Though making money is a key goal of any business, many business owners aren’t very financially savvy. If you’re a business owner that simply hands off your finances to a bookkeeper without involving yourself at all, you’ll likely have a finance problem at some point in time.

 

In this episode of the Working Without Pants podcast, I discuss the importance of understanding your business’s finances and provide some useful tips to start becoming more financially literate.

 

Many entrepreneurs don’t consider themselves “finance people,” but that line of thinking will negatively impact their business at some point or another. Though bookkeeping may not be your strong suit, it’s important to educate yourself to make informed business decisions based on your books.

 

Gaining a better understanding of your books and finances will allow you to set a realistic and predictable salary month after month. It will also allow you to maintain clean and actionable books, which is vital if you ever want to sell your business. Furthermore, taking control of your finances will reduce a lot of stress and chaos for you and your business.

 

Want to work with me as an advisor? Visit jake-jorgovan.com/coaching.

Resources: 

• https://www.vidyard.com/podcast/nopants/
• https://contentallies.com/
• https://www.smokymountaintax.com/
• https://www.financeforagencies.com/
• Profit First
• Simple Numbers, Straight Talk, Big Profits