The Business Society Podcast

Why Do Finances Matter For Small Business?

May 24, 2021 Melissa Houston Episode 40
The Business Society Podcast
Why Do Finances Matter For Small Business?
Show Notes

“Finance is essentially the lifeblood of a business.”

—  Melissa Houston

What the heck are business finances… and why do they matter for my small business?

These are questions that I get all the time from people who think that business finances are only important if you run a large corporation or a billion-dollar business. 

In reality, this assumption couldn’t be further from the truth.

This episode will answer the above questions, and hopefully help to underline the importance of understanding, monitoring, recording, and analyzing your numbers on a regular basis — even if your business is just a small team… or even just you alone.

All businesses need a business financial plan.

Your business finances are the way that you manage your money in your business… and 87% of businesses fail due to money mismanagement.

Let’s make sure that your business isn’t one of them!

In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌ ‌

  • Why you need to pay attention to your numbers outside of tax season — and how they can help you increase profit and improve your operations
  • The difference between business finance and corporate finance
  • Why you need to take the emotion out of dealing with money

Highlights:‌ ‌

01:17  Canada & seasons

04:26  Money management

05:31  The importance of your business finances 

06:31  Where money flows & why

07:14  Profit should be fun!

08:18  Beyond tax season

09:12  Use your numbers as feedback 

11:06  Who should be responsible?

13:57  Take the emotion out

15:03  Example: product-based business

16:21  Corporate finance & business structures

18:13  Case study: Jackie

20:20  Cash infusions

21:29  Systems

Links:‌ ‌

The 5-Step Roadmap to Biz Finance Freedom

https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom

Work with me

https://www.melissahoustoncpa.com/work-with-me

Check out thebusinesssociety.co for more resources for business owners.

Want more tips and inspiration? Follow me on Twitter @melissahcpa, Instagram @melissahoustoncpa, and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com.