Where to Start With Putting Money Aside in Business

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In this episode of ‘It’s Not About the Money’ (formerly ‘In Her Financial Shoes’) I discuss where to start with putting money aside in your business.

I focus on five critical money pots that every business owner should consider: expenses, profit payouts, tax and VAT, cash reserves, and investments. I also discuss the importance of accurately predicting expenses for growth, paying yourself first, setting aside money for tax and VAT, maintaining cash reserves, and exploring tax-efficient investments. By addressing these areas, business owners can improve their financial stability, increase personal wealth, and make better financial decisions.

Where to Start With Putting Money Aside in Business

Key Takeaways:

  • Accurately predict expenses for growth in your business.
  • Pay yourself first to prioritise savings and increase personal wealth.
  • Set aside money for tax and VAT to avoid financial surprises.
  • Maintain cash reserves to ensure financial stability.
  • Explore tax-efficient investments to grow business assets.

Chapters

00:00 Introduction

01:27 Expenses

08:07 Profit Payouts

16:19 Tax and VAT

18:46 Cash Reserves

23:06 Investments

27:36 Summary

Resources:

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Catherine Morgan

Catherine Morgan