Recessions, pandemics, growing too fast, slow revenue months… There's a lot that can take out a business if you’re not prepared. No need to fret, though! In this episode, I’m sharing five actionable steps to bulletproof your business so you can not only survive, but thrive no matter what season you’re in in your business.
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Some key takeaways on bulletproofing your business:
The first thing you need to bulletproof your business is to become cash flow positive. You should be bringing in more money than you’re spending every month, and you should also be bringing in enough to pay yourself a market rate salary. Make sure you set aside money for taxes.
This might seem like a no-brainer, but if you were cash flow positive in a given year, you will receive a tax bill the following year. You could get stuck with a major expense if you didn’t pay estimated taxes, or if you didn’t set aside enough money to pay come tax time.
Pay off all your business debt and personal debt. This will keep you from intentionally operating out of scarcity, but it also ensures that you aren’t funneling a ton of revenue into high-interest payments when you could use that money to invest in something else.
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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!
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