Funding a Business

3 Things All Business Owners MUST Know About Money

Posted at June 7, 2014 | By : | Categories : Funding a Business | 1 Comment

Look around you – what do you see? Chairs, carpet, a sweet doggie? Each of these things started as a dream – someone had a dream to be the best chair/carpet/dog breeder in the world and to build a business doing it.

In fact, I’d be willing to make a large wager that none of those people started their chair/carpet/dog breeder business because they really wanted to crunch numbers, debate the merits of debt v. equity financing and have unfettered access to financial statements.

But every business owner instinctively knows the money piece is crucial. Like Jeff Probst says on Survivor – money represents your business – when your money’s gone, so are you.

 

So you can’t operate your business like this guy:

business funding

 

 

 

 

Na NaNa, I can’t hear you.

 

 

 

You can’t stick your head in the sand. You need some skills. Here are the top 3 things you need to know:

 

1. Money Doesn’t Take Care of Itself

The solution to money problems isn’t to just make more sales. If that was the case we’d never see a celebrity bankruptcy. More money is not the solution. You can’t outearn your troubles.

On the flip side, you can outmanage tough money times with financial savvy – which brings us to #2:

 

2. You Need Skills

You don’t already know this. How would you?   There’s no course in how to run a financially strong business in almost any high school or college. This is something you’re going to have to learn just like you learned many other skills pivotal to the success of your business.

And you don’t want to learn this one via trial and error. My sister just bought a John Deere tractor – exciting for a city girl like me. You better believe she didn’t let me hop on there and run around the farm without a through lesson. Is your business as important as my sister’s John Deere? Learn what you need to know instead of running your business into a ditch.

 

3. You Bring Yourself to the Table

We don’t come to our businesses as newborn babes. We’ve had experiences with work, money and business. Those experiences translate into how we run our businesses. My parents were divorced. At my Dad’s I had a Mercedes and a credit card. At my Mom’s I was being schooled on the proper amount of tape to use to wrap a present (3 pieces and no more). As a result I’m an Entitled Cheapskate. I’ll spend 2 hours to save $20, but will happily spend $3,000 to attend a conference. Imagine how this could kill my business if I didn’t manage around it.

 

So the money doesn’t take care of itself, you need skills and you might have a few little oddities around it.   How do you move forward?

 

3 Things All Business Owners MUST Know About Money [TWEET THIS]

 

I’ve put together a 2-hour course for just this purpose. It’s the step-by-step method for bringing financial savvy to your business. The guiding principle is complex enough to be effective, but simple enough so you’ll actually do it.

 

Education is the best investment you can make in your business and yourself. Keep your tractor on the road.

 

Financial savvy will bring you a sense of security in your business that allows you to take your business to the next level.

Find out more here.

 









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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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