This week in our True North in Business Mastermind I ran a Masterclass all about the financial foundations that are essential to have in place to run a successful (and profitable) business. It was one of the most popular Masterclasses so far with many valuable take-aways and lightbulb moments for our clients.
If you’re anything like the women we speak to and work with, you might be able to relate to some (or all!) of these challenges:
- Lack of cash flow
- No clear planning
- Unreliable financial data
- Poor understanding of the numbers
- Lack of time
If you said nodded along to any of those, then read on…
The 7 key financial checkpoints in business you need to nail:
- Whether your business structure is best for now and will see you into the future
- Making sure you have the correct amount of tax put aside so you don’t end up with any surprise tax bills
- Starting out strong when it comes to setting up your cloud-based accounting software
- Knowing the three most important financial statements you need to be across in business and how to interpret them
- There are 7 key numbers to monitor in your business – how many are you currently looking at and where’s the gap?
- What profit-building habits you need to implement in your business
- Keeping your expenses in check with a simple plan to ensure they’re a part of a monthly system
Whether you’re in the early stages of business and setting up your foundations, or you’ve been in business for ten years and realise that perhaps those foundations are rocky, being able to feel confident across these areas is essential.
Because as the old saying goes:
Revenue is Vanity
Profit is Sanity
Cash is Reality
Need more help with this? You might like to consider joining our True North in Business Mastermind. Or perhaps you’re looking for a more hands-on approach to support? Reach out and let’s start a conversation. Book a chat with me by clicking the button below.
Ness is a money coach, helping businesswomen like you gain clarity over your financial goals, building wealth and financial security for your future.