more about McMurtry Financial Services

ELLENBECKER INVESTMENT GROUP

Presenter of the Money Sense Podcast. Ellenbecker Investment Group (EIG), a registered investment advisor, provides comprehensive financial planning and fiduciary wealth management services for individuals, families, businesses, and charitable organizations. EIG's planning-first approach helps clients align their financial decisions with their values, goals, and long-term vision for the future.

Website: ellenbecker.com

This podcast is for educational purposes only and should not be considered legal, tax, or financial advice. Guest opinions represent the views of the individuals speaking, and references to specific products, services, legislation, or organizations do not imply endorsement by Ellenbecker Investment Group. Before making financial, tax, or estate planning decisions, consult with qualified professionals familiar with your individual circumstances.