Tariffs might feel like something only politicians argue about on the news—but they could hit your business where it hurts. Whether you sell products or services, these policy shifts have ripple effects that show up in your supply chain, your pricing, and your customers’ wallets. So what can you actually do about it?

On this episode of Become Sensible, we explore how small business owners can stay resilient in the face of changing tariff laws. Fiona breaks down what tariffs really mean for product-based and service-based businesses, and walks you through the key questions to ask when forecasting your financial future. You’ll learn how to evaluate your costs, assess your pricing, and run scenario analyses that give you options instead of panic. We also talk through cash flow planning and why creativity is your best defense in uncertain times.

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Timestamps

- 0:00 - Introduction: Why tariffs matter more than you think

- 1:30 - Understanding the basics of tariff taxes and how they impact the economy

- 3:00 - Are you product-based, service-based, or in trading? Why it matters

- 4:15 - Why forecasting gives you confidence and clarity

- 5:10 - Step 1: Analyze your cost of goods sold and how tariff changes affect them

- 6:30 - Step 2: Scenario planning—how to identify alternatives to imported materials

- 7:45 - Step 3: Can you raise prices—or should you absorb the cost?

- 9:10 - Step 4: Pricing, packaging, and communicating value to your customers

- 10:20 - Step 5: Reviewing your cash runway and why it’s critical in economic shifts

- 11:15 - Step 6: Get creative—strategies to adapt your offerings and product tiers

- 12:30 - How tariffs indirectly affect service-based businesses too

- 13:45 - Financial forecasting for service providers: assumptions, pricing elasticity, and labor costs

- 15:10 - Final thoughts: Strategy over panic, and preparing for what’s ahead

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Tax deadlines don't just bring paperwork---they bring panic. If you're a business owner making multiple six figures, that final stretch before April 15 can feel like a blur of spreadsheets, missed receipts, and unanswered questions. But what if you could face it with confidence instead?

On this episode of Become Sensible, I walk you through a comprehensive checklist designed specifically for business owners navigating tax season. From organizing essential financial documents to understanding depreciation schedules and verifying your entity structure, this episode gives you the exact steps to reduce errors, save money, and avoid last-minute stress. We also talk about strategic tax moves like retirement contributions, home office deductions, and how to have smarter conversations with your tax professional.

You don't have to be in the dark this tax season. With the right strategy, you can get ahead, stay compliant, and feel confident in your numbers.

• IRS Form 1065 Instructions
• IRS Publication 946 on Depreciation
• Guide to Section 179 Deduction

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

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You're probably making money---but are you actually keeping it? Too many of us hustle hard, only to find ourselves scrambling during tax season, running out of cash mid-launch, or underpricing our way into burnout. Sound familiar?

On this episode of Become Sensible, I break down nine common money habits that quietly derail even the most promising businesses. From skipping tax planning to relying on revenue as our only success metric, I share the exact mindset shifts and strategic practices that can help us shift from survival mode to scalable growth. If you're ready to stop winging it with your finances and start running your business like a true CEO, this episode will give you a clear path forward.

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

• 0:56 - Habit #1: Not setting a non-negotiable salary for ourselves
• 2:26 - Why upfront revenue goals create clarity in chaotic seasons
• 4:00 - Habit #2: Not knowing our numbers---and what to do about it
• 5:10 - Habit #3: Over-relying on revenue as a success metric
• 6:46 - Why gross profit margins tell a more accurate story
• 7:00 - Habit #4: Avoiding tax planning until it's too late
• 8:26 - Understanding scaling stages and cash flow mismatches
• 9:46 - Habit #5: Operating without a cash buffer and its risks
• 11:14 - The danger of over-optimism in our business finances
• 12:12 - Habit #6: Pricing too low and failing to build margin for growth
• 13:34 - Habit #7: Not reviewing our financials monthly with our team
• 15:06 - Habit #8: Trying to scale without systems or automation
• 16:44 - Habit #9: Not asking for help early enough
• 17:32 - How the right financial support can pay for itself many times over

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