EP097 How to start a financially fit business with Ingrid Edstrom, Priestess of Profits at Polymath LLC

Ingrid Edstrom is the CEO of Polymath, an award-winning consultancy firm that helps small businesses strategize and grow. She is the personality of the Ask A Bookkeeper podcast and a Top 100 QuickBooks ProAdvisor. She has been recognized as one of the accounting industry’s Top 40 Under 40 and one of the Most Powerful Women in Accounting. Additionally, she is also a conference instructor and a leading professional in harnessing technology in her niche. 

 

Ingrid joins me today to share how to start a financially fit business. She highlights why it is vital to follow your passion and have a win-win mindset. She reveals why it is essential to listen to your gut and accept that your way may be the best. She shares which financial and accountancy software works best and why you should use a double-entry bookkeeping system. Ingrid also highlights that money only has the value we give it and why it rarely is the route to happiness. 

“Entrepreneurs often feel like they own a job, but it’s important to set aside time to work both in our business and on our business.” – Ingrid Edstrom

This Week on Young Money:

 

• Why Ingrid opened a bookkeeping business during the 2008 financial crisis.
• Why it is crucial to follow your passion and have a win-win mindset to find success.
• Why you should listen to your gut and continually develop your business.
• Recognizing that your way may be the best way for you.
• Why you should keep your business and personal bank accounts separate.
• How to choose an accounting platform.
• What double-entry bookkeeping is.
• Misconceptions surrounding money, the value we give it, and the pursuit of money for happiness.

 

Key takeaways:

 

1. Don’t let other people’s ideas influence what you are doing.
2. Keep things simple. 
3. Money is a tool, and we shouldn’t let it rule our lives.

 

Resources Mentioned:

 

 

• The Go-Giver: A Little Story About a Powerful Business Idea by John David Mann & Bob Burg

• Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek

 

 

Connect with Ingrid Edstrom:

 

• Polymath
• Polymath on Facebook
• Polymath on Twitter
• Polymath on LinkedIn
• Polymath on YouTube
• Polymath on Instagram
• Ask A Bookkeeper
• Ingrid Edstrom on LinkedIn

 

Can I AFFORD it?

 

This episode is sponsored by the masterclass Can I Afford It? How to be certain of what you can and can’t afford in your business in 5 minutes or less every time. This training has been specifically designed for entrepreneurs with sales in the 6 to 7 figure range to provide the 5 Steps to Cash Flow Clarity. 

If you are an entrepreneur with sales at these levels and want to make powerful money decisions, you do not want to miss this important masterclass. Head over to bissettfinancialfitness.com/afford to register now.  Stop asking yourself the question can I AFFORD it?

Rate, Share & Inspire Other Young Millionaires-in-the-Making 

 

Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to Apple Podcasts and leave us a rating and review. Visit our website to learn how easy it is to leave a review on Apple Podcasts.

 

Don’t forget to share your favorite episodes on social media! 

 

Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.

 

Check out this episode!