Key Takeaways:
- Keep Track of Everything, Every Month Just like you’d check your grades or allowance, businesses need to look at their money each month—and review bigger things every few months to plan for taxes.
- Save Up and Spread Out Businesses should keep at least six months’ worth of money ready for bills and emergencies. Also, don’t depend on just one customer—having many keeps your business safer and more appealing to future buyers.
- Make It Work Without You If a business can only run when one person (like the owner) is there, it’s harder to sell. The more your business runs on systems and a team, the more valuable it becomes.
- Plan Ahead to Avoid Surprises If you look at your money and taxes often, you won’t get hit with big surprises. You can make better decisions about what to spend, save, or invest in.
- Structure It Smart Setting up your business the right way (with help from a lawyer) can protect what you own and make selling the business easier down the road.
Chapters:
Timestamp Summary
0:00 The Importance of Regular Financial Record Keeping for Businesses
2:08 Financial Planning and Tax Strategies for Business Stability
4:48 Preparing Your Business for Sale and Ensuring Its Longevity
7:29 Preparing for Business Success with Idiot-Proof Strategies
Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Phillip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Ready to turn your investing dreams into reality? Our "Wealth Building Made Simple" premium newsletter is your secret weapon. We break down investing in a way that's easy to understand, even if you're just starting out. Learn the tricks the wealthy use, discover exciting opportunities, and start building the future YOU want. Sign up now, and let's make those dreams happen!
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Ridiculous History
History is beautiful, brutal and, often, ridiculous. Join Ben Bowlin and Noel Brown as they dive into some of the weirdest stories from across the span of human civilization in Ridiculous History, a podcast by iHeartRadio.