8. Key Takeaways
Course Introduction01:40 2
The Two Magic Numbers03:17 3
Tie The Magic Numbers To Your Product Or Service01:47 4
Restaurant and Product Examples02:31 5
Tools to Help Calculate Cash Flow03:16 6
Should I Get a Bookkeeper?03:15 7
Personal Vs. Business Finances02:52 8
key takeaways from this lesson. First of all, know what cash flow is. Remember cash flow is the money coming in money coming out? The money that is flowing throughout your business. You can easily determine your cash flow by knowing your two magic numbers, your income and your expenses, how much money, how much money your business is bringing in, how much money it costs to run your business every single month. That is your expenses. Next. You want to make sure that you're getting some sort of system in place to manage your business finances. This could be using tools and technology such as just a google sheet or excel spreadsheet or something little bit more advanced. And I my personal recommendation, Quickbooks, wave apps or these types of online bookkeeping tools that can be very easy to use and very, very affordable. Next you want to make sure that you're actually reviewing these numbers. All right. Once we get these systems in place, don't just put them in place and not look at the...
m again, make sure that you're reviewing the numbers to determine where you need to potentially cut back in your business or what areas. Um You need to double down and put more efforts behind. And if all of this is too overwhelming, don't feel like you have to do it on your own. Look for an amazing bookkeeper that can help you to stay on top of your business finances and help provide you with these reports so that you can make those educated financial decisions that I know that we all need to make to get our businesses to the next level. So if you're just getting started with all of these business terms and figuring out your cash flow and all these awesome financial things that go within your business, Please check out my previous course I Made with Creative Live. That takes you over all of the business basic and business financial aspects that you need to understand to truly get your business finances in the place that they want to be. And last, but not least, please remember entrepreneurs. We are super resilient, right? We thrive during these tough times. You know, some of the best businesses are born during these downturns. So remember, stay Creative, know your numbers and keep creating products and services that the world needs.
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