My 3 Rules for Managing My Business MoneyAug 22, 2023
You have to be able to manage your business's money for your business to survive, but unless you had a finance degree, it's probably not something you learned in school. Many, many business owners struggle to manage their business money - either leaving it all in the business and never touching it, or spending it all and running out of money to operate the business.
In this episode, I'm sharing the three rules I follow to manage my business money in a way that makes sure I get paid and my business keeps running.
- The most important thing to maintain your LLC protection is keeping your business money and your personal money separate - respecting that your LLC is a separate being from you, and has separate money.
- Pay yourself! Your business should support you. It hurts your long-term potential more than it helps if you’re struggling financially because you’re keeping all the money in your business.
- Save for taxes. Save 25-30% of your profit and pay your taxes on a quarterly basis.
- Don't take more out of your business than it can support. It's a balancing act between paying yourself and making sure the business can sustain itself.
- Profit First by Mike Michalowicz
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