Ep. 25 - 3 Tips for Managing your Finances Better
Managing your finances effectively is crucial for the success of your business, AND implementing sound financial strategies is essential to ensure stability and growth. One of the most effective approaches is to start by knowing your numbers thoroughly, including both business and personal expenses. This clarity helps you set strategic sales goals and manage your cash flow proactively, reducing stress and enabling informed decision-making.
In this episode Rhea shares three essential tips for managing your finances better as an entrepreneur. She emphasizes the importance of knowing your numbers, from business expenses to personal costs, to proactively manage your finances and set strategic sales goals. Also highlighting the need for separate bank accounts for business and personal finances, including multiple accounts to effectively allocate funds and a tax savings account to prepare for tax season.
What You Will Learn:
- [01:46] Why everybody youā€™re working with need to be on a contract
- [02:58] Important clauses to add to your contract
- [03:12] Payment and deliverable clause
- [03:24] Time and arrival clause
- [06:23] Photograph and images rights clause
- [09:54] Expenses and force Majeure clause
- [10:46] Retainer fee clause
- [14:32] One clause Rhea added to her contract recently
- [17:40] Wrap up and end of the show
Standout Quotes:
"Knowing your numbers is just really, really important. So again, this goes to knowing your cost of doing business." - Rhea [04:38 - 04:42]
"Having separate bank accounts is, to me, again, pretty basic, but I want to take it a step further and really encourage you to read the book 'Profit First'." - Rhea [08:27 - 08:37]
"Take a percentage of your sales and put that in a tax savings account and save for taxes." - Rhea
[09:42 - 09:47]
"We have desires to grow as a business owner and reach more clients and make more money, but one of the big things that is required in that is being able to manage the funds that you have better." - Rhea [08:08 - 08:20]
"If you have a savings account currently, and you have money sitting in that account, hundreds or thousands of dollars just sitting in this quote unquote savings account for a regular bank, I suggest for you to move that savings account to a high yield savings account." - Rhea [15:32 - 15:46]
Stay Connected
Learn more about me here: https://rheawhitney.com/
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