When you run your own business, the line between what’s personal and what’s business-related can blur. But when it comes to finances, you’ve got to draw the line. Yes—your business and personal finances are intimately connected, but as a successful small business owner, you need to keep them separately organized if you want to live with financial ease.
Read MoreOne of my favorite exercises at the beginning of a New Year is sitting down to reflect and set informed financial goals for my business and personal life. This month, I invite you to join me by analyzing your current spending and figuring out how to find extra money in your budget to reach this year’s goals.
Read MoreThink of all the words you’ve used to describe your budget. If the terms “complicated,” “confusing,” “time-consuming,” or “outdated” come to mind, that’s okay! You certainly aren’t alone. The truth is, budgets are hard. Not only do you have to set up all of your accounts and categorize your expenses, but you also have to monitor, analyze, and adjust your budget regularly to reflect your true spending needs and habits.
If you routinely fear that you’re running out of money or that you don’t have enough to bankroll your biggest priorities, then keep reading. While you might be struggling with budget problems right now, after reading this article you’ll be able to diagnose and amend your budget so you know where incoming money is going before it even arrives.
Let’s be honest, when it comes to building a profitable business, the learning curve is steep.
Navigating the new terrain will be easier if you focus on the right goals from the beginning. And one of the most important goals is to focus on is how profitable your business is.
Focusing on profitability will help to prevent your dreams from becoming a cash flow eating nightmare.
Read MoreIf you’re one of the lucky ones who continued to grow throughout the pandemic, you may find that your business has extra money in the budget as you’re doing your year-end financial reckoning. This can be a good opportunity to pay yourself more, increase the stability of the business, or invest back into the business.
It can also be a great opportunity to give back to your community and say thanks. If you’re feeling so inclined, here are six ideas for how to give thanks with extra money in your budget this year.
Read MoreRemember the old adage; businesses who fail to plan, plan to fail. By completing the steps in this year-end financial checklist, you can rest easy knowing that you’re creating a plan for success. You can’t improve what you haven’t measured, and this checklist will help you measure all the right things for year-end planning and improved forecasting.
Read MoreBoth new and seasoned business owners grapple with this problem every day, so you’re not alone. And luckily, there are things you can do to increase your business profit quickly and (relatively) painlessly!
Read MoreWhen you take the leap from employee to business owner, one of the most important things you need to consider is how you’ll pay yourself. Yet this is one area that new (and even some seasoned) business owners continue to struggle with.
Read MoreEssentially, there are three different professionals who can make your life easier when it comes to your business finances (there are more, but these three are the most common):
A financial business coach
A financial advisor who serves business owners
A bookkeeper or accountant
To choose the right professional for you and your business, you need to know what each professional specializes in, the services they offer, and how they can specifically help support your business financials.
Read MoreWell-done budgets can be so freeing. They can ultimately take a lot of the fear out of our finances.
Luckily, creating a budget for your business doesn’t have to be difficult or daunting. I’ve developed a simple five-step guide you can follow to create your own business budget right now and get more clarity on your business finances. Let’s get started.
Read MoreMay can be a season of change and chaos, but don’t let these seasonal expenses surprise you!
Read MoreYou’ve made the leap, business is rolling in and one of the first questions usually is - “How much should I be spending on things like my website, advertising, social media, hiring experts, etc.? And also, when should I start doing that? At the beginning? After I have revenue? Take a loan? Use my savings?”
Read MoreThe average American family of 4 spends anywhere between $580 and $1300 on their food budget every month. And if you’re like most families, you spend that and then another $300-$500 eating out. This can often cause waste in the household groceries from the intentions to the actions.
Food is a common place we get caught up in spending….most people are either eating, wearing or driving their retirement, and in this case, I want to talk about when we’re eating it.
Read MoreIt’s officially fall in Western Pennsylvania! The air conditioning has been off for a few weeks, pumpkin flavored everything is in full swing and the cooler temperatures are setting in. And October this year has another benefit for many Americans, a 3rd paycheck.
What most people are inclined to do is pay off large amounts of debt with that extra pay. Was that what you were thinking too?
Read MoreProfit First is a life changing system for any business owner. Not just some, not just new businesses or small businesses or service based businesses or owners who don’t handle money well. Profit First is literally life changing for anyone who fully implements it in their business! Why? I want to dig into that below.
Read MoreWhen you start a business, you don’t realize the one million things that it will require of you. You simply think, I charge money for my service/product that I love and I make money! Voila!
But it doesn’t quite work that way….one of the most important things for business owners to understand and learn to manage is not just their revenue and expenses, but moreso, cash flow. So what is cash flow?
Read MoreI posted a blog today with 8 action steps you should take for the health of your business and your personal finances, but I wanted to go to a few more details specifically for small business owners. I'm not going to beat around the bush, so here they are in no particular order!
Read MoreThere’s not a single person who can say they aren’t affected by Covid-19 in some manner. Whether it’s directly financial, childcare related, health issues, caring for someone else, or something else, it’s affected everyone in some manner or another. Follow these 8 steps to keep your family (and business) financially secure.
Read MoreIf I’ve heard it once, I’ve heard it 100 times. Why would I rent when I can buy and pay less? I can be building equity. I’m throwing my money away by renting.
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