So you’re committed to getting your business finances in order in 2022 - we love to see it! It can still be hard to figure out where to start with your finances, so in today’s episode I’m sharing my six money habits to get your finances in order, increase cash flow, and generate wealth. Whether you feel like you need a total overhaul, or just want to be more intentional day-to-day in your finances, this episode is jam packed with actionable steps for you to take.
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Still not sure what your vision is for your life and business? Listen to Episode 2 of Profit + Prosper!
Some key takeaways on managing your money:
Focus on hitting intentional goals instead of vanity metrics. Think about how much you need to pay yourself, how much you would need to hire a team to reduce your workload, how much you need to cover your expenses, etc. Set your revenue targets based on these, not the elusive 6- or 7-figure mark.
You need to spend less money than you’re bringing in. Which of your expenses aren’t driving more revenue? Cut those first, then focus on maximizing the assets and expenses you’re keeping to generate as much profit from them as possible.
Intentionally allocate money to build your net worth. Some examples include investing money back into your business, opening a retirement account such as a traditional IRA or Roth IRA, investing in a brokerage account or buying a rental property.
I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!