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Business Coach | Speaker | Author

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5 Steps To A Financially Successful Business

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5 Steps To A Financially Successful BusinessA financial management system is a critical component to building a profitable business yet many entrepreneurs start businesses without putting one in place. Let’s be honest, you’re in business to make money, right? Then why neglect creating and implementing a system that will help ensure you achieve the results you desire and deserve? Implementing a system to monitor, track and review the numbers will position your business for massive growth.

Putting key foundational systems in place is a proactive approach to building a profitable and sustainable business. Without a financial management system and other key systems in place, you’re setting yourself up for frustration, stress and overwhelm. So, why is it so important to have a financial management system? This system will help you make better informed decisions about which strategies will grow your business and boost the bottom line. It will reveal the real cost of doing business and whether or not you’re charging enough for your products and services.

Below are 5 key steps that will take the complexity out of creating a financial success system for your business.

  1. Keep your business and personal banking separate. Set up a business bank account.
  2. Create an annual budget for your business revenue and expenses. Review this budget monthly.
  3. Decide who’s going to handle the recordkeeping – you or a bookkeeper? Delegating this task doesn’t mean you won’t need to review your financial results.
  4. Decide on a system (tool) to track, organize and manage your revenue and expenses. (Sources to consider: Wave Accounting, Go Daddy Bookkeeping, Quickbooks, inDinero, Simply Accounting, Mint)
  5. Set a date to review the financial performance of your business on a monthly basis.

Filed Under: Blog, Entrepreneurs Tagged With: boost profits, grow business, money, systems

About Shontaye

Bottom Line Strategist™ Shontaye Hawkins uses her extensive finance background and ability to “see through the numbers” to get your Profit Game Plan for success. If you’re ready to eliminate money leaks, create your very own profit strategy - based on YOUR goals - and achieve growth + profit for MEGA results, then Shontaye has exactly what you need. To get your FREE audio gift and receive Shontaye’s weekly newsletter filled with profit tips and strategies, follow the link and enter your name and email address to receive your instant audio download.
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