Is the economy impacting small business owners? Let’s talk about it.

It’s the question on every founder’s mind—and in this solo episode of Money Secrets, Fi unpacks what she’s seeing across the small business landscape right now.

Drawing on 25+ years of experience and conversations with members inside Good Money Club, Fi explores why the current economic climate is affecting some businesses more than others — and the mindset and strategies that help business owners stay afloat (and thrive) even when conditions change.

Listen to Episode 34

What You’ll Learn in This Episode

How much marketing you do. Marketing isn’t something you “get around to” — it’s part of your job. Treating it like a core business function changes everything.
What platforms you use. You don’t have to be everywhere. Choose 1–3 platforms where your audience hangs out, and go deeper instead of wider.
The words and imagery in your marketing. If your message isn’t landing, it might be the language. Trade the jargon for words your ideal clients actually use.
How many times you follow up on leads. Most business owners give up after one follow-up. But following up (even 8 times!) is where the conversions often happen.
The thoughts you have about money. Your money mindset shapes your decisions. And yes — you can rewire your thoughts, especially if they’re holding you back.
How much learning or upskilling you do. You can grow your business without dancing on Instagram. Networking, workshops, and learning new skills all count.
The prices you set and how you present them. Price is more than a number — it’s a story. And you get to shape that story through how you package and communicate your offers.
Which clients you target. If your usual audience isn’t converting, it might be time to shift. Changing who you're speaking to is always an option.
How you manage and spend your money. You can’t control exactly how much comes in, but you can decide what to do with it once it lands in your bank account.
How you choose to do business — your values, methods, and mindset. Your business is yours to run. Whether that means standing for something, spotlighting others, or doing things differently, you decide.

Is The Economy Impacting Small Business? 10 Tips to Take Control (Ep#34)

Money Secrets Podcast – Episode 34

Introduction

We've made a lot of progress as a society in many areas, but one thing that hasn’t changed enough is our relationship with money. If we want to tip the scales in favour of marginalised people, we need to understand the secrets to making money in small business.

The more we talk about money — especially the secrets that usually stay behind closed doors or on the golf course — the more empowered we become. My mission is to get more money into the hands of good people, specifically business owners like you.

Because I believe small business can change the world. And to do that, we need to be making more money.

Acknowledgement of Country

This episode was recorded on the lands of the Wurundjeri People of the Kulin Nation. I’d like to acknowledge them as the Traditional Owners and custodians of this land and water that I live, work and play on.

I pay my respects to Elders past and present, and recognise that sovereignty has never been ceded. This always was, and always will be, Aboriginal and Torres Strait Islander land.

The Big Question

Is the economy impacting small business owners?

That’s the question on everyone’s mind — and I’ve been thinking about it too. I meet weekly with members of Good Money Club and work closely with 1:1 clients, and I’ve seen a range of experiences across the small business world.

I’m not an economist. I’m a chartered accountant with 25 years of experience supporting small business owners — and I can tell you, the answer is: it depends. Some industries are feeling the pinch of changing consumer confidence, while others are growing. Even within the same industry, some businesses are thriving while others are closing their doors.

What I’m Hearing from Small Business Owners

Recently, I attended a local small business event and caught up with founders I hadn’t seen in years. Most people told me sales were slow, consumer spending had shifted, and things felt tougher than usual. But when I asked about what marketing was working for them right now… the answers were unclear.

This is the crux of it: if we want to stay in business, we need to adapt. Marketing, pricing, offers — these all need to evolve alongside market conditions.

The Truth About Small Business

Small business has never been easy. Not in 2020, not in 2024, and not in 1994. While some people launched successful businesses during the pandemic years, those conditions were not typical.

That’s why adaptability and optimism are key. If you can’t evolve, small business may not be for you. And that’s okay — but for those of us who do want to stay in business, we must take action. You can’t think your way to success. You have to move through the cringe, the shame, the discomfort — and do the thing

10 Things You Can Control in Your Business

We can’t control the economy, politics, or global events. But we can control these 10 things:

How much marketing you do
Marketing is your job. Not an afterthought.
What platforms you use
Pick 2–3 and commit. You don’t need to be everywhere.
Your words and imagery
Are you speaking your customer’s language? Or getting lost in jargon?
How many times you follow up
Most business owners give up too early. Follow up more than once.
Your thoughts about money
Yes, you can change them — and it matters more than you think.
How much you learn or upskill
From networking to money management to better proposals — it’s all available.
Your prices and how you present them
Price confidently. Present clearly. Show your value.
Which clients you target
Your ideal client may change. Stay nimble.
How you manage and spend money
You may not control income, but you do control how it's managed.
How you choose to do business
Your methods, values, and mindset shape the way your business feels — to you and your clients.

Good Money Club

Are you a female or LGBTQIA+ business owner who wants to make more money and create meaningful change? My 6-month program, Good Money Club, is designed to help you do exactly that.

We work on your pricing, positioning, business model, and mindset — so you can build your bank account and your impact. Read more about Good Money Club.

Final Thoughts

Do you feel like you’re using these 10 levers to their full potential? If not, now’s the time to start.

The conditions may be tough — but your actions still matter. And there’s so much you can control.

Outro

Thank you for listening to Money Secrets. If you loved this episode, please subscribe, share it with a friend, or leave a review. Your support helps us get these conversations into the hands of more good people who deserve to thrive in business.

We’ve come so far as a society in many ways, but money is one of the areas where progress hasn’t been enough. If we want to tip the scales in favour of marginalised people, it starts with understanding the secret: money in small business.

In this podcast, Money Secrets, host Fiona (Fi) Johnston—Chartered Accountant, small business advocate, and impact enthusiast—dives into the conversations we need to have about money. The secrets that once stayed behind closed doors (or on the golf course) are finally out in the open.

Fi’s mission? To get more money into the hands of good people, like you. She believes small businesses have the power to change the world, and the key to making a bigger impact is to make—and manage—more money.

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Thank you to everyone involved for bringing this podcast together. We are excited to hear from you with any questions, feedback or suggestions for future episodes that you might have. Send a Direct Message to @peach.business

If you are excited for what’s to come, please like this episode, follow the podcast and share it with your friends. We are thrilled you're here.

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