Welcome back to the Scale Your Small Business Podcast with Jillian Flodstrom! Today, we’re going to run through some tips regarding finances–a topic that can be intimidating to new business owners. Planning for the future of your business is one of the keys to setting yourself up for success. Let’s break it down.
First things first, you’ve got to know where you’re at–you’ve got to know your finances. It can be stressful and scary, but you’ve got to have a starting point to move forward. That can be as easy as printing out your bank statements, your credit card statements, and looking them over.
Make sure you know where your money is going. You might be losing money on something that you didn’t even know was still being taken out of your account. Essentially, check your iPhone. There’s a subscriptions tab inside the settings—you could be paying for things that you signed up for at one time, and have been charging you on a reoccurring basis without you realizing it. Look for other reoccurring transactions in your life. Do you really need all seven TV streaming services as well as cable?
Create a budget. Develop a spreadsheet with all your recurring transactions to hone in on your money’s path. When you create this sheet, you’ll be able to tell if the outgoing is higher than the incoming. Then, sit down and consider everything coming out of your accounts and see if you can cut back anywhere.
Allow yourself to dream. Have debt? Imagine your life without it. Want a second home? Imagine life with it. Whatever your goals, it’s important to envision them. Set a plan, and find a financial advisor to help maximize what you have.
If you start today, you can change the future of yourself and your family. It’s never too late.
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