Do you know the number one factor that allows a business to thrive? Financial management. Without understanding the basic business building blocks, CEOs can find themselves cash-strapped and in a vicious cycle of boom and bust. If you are bringing in a decent amount of money, you have to learn to manage it.
The freelancer way is different, the professional way is to understand what is happening in your accounts, how to keep more of your money, and how to protect yourself financially. This podcast is a quick tutorial of the financial business basics that can make or break your business.
Key Points:
The three layers of financial responsibility in a company. [5:25]
CEO
Professional Bookkeeper
Accountant
Why you should stop bank balance accounting. [8:20]
How to get a clear understanding of your fixed and variable weekly expenses. [10:17]
Learn how to allocate your money. [12:19]
Pay yourself first
Properly separate your accounts
Where to find info about the common characteristics of thriving companies. [19:33]
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