Part 2 | Pulling It All Together
Whew. That was a lot.
We took you though the basics of bookkeeping and then we showed you our strategy of Forward Finance. You have learned more about entrepreneurial finance from this course than many business owners will ever know. Congratulations on sticking with the concepts.
But please don’t stop there.
You must actually use them. You have to pull out a pencil or open a spreadsheet on a weekly or monthly basis and do this work. You must monitor and manage the numbers to know exactly what is happening in your business at all times. Make decisions ahead of time and plan, plan, plan.
In summary, we want to pull this all together for you to make sure you follow through.
- Set up your business properly and hire a good accountant.
- Learn how to read a Profit and Loss report and a balance sheet and review them at least quarterly with your accountant to make sure you are saving enough for taxes.
- Monitor your expenses and make sure you are taking your allowed write offs.
- Invest in assets within your company to grow it long term.
- Save for and pay your taxes on time. Remember, the more profit you have the more taxes you pay. (It’s a good thing.)
- Pay attention to the math and skip the drama in your business.
- Do a monthly Lead Cash report.
- Do a monthly Lead Marketing report.
- Make decisions based on numbers not drama.
- Solve problems by increasing sales and revenue, not by going into scarcity.
In conclusion, we want to encourage you to create your business on purpose and not just see what happens. Decide right now how much revenue, how much profit, and how many customers you want within the next several years. Then go about making your dreams come true. Believe in yourself, stick to the numbers, and keep at it until the results add up to your dreams.
It’s been an absolute pleasure.
Brooke and Mark