Module 9, Lesson 2: Personal & Business Financials

If you have a complicated relationship with money, it's difficult, at times, to pay close attention to the business's financials. Executive leaders have been forced, usually, to follow the profit and loss reports since that's something that corporations deem important to make decisions. Financial acumen is crucial for the success of any business, and it all starts with you getting some financial clarity.

We'll discuss:

1️⃣ Separating your accounts: Ensure your personal and business finances are completely separated, including bank accounts and expenses. Paying yourself first is essential to properly manage your business's revenue. 

2️⃣ Investing in financial acumen: As your business grows, consider hiring a fractional CFO to help with budgeting and forecasting. You need to understand not just what's in your bank account, but also what's expected and budgeted for.

3️⃣ Lean operations and smart budgeting: Running a lean business doesn't mean being in the dark about finances. Budgeting for annual expenses throughout the year can help avoid any surprises and make you feel empowered and in control.

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