Do you have a tax planner on your side? How about a bookkeeper?
Are you subconsciously abdicating all the decisions when it comes to your numbers? Do you only focus on making money in your business (revenue) but give all of the rest of the financial power away to a 3rd party? Do you think your tax planner or bookkeeper cares about your money as much as you do?
Knowing how (and where) your money flows through your business and tracking the performance of every dollar is a game-changer when it comes to maximizing and optimizing how much money you ultimately make. And when I say make, I mean KEEP.
Yes. You need an A-Team to help you manage your money and build your wealth -- BUT, that does not mean abdicating your finances to these experts. A lot of accountants that are preparing your taxes have only a fraction of the picture that necessary to maximize your profits and minimize your taxes owed. And, bookkeepers are administrative. They are there to take direction, not make decisions on how to report/track your monies. Not to mention, they have usually overworked themselves, trying to make ends meet, and don’t have the time it would require to pay attention to your books as necessary.
You are the one that is the most intimate with your business and the most passionate to see it succeed. That is why knowing your numbers is so important. Cash flow management is the name of the game.
Looking only at your top line is useless. You need to pay attention to your bottom line. That’s where the money is! Think profit first then all the rest will fall into place. Figure out what your short term and long term goals are. Figuring those out will help you set your profit goal which ultimately determines your revenue targets.
I enjoyed this conversation with Tatiana Tsoir. She is a CPA and bookkeeper who is not your average CPA and bookkeeper. You'll hear how she and I are completely aligned with how we coach business owners to think about their money and as a result manage it! Tatiana helps business owners become the boss of their bottom line so that they can make money doing what they are most passionate about.
We run the gamut of topics in this interview!