Top 3 things you should know about/how to do in your business (part 1 of 3)
Last week I hosted my very first webinar. I'm excited to share the top three things you should know about running a successful business without burning yourself out. If you're feeling overwhelmed, constantly pulled in different directions, or dreading your work, you're in the right place. Last week I hosted a webinar where I covered three essential aspects of running a successful business:
💵 Financial basics: What to consider?
🗄️ Filing 101
👩🏻💻 How to manage multiple projects + resources
I’ll be splitting this up over 3 posts, so it’s not too much info for you to take in all at once, but here’s the full video if you’re more of a visual learner and don’t want to read heaps of notes:
Financial Basics
Financial management is crucial for the success of any business. Understanding your Profit and Loss (P&L) report, creating an operating budget, and maintaining proper record-keeping are fundamental.
Profit and Loss (P&L) Report
The P&L report, also known as an income statement, is a scorecard of your company's financial performance.
It includes categories like: revenue, cost of goods sold, operational expenses, and more.
It helps you track your financial health, identify discrepancies, and make informed decisions.
Operating Budget
An operating budget is a plan that outlines your income and expenses over a specific period.
Not having one can be detrimental to small businesses, leading to overspending and financial instability.
An effective operating budget helps you manage cash flow, secure loans, and maintain financial clarity.
Record Keeping
Proper record-keeping is essential to stay compliant with paying your taxes and to maintain financial stability.
Use accounting software like Xero or Hnry to automate your bookkeeping and track financial transactions.
An organised approach to record-keeping prevents errors and saves time during tax season.
Stay tuned for the next instalment! In the meantime, please let me know which of these were the most useful to you??
If you’re thinking “F*ck, I need all of these things but have no idea where to start” you should book a brainstorm chat with me to get the ball rolling.