So, your business is making money. Congrats! But you are you managing the money you make?
Generating cash flow in your business is an achievement in and of itself. But how you manage that cash flow is a completely different skill set. If you don’t have a strategy for managing your income, it will probably flow in and out of your bank account faster than a speeding bullet.
I recommend checking out Profit First, by Michael Michalowicz. First of all, for a book about business financials, it’s actually quite humorous and entertaining – bonus points for that. But more importantly, Michael presents a smart, manageable strategy for managing your money and making sure you allocate your earnings so you can (1) capture profits, (2) pay your taxes (ugh, necessary evil), and (3) pay yourself with an owners draw, among other things.
We entrepreneurs are at risk of slipping into a self-employed version of living paycheck-to-paycheck if we don’t get smart and intentional with our money management – and this book will help you do that.
Personally, I enjoyed the audio book. But whatever your preference, if you own a business, I strongly encourage you to do yourself a favor and check out this book.
Note: I don’t have any affiliation and don’t get paid if you try the book. (But maybe I should!) Just sharing a resource I found valuable, and I think you will too. Here’s a link with more info, downloadable resources, and ways to buy the book. http://profitfirstbook.com/
Need help creating more cash flow in your business so you have more money to manage? Click here to schedule a SuperPower Strategy Session with me and get some recommendations for ways to increase your revenue and profitability.