Everybody loves cash, right? I love cash and I know you love cash because you’re in business. A lot of times, if we’re not running our business right, we’re going to run out of cash.
Here are a few tips to make sure you keep as much cash in your business as possible, thrive, and never have to worry about finances again:
- Make sure you have all of your information in one spot. I recommend QuickBooks. It’s very easy to use and it’s online. You can download all of the information from your bank accounts, and it’s all connected together. This is just one way of doing it. It’s very important to have all of your information in one spot so that you can make really good decisions about your business.
- Make sure you have meaningful revenue categories. I work with a lot of business owners that have multiple categories of revenue that are coming into their business, or multiple revenue streams, and that’s awesome, but a lot of times when I look at their books, all I see is “sales,” and that’s it. There’s no detail behind it, so we’re really not able to see where they’re making their money, which revenue stream is really generating the type of revenue they want to create, or if they’re actually losing money and should just dump it.
- Create a spending plan, which is also known as a budget. A lot of people don’t like budgets, so I like to call it a spending plan. Keep a spending plan, and track it on a weekly basis. See how you’re tracking towards your ultimate goal of saving and spending. Once you have a plan you can just adhere to it. It’s very, very simple to do, but you have to start from a plan first and then track your progress towards your goal.
- Make a savings plan as a part of your spending plan. What percentage of money do you want to put away for an emergency fund, your tax savings, or other goals that you have in the business? Maybe you want to purchase land at some point, build an actual building, and be your own landlord, which is awesome. That’s how you create true wealth in your business. if you don’t have a plan to save money, and a percentage that you’re putting away religiously every week, then chances are, you’re not going to get to that goal.
Use these tips and make your finances even better than they already are!
Download Tom’s Business Freedom Checklist: www.TomJackobs.com/freedom  and learn what you need to do to create freedom in your business.
