Dear Small Business Owner,
I am writing this letter to share a few things that you might want to keep in mind as you take this journey as a successful business owner. To start, I want to congratulate you on this challenge.
You will learn so much along the way, and I hope you share what you’ve learned with others, as giving is just as important as receiving.
Researching within your craft, learning, and collaborating with others in your industry will play a significant role in your growth. However, your foundation is essential as well.
Make sure you take the time to confirm that your business registration, branding, and capital growth are all set to support you on your journey.
There are several ways to do this in our hub, mainly starting with the BP Framework, and then moving on to our business loan resources to help you raise the capital needed to scale your business appropriately.
With a sound money management plan, you can avoid periods of negative cash flow and ensure your business is on track to turn a profit. Failing to manage money wisely can lead to problems like making late payments, running out of money, and not collecting on your accounts receivable.
Consider hiring an accountant or a bookkeeper for accurate record-keeping, better cash flow management, and overall better financial health for your business. Alternatively, use appropriate accounting and invoicing tools for easier online accounting, invoicing, and bookkeeping.
Once you manage your finances and account for every coin, you’ll be able to pay taxes on time, avoid the last-minute rush, and set yourself free from economic pressure.
Also, a friendly reminder, build your business credit to have your business stand a chance of attracting new investors. The higher your score, the more likely you’ll be to qualify for that new credit card or loan.
Always remember, we are a part of your village. Reach out to your business coach if you are ever discouraged, confused, or having trouble figuring out how to move forward, OR if you simply want to chat.
I wish you the best of luck in your journey to success and welcome to Addy & Mark. We’ll sail together with you!
A&M Business Coach Team