It is a common complaint to hear that one does not make enough money. In most cases, we have found that it is mostly an issue of a lack of a budget and follow-through. A few years back, we were faced with a sudden change in circumstances which led to me combing through all of our monthly expenses and figuring out what was a “nice-to-have” expense and a “need-to-have”.
Have you reached a level in your business and do not know what your next step should be? Many small business owners do not have bookkeepers to provide accurate numbers, let alone sophisticated financial reporting and analysis capabilities. A large portion of business owners do not understand the relationship between the cashflow statement to the income statement and balance sheet.
We know it may seem like we are repeating ourselves…but on average, a person needs to hear a message SEVEN times before they remember it. Let’s face it…owning a business is overwhelming at times and the number of plates you must maintain spinning all at once can be a daunting task. We would like to give you a few pointers to take the guesswork out of how to pay yourself.