4 steps to maximise your financial growth in your business (384)
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We talk a lot about how to make more money, but what happens next? For a lot of us, the honest answer is nothing - we just let it sit in our bank account. While having a healthy buffer feels safe or paying yourself more feels nice, leaving your business finances completely idle means you're missing out on a massive opportunity to spark your next stage of growth.
In this episode, we're unpacking exactly how to shift your mindset from saving cash to maximising it. Just four easily actionable steps you can implement this week.
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There is so much talk in business about making money. Once you've made that money and it hits your bank account, how do you make sure that it actually works hard for you? In this episode, I'm going to share all things that I do in my business that have helped me to make sure that I'm not just making money, but ultimately that that money is benefiting me, doing the things that I want it to do, and really that I'm getting the most out of that money as I can. Like I said, there's so much noise online about just needing to make more. You know, if you have a financial issue, if there's something you're going to need to change in your business financially, the solution to that is generating more revenue. And whilst yes, that is one of the things that you can do to improve and increase your finances in business. Ultimately, as many of us will know, revenue isn't the most important thing. What really matters to us is profit, the money that we have at the end of the day, and also what we do with that money that we're making. So these are four things that I think are perhaps less talked about, but I would say in my lived experience, have really helped me to make the most out of my business finances and not just have that tunnel vision of making more, but ultimately not seeing all the benefits from that. First thing I want to share with you is a really practical one. But honestly, in the last year for me, it's been a real game changer. And I wish I'd discovered it sooner is using tools like a savings account and a business credit card in order to get more out of my spending and my savings. This is kind of two tips in one, so you're welcome. I think for all business owners, no matter what stage you're at, a savings account is a no-brainer because it just means that any business savings you have are safer, more protected, but also are growing. You know, if you've got a tax pot, which we all should, if we're saving for taxes, we make it, I learned that mistake the hard way, then that money is just going to be sat there. I genuinely wish someone had like told me this in my first couple of years in business because I cringe thinking about how many years I spend with thousands of pounds, sometimes tens of thousands of pounds across my business bank accounts because I had my tax savings, my VAT savings, my personal tax savings, and I wasn't earning anything for that. So having a savings account for your business, even if it's just for your tax money, I think is incredibly valuable. My personal recommendations, and I'm not paid to say any of this, I'm not under any contracts or working with these companies actively, but the main ones that I have used and recommend are first of all tied. They are an overall business banking account, and you can also then have a savings account with them as well. And the business credit card that I'm about to talk about also has a savings account, so you can kind of do both in one. The key thing just to look at is an account that is going to be really easy for you to open. You can access the money when you need to, and ultimately, of course, the interest rate is going to be important too. Talking then about that other side of this point, which is a business credit card,
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