Financial Literacy for Business Owners: How to Know Your Numbers and Build a Financially Healthy Business with Dawnette Palmore

If you've ever avoided looking at your bank account because you were afraid of what you'd see, this episode is for you. Dawnette Palmore, host of Your Business on Purpose and a fractional CFO and money coach with 24 years of entrepreneurial experience, joins me to talk about one of the most overlooked aspects of running a successful coaching business: actually knowing your numbers.

Dawnette's origin story will feel familiar. She was making great money and still felt broke. That wake-up call sent her on a journey to understand business finances, fix her own mess, and then help other business owners do the same. Now she helps coaches and entrepreneurs go from financial chaos to clarity.

In this episode, we cover:

• Why so many business owners have no idea what their revenue is and the surprising root cause
• How your personal finance habits show up directly in your business finances
• The very first step to take if you want a financially healthy business (hint: it starts with your bank statements)
• Profit First vs. spreadsheet tracking and why the best system is the one you'll actually use
• Credit cards, debit cards, and self-awareness: how to choose the right spending tools for your personality
• How to navigate taking on business debt without the shame spiral
• Why Dawnette recommends bringing in a fractional CFO from day one, not just when you're making big money
• The difference between a money coach and a fractional CFO, and which one you might need

Guest Links:

• Free resource: Dawnette has a free Financial Literacy for Business Owners PDF download — a fillable workbook that walks you through the basics covered in this episode. Grab the PDF here: https://yourmoneyonpurpose.com/home-4419

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