The Financial Mistakes That Are Holding Your Business Back With Nathan Hirsch [Ep. 88]
Successfully scaling your business is a great achievement, but as the size of your business grows, so does the importance of accurately tracking your financials. Having learned the problems caused by disorganized bookkeeping the hard way, Nathan Hirsch set about co-creating EcomBalance, a service designed to simplify the way eCommerce businesses conduct their bookkeeping. In this episode, Nathan sheds some light on the most important financial metrics to keep track of as an eCommerce seller as well as some of the biggest bookkeeping mistakes sellers make. According to Nathan, “If you want to be a successful entrepreneur, you can’t be in a position where your books are not caught up, you’re not receiving monthly reports, or you’re falling three months behind on your financials. You have to get that financial reporting system set up, and the time to do it is now, not when you’re going to sell your business.” We also dive into Nathan’s previous business FreeUp, a freelancer and virtual assistant sourcing platform. We discuss the challenges Nathan faced when scaling FreeUp, the secrets to hiring the right people for your business, and Nathan’s experience selling FreeUp for a whopping 8-figures. As an added bonus, Nathan is offering 2 free months of bookkeeping to our podcast listeners! Simply go to the EcomBalance website and mention Empire Flippers or The Opportunity podcast to take advantage of this generous offer. Listen in to this conversation if you want to learn how to master your financials to set your business up for future success. Topics Discussed in This Episode: Nathan walks us through his entrepreneurial journey so far (03:09) The unique gap in the market that Nathan addressed through FreeUp (07:45) The secrets to hiring the best person for the job (09:33) The challenges Nathan faced when scaling FreeUp (16:55) Nathan’s experience exiting FreeUp (19:15) The most important due diligence steps to follow when selling your business (21:27) Nathan’s secret to keeping his company’s books in order (24:53) The gap in the market that inspired Nathan to create EcomBalance(27:53) The crucial financial metrics to keep track of as an eCommerce seller (29:34) The biggest bookkeeping mistakes eCommerce sellers make (30:59) The key lessons Nathan has learned along his entrepreneurial journey (35:09) Mentions: Empire Flippers Podcast Empire Flippers Marketplace EcomBalance FreeUp Outsource School A2X Accounting Quickbooks Xero Accounting ClickUp Sit back, grab a coffee, and listen to Nathan’s expert advice on how to stay on top of your financial reporting.