Why Do Finances Matter For Small Business?
Episode description
“Finance is essentially the lifeblood of a business.”
— Melissa Houston
What the heck are business finances… and why do they matter for my small business?
These are questions that I get all the time from people who think that business finances are only important if you run a large corporation or a billion-dollar business.
In reality, this assumption couldn’t be further from the truth.
This episode will answer the above questions, and hopefully help to underline the importance of understanding, monitoring, recording, and analyzing your numbers on a regular basis — even if your business is just a small team… or even just you alone.
All businesses need a business financial plan.
Your business finances are the way that you manage your money in your business… and 87% of businesses fail due to money mismanagement.
Let’s make sure that your business isn’t one of them!
In this episode, you’ll discover:
- Why you need to pay attention to your numbers outside of tax season — and how they can help you increase profit and improve your operations
- The difference between business finance and corporate finance
- Why you need to take the emotion out of dealing with money
Highlights:
01:17 Canada & seasons
04:26 Money management
05:31 The importance of your business finances
06:31 Where money flows & why
07:14 Profit should be fun!
08:18 Beyond tax season
09:12 Use your numbers as feedback
11:06 Who should be responsible?
13:57 Take the emotion out
15:03 Example: product-based business
16:21 Corporate finance & business structures
18:13 Case study: Jackie
20:20 Cash infusions
21:29 Systems
Links:
The 5-Step Roadmap to Biz Finance Freedom
https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom
Work with me
https://www.melissahoustoncpa.com/work-with-me
Check out thebusinesssociety.co for more resources for business owners.
Want more tips and inspiration? Follow me on Twitter @melissahcpa, Instagram @melissahoustoncpa, and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com.
Work with me:
Follow me on:
IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa