How to Take Control of Your Small Business Finances… and Sleep Better at Night!
If you’ve ever felt that sickening feeling that wakes you in the middle of the night when you know you just don’t have the money to pay your bills, then you’re going to love my interview with Janet Beckers for her podcast Romance Your Tribe Radio. We talk about all things small business finance and personal finance.
Janet and I go way back, when she was my mentor, helping me establish my first business. So we talk a little about lessons learned from starting one business and building it into an asset that I could then sell, then the reason I started Bright Spenders.
Here’s what you’ll discover in this interview:
- The transparent story of my wake-up moment, and what can happen when you are not living extravagantly, but simply don’t pay attention to your finances.
- Why women in business are at greater risk of financial stress.
- The types of expenses that can tip you over from seeming OK to, Oh S#*t, I can’t pay the bills.
- Why making your spending decisions based on your bank balance is a recipe for disaster.
- Why budgets, as they are usually done, don’t work.
- How to separate your personal and business finances so you have “fences” around your finances as a small business owner.
- The exact number of accounts you need to manage the finances in your business.
- How to determine how much your business needs to pay you each week.
- The 3 accounts you need to manage your personal finances.
- What happens if your business doesn’t make enough to pay you 🙁
- Why great revenue does not guarantee you will have better control of your finances than a smaller business
- Some great free resources for calculating your expenses for your personal finances and your business plus heaps of free training so you can make a change in your personal financial management this week.
This is a total no judgement zone here. As Janet says, “I know this is something I haven’t totally nailed myself which is why I have Bazza da Book-keeper so I can sleep at night :)”
You can find out more about Janet and grab the worksheet she mentions in the interview HERE.