You do NOT have to fear money. As CEOs, we need to look into how we’re making our money but also knowing what we spend that money on. The problem is that we aren't taught key personal finance principles, much less how to profitably run a business. There are coaches and bookkeepers that are willing to help, so don’t be afraid to reach out when you are feeling stuck or confused.
In this week's episode, I'll share with you the 4 introductory steps to managing your business finances. To determine whether you’re making a profit, conduct an audit to find out where your money is coming from and where it’s going. You don’t want to end up having to pay back thousands of dollars in taxes that you no longer have because you used it all for unnecessary expenses.
With the information in this episode, you have your business bookkeeping set up to make profit, pay the bills, cover taxes, and so that you can bring home a paycheck.
In this episode, listen for:
- How to take control of your business finances
- Why you want to avoid going into business debt
- How to identify the specific products and services that made you profit
Must-listen Moments:
[0:57] Separate your business money from your personal money
[3:45] Are those business expenses necessary or frivolous?
[6:43] How to separate taxes from income and set it aside for tax time.
Questions or Comments about what you heard today? You’re invited to book a FREE call with me: https://bit.ly/FreeProfitCall
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