As your business grows the money that it makes is no longer “your own” – check out this video for why this is important to get.
Would love to hear your tips/thoughts on this topic.
The Difference Between Business & Personal Income
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Hey Tina, this is a great point. I actually hired an OBM last month and had 2 new hires this month so I have been spending money pretty comfortably in order to grow my business to the next level. I am confident that they will have a good ROI. However, I am experiencing the “oh shit” moment of all these new expenses and am wondering if I am spending too much too fast or what.
So something that I would have enjoyed seeing you cover in this video is how to best manage the business and the personal income (in addition to some of the mindset shifts you discussed here). What are some of the key factors to consider when managing your spending? Is there any kind of guidelines to follow for investing and growing your company? What do you do to manage it?
Great stuff Kevin – i’m actually in the process of trying to find a good financial pro to help get the “official” numbers… i certainly have my way of doing things but can’t say it’s the *best* way (if that makes sense, hehe)… but I agree, it’s hard to know what the best way is to manage cashflow/expenses and such as we grow. stay tuned for future videos and such on this.