What’s the Finances of your Business?
Finances. The one that most people don’t want to talk about, don’t quite understand, and is the item where most businesses fail and have to close their doors.
Do you know what your revenue needs to be to pay yourself, provide yourself shareholder profit, pay your taxes, and all your expenses?
If you’re wondering what other Financial items might benefit from some additional operational structure, check these out:
- Do you use an accounting software to automate sending invoices, payment reminders, etc?
- Do you review your Profit & Loss, Balance Sheet, and Income Statement on a consistent basis?
- Do you have a budget and cash basis forecasting?
- Do you have an emergency fund?
- You are working hard – Are you paying yourself?
- Do you and your team members track your hours?
If you said ‘no’ more than ‘yes’ when answering these questions, let’s dive into Finances together!