4 Ways to Boss Up Your Biz Finances
“Nobody starts a business to be broke…AND THAT INCLUDES YOU.”
So many of my entrepreneurial clients have what seem like thriving businesses on the outside, but behind the scenes, they are struggling with business debts and overdue taxes; finding themselves only looking at their business financial statements at tax time.
You started that business because you have big dreams, right? But you can’t expect those dreams to get funded if you don’t have a handle on your business finances.
Use these 4 steps to boss up your biz finances:
1.Set your Biz Money Date
Pick one day a month to review your business finances.
Put it in the calendar and honour it like any other client or personal appointment.
If you don’t make time for your money, it won’t make time for you.
2. Make CEO Decisions
Review your profit and loss statement for the month and make those boss decisions.
Did you hit your revenue goals this month?
What changes do you need to make to ensure you hit them next month?
Did you remain in control of your biz expenses or did they take control of you?
Are your marketing efforts getting the return you expected?
3. Review Your Cash Flow
Fact: You can have a profitable business and still be cash poor.
Set aside cash for any future cash flow needs - including TAXES!
Make sure every month you are putting money into a separate biz savings account for your HST and income taxes.
This ISN’T YOUR money - don’t spend it like it is.
4. Mindset Check
Be open and honest about the current state of your mindset.
Did you hold positive thoughts and expected a successful month?
Or
Were you stuck in scarcity and worry?
Decide what mindset shifts you need to achieve your biz goals for the next month.
You started that business for a reason, now go make those CEO moves!
Looking for more ways to boss up your biz finances?
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