On today’s episode of Talk with Tom, we continue with our January theme of goal setting but this time we turn it from personal goals to business goals…from Growing Your Life to Building Your Business. Today’s topic is the 5 Cash Flow Goals Every Small Business Should Have:
- Pay attention to margins
- Pay yourself a salary
- Have finances in reserve
- Avoid debt
- Save for growth
Be realistic about your goals. Aiming for super high margins, an unrealistic salary, or endless cash reserves can be detrimental to your business. Think about each of the above steps and prioritize each based on what’s realistic and achievable for your industry, fiscal state, and wider business goals. Start by revisiting your business plan, talking to your accountant, and then go from there.
Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.