Preparing for Year End
This week on Tuesday Tips we will continue to talk about how we are preparing for year end and setting your business up for success in 2018.
This week, I am headed to San Jose, California to attend the annual QuickBooks conference. I am preparing to learn new skills that I can share with you in the coming months. I attended this conference last year and it has made a tremendous difference in my business in 2017.
What are you doing to prepare for your success in 2018?
It is important to invest in your business whether it’s through conferences, online or in person conferences, coaching or software. But, the question is how do you know if your business can afford to invest in these types of things?
When your business finances are out of order, you can’t tell if making an investment is a good idea or not. As we prepare to finish 2017, do you know that there are purchases you can make this year that will set you up for success next year and write the expense off this year? When you have a financial coach working alongside you as a business partner, you will know these things.
One of the main advantages of working with a financial coach is developing a strategy so that you can make the most profit in your business. One of the ways we like to do this is putting together a system to capture all your business financial activity. I know that this process can be overwhelming to you, that’s why I’m here to help. I know that numbers aren’t your thing, but when you work with a financial coach, certain numbers will become your thing. Being the boss of your business comes with wearing many hats. One of those hats is the Chief Financial Officer. You are the boss and the CFO, but you don’t have to be the CFO all by yourself.
You may be saying, Yes, I am the boss, but I have no idea where to start. The first step to becoming your own CFO is to separate your business and personal financial activities. This is the biggest tip I can give you. Get a separate business bank account and start using it ONLY for business income and expenses. Let’s start there this week. This is the first step in creating your strategy.
Leave a comment below and let me know when you have accomplished this task. Stay tuned next week for the next step in creating your CFO strategy.
If you would like to finish 2017 strong and start 2018 with a plan in place, schedule your appointment today.