As small businesses grow, the finances become more and more complicated. Still, most business owners didn’t get their degree in small business finance. And many small business leaders would rather go out and make money than manage the money.
Then, what happens is the business leader operates their business out of a single checking account and often mixes their personal finances with their business finances. The result can be catastrophic.
Not only this but profit and loss statements are rarely legible enough actually to make good decisions. While you may understand what’s on your profit and loss statement, you aren’t sure whether or not you’ll actually have the money to make the next payroll.
When I help you install the Money Made Simple 5-Checking Account System, you will:
• Never accidentally run out of money — you will know well in advance whether your overall profit is shrinking
• Always have the money to pay taxes, even surprise tax bills
• Always have money for payroll
• Know how much money you can actually take from the business
• Have cash to invest back into the business, which will set them up for growth
The five accounts include:
• Operating Account
• Personal Checking Account
• Business Profit
• Tax Account
• Investment Holding
The checking accounts, profit, and loss statements, and regular meetings with the revenue director will give you a clear understanding of what’s happening with the finances in your business.
One-on-One Coaching — Compensation Packages for Top Talent
• Duration: 4 sessions
• Frequency: Bi-weekly
• Session length: 60 minutes