Money & Your Business (Business Finance)
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Don’t let fear of money cause you to lose money and add stress to your business. In this episode, will help you understand your business finances, avoid common money probems, and establish good money habits.
Key Insights & Timestamps
- [00:54] – Welcome
- [07:00] – What are your business finances?
- [09:13] – Understanding different areas to track
- [10:00] – Cash flow in and out
- This will be your overall budget plan
- [13:53] – Revenue vs. Profit
- Often referred to as Top line and Bottom line
- [23:03] – Balance sheet
- A basic snapshot of where your business is at now
- [27:31] – Common money problems
- Not knowing your cash flow pattern
- Realizing upcoming expenses too late in the year
- Profit margin is not high enough
- [33:49] – Search your business online for an average profit margin – this will help you know if you’re on the right trajectory
- [36:54] – Good money habits
- [42:10] – Your Homework
- [45:22] – Tom’s Bookshelf
- Snapshot your business right now, run all reports and get clear on your present money moment. If you have not set up any tracking, start today!
- Once you have your snapshot, write down any questions you may have. Think about scheduling a free Discovery Call to go over financial issues and questions from your list.