Pinky Cole recently went public about losing ownership of her brand Slutty Vegan and having to buy it back. Even though her company was bringing in money, she admitted that overhead costs got out of hand.
I see this same situation with so many business owners: they’re focused on how much they’re making, but not enough on what they’re spending.
Are You Really Watching the Money?
This is your business, so the information is available to you. If you’re using accounting software like QuickBooks, you should be looking at your numbers regularly. The software can help you:
- Create budgets
- Build financial projections
- Track cash flow in real time
But even the best tools won’t help if you’re not using them correctly.
Track Everything – No Dollar Left Behind
You’ve got to track it all—
✅ Every check
✅ Every cash transaction
✅ Every credit card payment
✅ Every loan draw or payment
Any missed dollar can put your business at risk.
If you can afford to hire someone to manage your books, do it. But that doesn’t mean you take your eye off the ball. You still need to review your monthly reports for accuracy and consistency.
Don’t Wait Until It’s Too Late
It’s easy to convince yourself you’re making money when you’re really not. And too many business owners only start looking at their finances when:
- Something bad is happening
- A big decision is on the line
- It’s tax season and the IRS is calling
Your business won’t grow or last if that’s your approach.
Final Thoughts: Stay in Control
Pinky’s situation is a warning, not just a headline. You don’t have to be in the dark.
Get in the habit of checking your reports. Track your spending. Know what you owe and what you’re really bringing in. Because the numbers will always tell you the truth—even when it’s hard to hear.