Episode 128: An open discussion on equitable financial practices in business

On this episode, I have an open and honest conversion with Meg Wheeler about diversity, equity, and inclusion and how to build better financial practices in business.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

Wealth is inequitably distributed among people based on race, gender, sexual orientation, and more causing wealth gaps. It's important to design your business in a way to eradicate these wealth gaps and make your business part of a shifting culture toward equality and long-term wealth.

When starting a business, having equitable practices is not as talked about in the small business space as it is in the corporation space with diversity and inclusion. It's planning and conversations that are often put off until a person's company is bigger or they start hiring but the truth, is if we build a business focused on doing the work to be equitable, it will benefit your business from the beginning.

How you can get started creating a more financially equitable business

1. Look at your offers and look at the pricing of it

1. Offer a payment plan. Don't punish someone for not being able to pay up front.

2. Ask yourself if you're serving a diverse audience. If not, why?

3. Ask yourself who your business choices impact

4. Focus on bringing what you offer to new people, do not focus on getting money from new audiences

2. Look at your hiring practices

1. Whether it's a virtual assistant, social media manager, etc. make the job description skill-based, not credential-based

2. Focus on wording in your job description. Use words such as "collaboration" instead of "scaling"

3. Do not ask previous salary questions in an interview - it will set you in the wrong mind frame of what someone should be paid now

Start looking at small changes in your business that can be altered to be more accessible to a greater group of people and are less focused on things that are going to weed out people.

Resources

Diversity and Inclusion Training:

Crystal Lily

Financial Equity and Business Educators:

Rachel Rodgers

Erica Courdae

Trudi Lebrón

Get in touch with our guest

Meg K. Wheeler, biz money coach and CPA

Check out Meg's website

Follow Meg on Instagram

Join Meg's Facebook group Badass Money Makers