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The Financial Founding Principles

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15 October 2020 - 14:41, by , in business, No comments

I recognize that “Talking money” can be scary (and maybe even out of the norm) for many people. But, do you really have a business if your finances aren’t in order? 

The simple answer…no. 

The long answer….there are a few founding principles behind your business finances that are the keys to running, sustaining, and growing a business. 

Protection 

When we talk about protecting your business, we’re talking about putting products and processes in place to cover both you and your business. Things like contracts, standard operating procedures, and licensing are important components to help guarantee business protection. 

Accounting

You do not have to be a business finance expert in order to keep track of your finances. You do, however, have to be serious about keeping your financial records in order. The options for you to DIY and outsource your bookkeeping, accounting, and expense reporting are continually evolving as technology and service providers’ skill set improve. 

Goals 

We all have income goals and desires to make a profit from our side-hustle, main hustle, or business. The question is, how do you back into profits to make your dreams a reality? The first step is doing some serious goal setting. Two strategies that help me map out my goals are: 

1) brain dumping (AKA brainstorming) 

2) collaborative planning (AKA networking or co-working to talk out my plans). 

P.S. I thought you might get some good money vibes from this playlist / these affirmation cards??? 

Affirmations: https://www.youtube.com/watch?v=Y1zDdsRz3qM

Podcast: https://www.forbes.com/sites/cbrennan/2018/06/24/9-money-podcasts-you-should-be-listening-to/#76cf672f4a95

About author:
Asha Wilkerson is the founder of The Wilkerson Law Office, P.C. Ms. Wilkerson provides skilled advice and counsel to for-profit, non-profit, and faith-based organizations in the areas of business and employment law. Her mission is to preserve the longevity of your business by ensuring that every aspect of your organization is legally sound and operating in compliance with state and federal law.

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