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Where to Start With Putting Money Aside in Business
Manage episode 404532417 series 2621861
In this episode of ‘It’s Not About the Money’ (formerly ‘In Her Financial Shoes’) I discuss where to start with putting money aside in your business.
I focus on five critical money pots that every business owner should consider: expenses, profit payouts, tax and VAT, cash reserves, and investments. I also discuss the importance of accurately predicting expenses for growth, paying yourself first, setting aside money for tax and VAT, maintaining cash reserves, and exploring tax-efficient investments. By addressing these areas, business owners can improve their financial stability, increase personal wealth, and make better financial decisions.
Key Takeaways
- Accurately predict expenses for growth in your business.
- Pay yourself first to prioritise savings and increase personal wealth.
- Set aside money for tax and VAT to avoid financial surprises.
- Maintain cash reserves to ensure financial stability.
- Explore tax-efficient investments to grow business assets.
Chapters
00:00 Introduction
01:27 Expenses
08:07 Profit Payouts
16:19 Tax and VAT
18:46 Cash Reserves
23:06 Investments
27:36 Summary
306 episodes
Manage episode 404532417 series 2621861
In this episode of ‘It’s Not About the Money’ (formerly ‘In Her Financial Shoes’) I discuss where to start with putting money aside in your business.
I focus on five critical money pots that every business owner should consider: expenses, profit payouts, tax and VAT, cash reserves, and investments. I also discuss the importance of accurately predicting expenses for growth, paying yourself first, setting aside money for tax and VAT, maintaining cash reserves, and exploring tax-efficient investments. By addressing these areas, business owners can improve their financial stability, increase personal wealth, and make better financial decisions.
Key Takeaways
- Accurately predict expenses for growth in your business.
- Pay yourself first to prioritise savings and increase personal wealth.
- Set aside money for tax and VAT to avoid financial surprises.
- Maintain cash reserves to ensure financial stability.
- Explore tax-efficient investments to grow business assets.
Chapters
00:00 Introduction
01:27 Expenses
08:07 Profit Payouts
16:19 Tax and VAT
18:46 Cash Reserves
23:06 Investments
27:36 Summary
306 episodes
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