A Not Scary Talk on Finances
This month we’re focusing on how to start a business.
Whether you have an idea that you want to turn into a business. Or you have a business that you want to turn into a moneymaker.
Here’s what you need to consider when it comes to financial strategy…
LISTEN TO THIS WEEK’S EPISODE
Why It’s Important
Anyone else scared of numbers?! I am! But I've also recently become obsessed with tracking things in my business. It's an easier way to make decisions and do more of the things that work. I'm showing you how I setup my finances, the number I look at weekly, and how I breakdown my monthly numbers review. Plus, I'm sharing my favorite business tax expenses that grow your business + save money on your tax bill.
Create a system
Find a sales payment processor like Square or Stripe. Find a way to track your expenses through your business bank account. And combine them into an accounting system like Quickbooks or Freshbooks.
Look at Cash Flow Weekly
This is the one number that I track weekly. I want to make sure we’re meeting goals and clients are paying bills on time. Otherwise, it’s a big surprise at the end of the month.
I have my virtual assistant find our monthly numbers and I sit down to review them for an hour at the end of the month. I’m reviewing our products + services, marketing, operations, employees, and expenses.
I’m looking to see what’s working and what’s not working. And I’m also looking for why. I want to go beyond the surface level and see what is or isn’t resonating with people.
Then I create a plan for next month. I found that writing down what I’m going to do more and what is a bad investment is really helpful.
You can use business expenses to lower your tax bill. I love business expenses because they allow you to grow your business and run the kind of company you want. For example, a company retreat can be held in a boring conference room or an inspiring location. You can attend conferences in cool cities, grab coffee for employees weekly, and lower your expenses.
How do you track your numbers? Can you create a monthly list of things to track?