Running a profitable business and using it for a good cause while living the life you want is the ultimate goal that Inspire wants for the businesses and entrepreneurs they support. Today, having a business isn’t just all about profits. Most, if not all, business owners now want to make an impact not just on their founders, but on their team, their clients and ultimately the world.
Harvee Pene, author TEDx Speaker, and founder of Inspire – Life Changing Accountants, shares valuable information about the seven steps to putting more money, time, and happiness out of your business.
He discusses financial decisions that we could and should be making in your life with the help of your trusted accountant.
7 Smart financial decisions of a cashed-up business
These first three smart financial decisions are going to be the biggest game changers in terms of helping you reduce cashflow related stress.:
- Cut your tax – In essence, it’s impossible to get cashed up when you’re spending half of your business profits on taxes.
- Capture your profits – Making sure that we capture our profits by putting protections in place is key because as humans, it is normal for us to spend the money we have access to.
- Control your cash flow
These next four smart financial decisions can help us accelerate and consolidate the journey:
- Check your numbers
- Crank your business value
- Cover your assets
- Create your lifestyle – This is a very important move because when we prioritize what is it we want to pull out of our business and what we want to have, our business will serve as a vehicle to help us achieve it. Our business is a simple vehicle to achieve our goals, not our life. It’s not the be-all, end-all. It’s the way we can achieve a great lifestyle – whether that’s going out on regular date nights every week, going on 8-12 week holidays or something as simple as getting an 8-hour sleep at night.
Some of these lifestyle factors have been critical for business owners. What we’ve seen with our own experience is that when we prioritize our lifestyle, our business ends up being more successful and goes in reverse when we put it in second place.
Harvee leaves all business owners with one thought to ponder on and that is: Inspire before you expire. He explains this beautifully in his words, “The thing that makes us rich in life isn’t money but family. Our family is our most important business. Our health is our wealth. Our time is our greatest gift and asset. One day we’ll die but if we realise that, it means we have an opportunity now to do something great with our lives, to live true to the words, to inspire before we expire.”