Where to Start With Putting Money Aside in Business

It's Not About The Money

In this episode of ‘It’s Not About the Money’ (formerly ‘In Her Financial Shoes’) I discuss where to start with putting money aside in your business.

I focus on five critical money pots that every business owner should consider: expenses, profit payouts, tax and VAT, cash reserves, and investments. I also discuss the importance of accurately predicting expenses for growth, paying yourself first, setting aside money for tax and VAT, maintaining cash reserves, and exploring tax-efficient investments. By addressing these areas, business owners can improve their financial stability, increase personal wealth, and make better financial decisions.

Key Takeaways

• Accurately predict expenses for growth in your business.
• Pay yourself first to prioritise savings and increase personal wealth.
• Set aside money for tax and VAT to avoid financial surprises.
• Maintain cash reserves to ensure financial stability.
• Explore tax-efficient investments to grow business assets.

Chapters

00:00 Introduction

01:27 Expenses

08:07 Profit Payouts

16:19 Tax and VAT

18:46 Cash Reserves

23:06 Investments

27:36 Summary