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5 Financial Mistakes Made at Year End
Manage episode 387335510 series 2426383
On the podcast today, we're going to be talking about the five mistakes that business owners make at the end of the year. I want you to listen in and see if you are finding yourself falling into any of these traps so that you still have time to do something different.
Topics Mentioned:Cash flow
Budgets
Debt
Key Thoughts:
I would say nine times out of ten, we're more likely to overspend a budget than to underspend a budget if we're not watching it and being accountable to that budget. Michele
If you find yourself in a cash flow negative situation, remember, that you always have to get cash flow neutral before you can go cash flow positive. Michele
Lifestyle creep is where every time you make a little more money, your lifestyle raises, and then you need more money, and then your lifestyle raises versus keeping your lifestyle where it is and letting the money be made and then letting it be saved. Michele
Businesses that get themselves in trouble don't manage that money properly, which means that they don't have a strong cash reserve. Michele
Facebook: Scarlet Thread Consulting
Instagram: @ScarletThreadATL
Website: ScarletThreadConsulting.com
LinkedIn: Michele Williams
104 episódios
Manage episode 387335510 series 2426383
On the podcast today, we're going to be talking about the five mistakes that business owners make at the end of the year. I want you to listen in and see if you are finding yourself falling into any of these traps so that you still have time to do something different.
Topics Mentioned:Cash flow
Budgets
Debt
Key Thoughts:
I would say nine times out of ten, we're more likely to overspend a budget than to underspend a budget if we're not watching it and being accountable to that budget. Michele
If you find yourself in a cash flow negative situation, remember, that you always have to get cash flow neutral before you can go cash flow positive. Michele
Lifestyle creep is where every time you make a little more money, your lifestyle raises, and then you need more money, and then your lifestyle raises versus keeping your lifestyle where it is and letting the money be made and then letting it be saved. Michele
Businesses that get themselves in trouble don't manage that money properly, which means that they don't have a strong cash reserve. Michele
Facebook: Scarlet Thread Consulting
Instagram: @ScarletThreadATL
Website: ScarletThreadConsulting.com
LinkedIn: Michele Williams
104 episódios
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