Funding a Business

Why my 1978 VW Bus is like Your Business

Posted at May 12, 2014 | By : | Categories : Funding a Business | 0 Comment

business financial savvy

Once upon a time I thought it would be great fun to drive a vintage VW camper bus. It was avocado green and had been purchased by my in-laws brand new in 1978. No one in the family was currently driving it so I volunteered – picturing tooling around town and long surf days at the beach.

 

Fast forward a few months and I:

      • Had made a new BBF, Raul, the tow truck driver. He greeted me with “how are you doing” and never asked for my AAA id.
      • Had walked home many times with my 3 kids and 2 car seats because all 4 of us don’t fit in the cab of Raul’s tow truck.
      • Had missed several important meetings with the lamest grown-up excuse ever – my car won’t start (that works when you’re 16, but not when you’re 41).

 

I guess the name we gave the car should have been my first clue – Lazarus – because he repeatedly had to be raised from the dead. But in any event, I was done. I was tired. This wasn’t fun anymore, this was exhausting. It was time for a change. Fast forward and I now drive a much newer VW Eurovan named Gidget. We still tool through town and have great beach days, but she almost never leaves me on the side of the road. I miss Raul.

 

So many business owners run the financial side of their businesses like Lazarus rather than Gidget. Every day is a surprise – and not in a good way. There’s no certainty ad there’s a lot, a ton, of stress around money. They have a business that should be fun and exciting, but it’s left them on the side of the road too many times to count. The missing piece is financial savvy.  The missing piece is having systems around the financials of the business that help you drive the business forward and make wise decisions.  [TWEET THIS]

 

What if you knew:

        • How profitable you are currently and how to increase profitability by doing more of what works and less of what doesn’t
        • Where the biggest item in your budget – salary – should be and how to maximize your staff’s performance
        • When the cash is coming in and going out so you’re never caught flatfooted again
        • How to separate the financial ups and downs of the business from your personal fortune
        • How to make your business attractive to investors, lenders and buyers by demonstrating it’s financial strength

 

When you read that list do you say, “Check, check, check. I know all that” – Or do you wonder what that would look like in your business?

 

Have you seen Raul one too many times? Is it time for a more dependable model? Is it time for financial savvy? It’s a skill just like any other you’ve learned to run a business and the calm it brings is unequaled.

About Emily Chase Smith

I’m an experienced attorney and entrepreneur. With my background in bankruptcy, I’ve seen the end of the business lifecycle and use that knowledge as a lighthouse to help others avoid the rocks. I counsel with entrepreneurs to provide custom solutions to help you get back in the game. You can contact me at (949) 391-6063, Google+ Twitter emily@emilychasesmith.com

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