Episode 20: From Financial Stress to Financial Freedom with Ciara Stockeland

Meet Ciara Stockeland, a seasoned entrepreneur and profit strategist, to discuss her journey from a third-generation entrepreneur to a successful business consultant. Ciara shares her highs and lows, from building a seven-figure business to losing everything and rebuilding with a new focus on financial health and strategic growth. Listen in to learn how to manage inventory, understand your financials, and build a business that not only survives but thrives.

Key Topics Discussed:

1. Entrepreneurial Journey and Challenges:
   • Ciara’s background as a third-generation entrepreneur and her initial ventures.
   • The rise and fall of her retail business, including franchising and the eventual loss of everything, including her home.
   • The pivotal moment of reflection and rebuilding with a focus on doing business the right way.
2. The Importance of Managing Inventory:
   • How inventory management is crucial for cash flow in product-based businesses.
   • Setting up clean financials from the start and the pitfalls of not doing so.
   • Strategies to ensure margins create cash flow and a paycheck from day one.
3. Understanding and Utilizing Financial Statements:
   • Simplifying profit and loss statements and balance sheets to reduce fear and confusion.
   • The importance of knowing your numbers and how they can guide better business decisions.
   • Encouraging business owners to focus on one financial metric at a time to build confidence.
4. Resilience and Redefining Success:
   • Redefining what success looks like beyond revenue figures.
   • The value of focusing on a holistic business approach, including personal time and satisfaction.
   • How resilience and understanding one's role in business challenges contribute to long-term success.
5. Client Success Stories and Practical Advice:
   • Examples of clients who overcame financial stress by managing inventory and understanding their financials.
   • Practical advice on breaking down complex financial concepts into manageable pieces.
   • Encouraging business owners to take ownership of their financial health and seek help when needed.

What Listeners Will Learn:

• The significance of proper inventory management and clean financials.
• How to read and understand financial statements to make informed business decisions.
• Strategies for overcoming financial stress and building a resilient business.
• The importance of redefining success and focusing on a balanced, profitable business model.

Connect with Ciara Stockeland

• Ciara Stockeland’s website: https://www.ciarastockeland.com/
• Inventory Genius Podcast: https://www.ciarastockeland.com/podcasts/the-inventory-genius-podcast
• Inventory Genius Book: https://www.ciarastockeland.com/book

Meet Your Host: 

Jennifer Kok delivered her second daughter two days after opening her service-based bakery business. She went on to own and operate her business for 20 years, pivot during a recession, build a national franchise, and then sell it all for a profit in Fall 2018.

Today, she is a sought-after Business Consultant, who helps locally-owned businesses with annual revenues between $100K and $1M fast-track their growth in 90 days. 

Download your free resource: 3 steps to become instantly referable

Learn more about Jen: nextwavebusinesscoaching.com