Summary:
In this episode, Sonja Jones discusses end-of-year planning for entrepreneurs. She provides several key metrics that every entrepreneur should track, including net profit, top income months, top expenses, accounts receivable, accounts payable, and cash on hand. These metrics help entrepreneurs assess their financial health and make informed decisions for the upcoming year. Sonja also emphasizes the importance of separating personal and business funds and offers tips for reducing expenses and improving cash flow. Overall, this episode provides valuable insights and practical advice for entrepreneurs to plan and manage their finances effectively.
Takeaways:
- Track key financial metrics, such as net profit, top income months, top expenses, accounts receivable, accounts payable, and cash on hand.
- Separate personal and business funds to maintain financial clarity and avoid cash flow issues.
- Reduce expenses by exploring cost-saving strategies, negotiating with vendors, and optimizing subscriptions.
- Improve cash flow by monitoring accounts receivable, sending timely reminders for payment, and managing accounts payable.
- Use the end-of-year financial data to plan for the upcoming year and make informed decisions for funding and growth.
Chapters
00:00 - Introduction and Context
05:27 - Strategies for Reducing Expenses and Improving Cash Flow
09:56 - Monitoring Accounts Receivable and Managing Accounts Payable
16:36 - Planning for Funding and Growth in the Upcoming Year
Financial Freedom Roadmap:
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Purchase the Business Finance Blueprint: https://buy.stripe.com/5kA03O4N00y6gog3cc
#grants #finance #buildingyourbrand #business #businesssuccess #podcastthursday
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