The formula for a successful company is good leadership coupled with sound financial decisions… Are you ready to turn your business into a thriving successful business?
When it comes to a business, having someone in a position of leadership isn't always an indicator that it's going to be successful. If that leader does not foster a sense of community, compassion, and responsibility, or they don't make their employees feel valued, that company probably isn't going to be successful.
If you've been plagued by terrible bosses throughout your employed years, starting your own business might be the way you can be the employer you want to see in the world. You can actually be that role model and example for your employees.
Good leadership goes hand in hand with smart financial decisions. On this episode, I'm going through what you need to know to help make these decisions.
First, you need to understand your books. Even if you don't know what everything means, you need to know how much money you have coming in and going out. You also need to make sure that you set up an emergency fund that can be used when you hit a snag in your cash flow, you're not going to go into debt.
Next, you need to know how much of your net revenue you have to set aside for your taxes. Because, and I hate to be that person, taxes are one of the only mandatory things you have to do in your life. If you're not confident about exactly how much you need to set aside for your taxes, speak to an accountant you trust for financial advice.
One of the good things about your taxes is that some of your necessary business expenses are tax-deductible. But which ones? Some of your equipment purchases, office space, maybe even your car – but it all depends on your individual business.
Lastly, I'm giving you the low-down on business credit cards. Should you get one? In some cases, it's the best way to build up your credit score for your business. However, credit cards can be a slippery slope, so tread these waters carefully.
Do you feel comfortable when you look at your business ledgers? How long can your emergency fund sustain your business? Have you considered taking out a business credit card?
In This Episode:
- Why leadership isn't the most important thing you can look at for your company's growth
- How starting your own business can let you be the employer you always wished you had
- Why knowing your books inside out is essential for a strong business
- What role an emergency fund plays in your business
- How much of your net revenue you should save for your taxes each month
- How to figure out what expenses are tax-deductible
- Why you need to grow credit for your business
"Leadership is only half the equation of business success. And it is a crucial piece, but it's not the only piece. It just so happens that it's the piece we tend to, as women, focus on because it's more of what we're comfortable with." ([7:40])
"Don't let yourself get stuck in a slow month with zero in back-up." ([10:46])
"Only borrow what you absolutely must have to run your business." ([22:26])
Are you a female millennial entrepreneur who wants to start or scale your service-based business but not sure where to start? Go to http://www.drcortneybaker.com/10-secrets to get your free copy of the 10 Secrets Female Millennial Entrepreneurs must know before launching their service-based business. Get your free copy now!
About Dr. Cortney Baker… She is an award-winning entrepreneur, researcher, author, speaker, and an advocate for gender equality. As a leadership expert and mother of three, she is passionate about inspiring and empowering women to lead with greatness.
Dr. Baker is the author of the best-selling books: The Ten Do's and Don'ts for Business Leadership: Lessons to Lead Effectively and Unlimited: Conquering the Myth of the Glass Ceiling. She is passionate about helping ambitious female millennial entrepreneurs go from side-hustle to CEOs!
Feedback? Questions? Comments? For more information or to reserve Dr. Cortney Baker to speak at an upcoming event, please contact her at: [email protected] or 1-469-708-8840.