Financial Planning for Independent Business Owners
Financial planning is a critical component of your business’s long-term health. Whether you’re just starting out or have been at it for years, it’s important to regularly assess and update your financial strategies to ensure your business stays on track and keeps growing towards your goals.
This month’s guide shares tips to help you navigate your financial planning from understanding your cash inflow and outflow to figuring out how to pay yourself, plan for sustainability, and more. Get ready to banish financial anxiety and build a happier, healthier world of work.
This month’s guide shares:
- Financial planning for the long-term
- Tips to manage your cash flow
- How to conduct a business financial health check
Create a financial strategy:
Learn how to safeguard your business’s financial success with Dondrea Owens. She’s sharing tips on developing a financial strategy that will help you create a sustainable business. As you plan for the future, check out these practical financial planning techniques from Meghan Ely. She spoke with four independent business owners to gather insights that will help you shift your money mindset and avoid financial clutter.
Conduct a financial health check:
It’s important to keep regular tabs on your business’s financial wellbeing and use these insights to inform your strategic decision-making. Learn how to conduct a business financial health check from Claire Bough by understanding your revenue, expenses, credit, and more.
Manage your cash flow:
Cash flow management is critical to the survival of any business. Accounting specialist Tabitha Hollimon discusses best practices for disciplined cash management, highlights the importance of communication, and shares other planning tips to help you stay in the black. Then, Feyisola Ogunfemi shares strategic tips for paying yourself monthly as an independent business owner. She outlines three straightforward methods for managing your funds and enjoying the fruits of your labor
Your business is profitable and growing, learn how to make sure it stays that way in the long term from CEO, Dondrea Owens. She’s sharing her insight on how to build a financial strategy that helps you manage your costs, cash flow, and maintain profitability to create a sustainable business.
Small business owners assemble! Meghan is helping you plan for the future by sharing financial planning tips from four Independent business owners, including how to change your money mindset and prevent financial clutter. Make informed decisions that help you safeguard the future success of your business.
Essential to running any business is understanding the health of your financials. Claire will help you get started by teaching you how to conduct a financial health check that takes your revenue, expenses, credit, and more into account. Check out these tips to build a strategic financial plan that helps you grow your business.
No matter what industry you’re in, knowing how to manage your cash flow is foundational to the survival and long-term success of your business. President Principal Tax Accountant, Tabitha offers advice on how to keep your finances in order, including how to communicate effectively with your clients and how to plan ahead.
You work hard in your business and deserve to experience the fruits of your labor. In other words: pay yourself. Feyisola is sharing three helpful tips from her experience as an Independent business owner about staying on top of your finances, keeping organized, and, ultimately, reaping the rewards of your hard work.
Disclaimer: The advice featured in this guide and on the blog was sourced from our community members for sharing general information and knowledge. For specific legal, financial, tax, mental health and professional advice, please consult an authorized professional.