30. Business Finances for Creatives: What You Need to Know with Erika Millard

Let’s be honest, for a lot of creative business owners, “business finances” ranks right up there with going to the dentist on the fun scale. You know you should deal with it, but if you could wave a magic wand and make the money side of your business take care of itself, you absolutely would.

Here’s the thing: ignoring your numbers doesn’t just cause stress, it can actually slow your growth. That’s why I sat down with my friend, Erika Millard of Bookkeeping with Erika, for a candid conversation about how creative entrepreneurs can feel confident (yes, confident) when it comes to their business finances.

Erika’s not your average bookkeeper. She’s approachable, funny, and can translate “accountant-speak” into language you actually understand. She also believes that when you understand your numbers, you make better decisions in every part of your business, including your marketing.

Why Understanding Your Business Finances Matters More Than You Think

When you know your numbers, you stop guessing. You can see exactly what’s working, what’s not, and where you have room to invest. Without that clarity, you’re basically throwing spaghetti at the wall with your marketing, and that’s an expensive guessing game.

As Erika put it, your financial data is like a map. If you’re not looking at it, you’re just wandering around, hoping you’ll end up somewhere good. But when you take the time to check the map, you can see the shortest, smartest route to your goals.

The Questions You Should Be Asking Your Bookkeeper

Too many business owners treat bookkeeping like a black box. They send over their receipts and bank statements, and then hope their bookkeeper handles it. But Erika says you should be actively involved.

Here are a few questions she recommends asking:

• “What’s my cash flow really telling me?” (Because your profit and your bank balance are not the same thing.)

• “Are there expenses I could cut without hurting growth?” (Sometimes the fastest way to make more money is to stop leaking it.)

• “Am I paying myself enough and sustainably?” (Because starving CEOs don’t make smart decisions.)

The goal isn’t to turn you into an accountant. It’s to give you enough knowledge to make confident decisions without second-guessing yourself every time you click "Buy now."

The Role of Money Mindset in Your Business Growth

Money mindset isn’t just a buzzword - it’s the way you think about earning, spending, and investing in your business.

If you’ve ever hesitated to invest in something that would help you grow (like a new hire, better marketing, or upgraded systems), your money mindset might be holding you back.

Erika and I talked about how many creative entrepreneurs fall into one of two traps:

1. Scarcity Mode: holding onto every dollar out of fear, even when that means missing opportunities.

2. YOLO Mode: spending freely without a plan, hoping it will “all work out” in the end.

The sweet spot is somewhere in between: making intentional investments backed by real numbers.

How Better Financial Clarity Improves Your Marketing

This is where my marketing brain lit up during our conversation.

When you understand your business finances, you know:

• Which offers are most profitable (so you can market them more).

• Which clients bring the best ROI (so you can attract more of them).

• How much you can actually spend on marketing without losing sleep.

Without those numbers, you’re making marketing decisions based on vibes. And as much as I love good vibes, they don’t pay the bills.

Getting a handle on your business finances isn’t about becoming an accountant - it’s about becoming a confident CEO. It’s about understanding where your business is now, where you want it to go, and having the numbers to back up every decision you make along the way.

If you’ve been feeling like your marketing isn’t working as well as it could, there’s a good chance the problem starts with clarity. And that’s exactly what I help creative business owners get through my Marketing 360 comprehensive audit.

This isn’t a generic, 5-minute review. It’s a deep dive into your customer journey, messaging, funnel, and channels to uncover the exact gaps and missed opportunities that are holding you back so you can fix them and grow faster.

💌 Join the priority notification list for Marketing 360 now and be first in line when enrollment opens at a special beta-launch price.

Your marketing (and your bottom line) will thank you.