Business Acceleration Club

Weekly Financial Planning

  

Weekly Financial Planning

What

I take you right back to the basics of dealing with business finances.

We look at profit first – the best way to wrangle your business finances and build an empire.

We look at the actual actions you should be taking each week to manage your business finances at its most basic level, step by step.

Why

You MUST have a handle on what is going on in your business. You need to understand at the most basic level if your business is actually profitable or not. If you are working like mad and only covering operating expenses then we need to know this – but we tend to stick our heads in the sand and hope it will go away.

Here is the truth, many businesses are not financially sound, and the first step is finding out just how profitable yours is… so that we can TWEAK it. There is much that we can actually do to grow your profits, but first we need to know what is going on.

How

1. Watch the video. 

2. Set up the bank accounts mentioned in the video and set % for each, generally to start it will look something like this.

  • Running account – this is where all the money comes into
  • Profit account – usually 1% to start with
  • Tax account – 10% to start with
  • OPEX account – between 40-85% depending on the business type and structure
  • Owners compensation – the remaining %

3. Set up a stripe account if you don’t already have one and get the stripe app for your phone – you never know when you will need it.

4. Start using the weekly financial spreadsheet if you do not already use something like xero to track income and expenses. There is a link to the spreadsheet below. PLEASE SAVE YOUR OWN COPY as this one is shared and LIVE!