5 Non-negotiable Money Rules for Business Growth

It’s Global Money Week, a time for timely conversations about the ever-present topic that makes life go round. The first quarter of 2023 has been quite bumpy, with numerous unpleasant news in the media and some interesting news in football.

Furthermore, the financial industry has taken a lot of hits, with increased fraudulent activities and the closure of formerly successful and age-old banks.

This first quarter was certainly unexpected. It’s like November 2022 is still lurking in the shadows. But as we go about our business, trying to stay positive, it’s critical that we remind ourselves of some money rules that can help ensure our success.

Today, we want to share with you Five Non-negotiable Money Rules for Business Growth.

Pay yourself first

It’s imperative that business owners separate their personal accounts from their business accounts. You need to pay bills, buy food, enjoy an occasional outing, or indulge in an experience. But always reserve a percentage of your business income as your personal wage or salary. Remember that you are the first employee of the business, treat it as such by taking care of yourself. You can only spend what you have until the next payment cycle.

Have a solid billing strategy

Review your billing strategy and determine if you offer a freemium, retainer, or retail model. Make sure the market you operate in currently supports your billing strategy. This will help reduce the cost of doing business while guaranteeing a steady, consistent income.

Know where all your money is going

Just having a mental picture of your company’s cash flow isn’t enough. Knowing where your business’s money is going helps you keep track of it, avoid leakages, and improve your financial health.

Set aside money for taxes

Having a business savings account can help you set aside money for things like taxes, balloon payments, or other long-term obligations, making tax payments less stressful.

Spend less than you earn

Finally, remember this crucial rule of money. The more you save, the more money you can find. As we celebrate Global Money Week, we will share loads of financial literacy content that will help your business stand out and turn a profit. Share this article with a friend, staff, or colleague, and follow us on our social media channels for more.

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