Cash Flow and Personal Finance for Entrepreneurs … from Julie Quigley
Cash Flow and Personal Finance for Entrepreneurs
The top reason small businesses fail is obvious, but all too common: they run out of money. Steady cash flow is key, which means your clients can pay bills on time, invest, put money into savings, and reward their hard work with purchases or vacations.
If there’s one thing self-employed workers think about more than their businesses, it’s their personal finances.
When QuickBooks Self-Employed surveyed 1,026 self-employed people throughout the U.S. for its 2019 Personal Finance Survey, 1 in 3 admitted to always thinking about their personal finances, 2 in 3 said they think about personal finances at least once per day, and 4 out of 5 said they were financially motivated to become an entrepreneur.
They can’t wait to be making more money by working for themselves. Other motivators included building their personal savings, earning additional spending money, becoming self-employed out of necessity, and paying off debt.
By setting up a product like Profit First Accounting or QuickBooks with your accounting advisor, the entrepreneur will be off to a great start on their business and personal budget. You need your personal and business finances working together! This concept allows you to pay yourself first from your business instead of paying everyone else and you get what is leftover. To be successful you will need to follow specific checklists. You don’t want to miss anything critical and you want to learn from others mistakes so you will be on the fast track of building your empire!