MONEY TIPS & KNOWLEDGE DROPPED
- Just because you start a business and that business makes money will not mean you know how to manage money better! Having more money doesn’t make you better at managing it.
- Having a business and more money is the best reason to hire a bookkeeper!
- One should always have multiple bank accounts it is one of the best and most effective ways to budget!
- General Account – this could be your direct deposit account
- Account for Bills – IF you have bills drafted, it should be in this account. It prevents the account from over drafts as well as debtors having access to your salary deposit BEFORE YOU DO!
- Entertainment Account – nothing budgets your fun more than account set for just that!
- Savings Account – that shouldn’t be touched, in fact forget about it
- Emergency Account – for real emergencies only!
- Budgeting IS ALWAYS necessary! Most people tell me, “I don’t have enough money to budget.” My response, “That’s why you need a budget, because with that mindset, I can guarantee, you’re wasting money.”
- BEFORE you can get a lot of money, one must be faithful over a little! It doesn’t matter who you are, this principle is always in effect!
- Your personal money habits become your business money habits and that’s not good for 95% of the population.
- Improving your money management will NOT JUST HAPPEN!
- Your business should always have multiple banking relationships as well as resources. When a business runs on limited capital, that business is making less than what it could make and eventually those limitations will eliminate the business!
- The owner of the business should always have a salary. 1) It keeps him or her from breaking the law (co-mingling of funds) and 2) it helps the business to grow as well as the man/woman grow personally without interfering with each other.
These are just a few money tips………………………………
From the Queen “B” of doing Business Better
