Money Management For Small Businesses

How you handle the money and finances in your business will make or break you.

If you don't have a strategy and system to manage the cash flow each and every month - even when the numbers are small - you are headed for stress and trouble when both the good and the bad times come.

Over the next two weeks, I'm going to dive deep into how I handle the money in my business and give you some frameworks you can follow in yours.

Today we're going to talk about the foundations of a healthy business: cash flow, paying yourself, and handling expenses, taxes, and profit.

[joyogu]

Thank you for this video. As a new business owner I had a hard knock reality check. My money that I’m making isn’t really my money that I’m making. It’s scary. It’s risky. It’s frustrating. But it’s business. And it’s a formality. Every business started somewhere. And the successful businesses kept growing. Thank you again

[joysaucem]

Holy crap. You've taught me more than any business podcast I've listened to. Glad I found you. Thank you Graham for all that you do!

[BradLongCo]

As a financial coach, I an attest this is sage advice for business owners.

[ArthurLarin]

This video was insanely helpful and educational, thank you! Here were my key take-away's:

- Research federal and state business tax brackets and come up with a percentage of profit that can be earmarked for taxes. This is a quarterly expense just like anything else we pay routinely. 
- Set aside at least 10% of revenue for profit.
- Have a cash reserve of 3 to 6 months worth of expenses. Treat it like a line of credit by yourself from yourself.

[AshtonSanders-gl]

I absolutely love this video. So many of us are good at making money but it means nothing if you don't manage it with excellence. This is a great video.

[beckyhopper]

I can't even tell you the value of the content in this video!! As a brand new baby business owner, who has never had or run a business, this information is NOWHERE to be found. Believe me, I've looked. If someone is explaining "Business Finance 101" it is never explained in this way, it's always as though you have your masters in Business Management. So a HUGE THANK YOU GRAHAM for walking me through the most stressful thing about being in business for the first time. I have literally lost sleep over how to pay myself, how to manage the money etc because I couldn't figure out the best way and never wanted to put my business at risk of failure due to making simple, yet detrimental financial mistakes.

[shanephillips]

Hey Graham love the video I’m 17 years old and run my own coffee business, I make quite a bit and make sure I keep track of my business expenses, revenue, and cash flow and also keep my business money separate from my personal money but because Of my age I can’t own my own business account do you think there is anyway I can own my own account or if not how would I manage it within my personal account and also make sure I keep it clean and make sure I don’t get in trouble with taxes

[Silence-gpgs]

FINALLY! I understand how to manage my business income and boy was I wrong for thinking all this money will be mine. I just recently opened a hair salon two months ago and I have been all the wrong things

[feihong]

Thanks for sharing awesome tips! I'm financially free and currently growing a solid retirement plan.it takes a positive and consistency to learn new things, unlearn the old habits is important to get a mentor/coach to lead you all the way.its great to start young too!

[signs]

As someone new into business, this video covers all I need to know financially. I've learned a lot and this gives me peace knowing what I need to do. Thank you!!!

[chriskilonzi]

Hallo Graham am a Kenyan. You've helped me a lot; Covid 19 pandemic has taught me a very good lesson and you've given me the right answers of what to do. God bless you

[diplomat]

Didn’t realize I was already financially business minded. Added to favorites!!!!

[SteveCoughran]

So much quality advice here. It's hard for most of us to manage our personal finances let alone manage business assets and costs. Knowing what to focus on and how to understand the strategy is crucial to success in business ownership. Great video, Graham!

[DanielaGod]

I felt as if you was talking to me face to face. Thank you for this, I needed this video. I had no clue on anything, and I felt many times discouraged because of my lack of understanding. Thank you seriously, thank you for telling us what many others won't.

[reggrit]

Coming from someone who helps all kinds of small business with their finances, this is great advice! Thanks Graham!

[nalcow]

Not just for biz but for personal finance. This info Is pure gold. I wish More Middle class people know of this. Great work.

[youngdekutrinismash]

Thank you so much. First time viewer, i love this advice and am going to try my best to apply them efficiently.

[RaepaMusic]

Man.. You have helped me a lot in Recording Revolution and now with this Business Ideas as well in your new Channel. Graham people like you make this world a better place to live in as your influence spreads through continents and different race and age groups across the world. I live in Papua New Guinea (in south pacific) and watch all your videos.

[terryhatziieremias]

Man we so much similar content style. Unfortunately my positioning is only in Greece at the moment. You will pass me in 3 months or so in terms of subscribers if you keep producing.

[taleapattemore]

Thank you so much. I’ve been running my business blindly for so long. This has been so helpful