THREE REASONS WHY YOUR PERSONAL BUDGET SETS THE STAGE FOR YOUR BUSINESS.

Hey Founders,

We'd never start building a home without a blueprint or budget, right? So why is it most of us start building a business without having a financial plan in hand?

If you struggle with defining the end-game for your company this is one post you can't afford to pass over. I'm breaking down three critical reasons why starting with your personal finances takes center stage when setting your business's financial goals.

Let's do this.

UNRAVEL THE TANGLED WEB

Ever felt caught in a web of business and personal expenses, like you're in a maze without a map? Been there, done that! Entangling the two can lead to confusion, messy accounting, and, yikes, tax troubles. But guess what? Taking a moment to separate your personal expenses from your business is the first step, like untangling that mess. Clear lines between personal and business expenses mean a clean financial record – no headaches, just smooth sailing.

ENSURING FINANCIAL SECURITY // TAKING CARE OF YOU

It's pretty common for Founders to pay themselves the meagre scraps, right? I hear you, but let's flip that script. Imagine this: reverse engineering your personal budget to figure out exactly what you need to earn each month. It's not just about covering your basic household expenses but ensuring your financial security. Debt repayment, savings, investments – it's like treating yourself to financial success and setting up a stable foundation for both your business and family.

BRIDGING THE RETIREMENT GAP // BECAUSE YOUR FUTURE SHOULD BE BRIGHT

Retirement might seem a bit distant, but it's worth thinking about. With entrepreneurship on the rise, retirement planning is a game-changer. Understanding your retirement needs isn't just smart; it's downright savvy. It's about aligning your business strategy to build an asset that supports your current lifestyle and contributes big time to your retirement funds when it comes time to sell. Future you will thank present you for this foresight.

THE BOTTOM LINE IS THIS

By starting with your personal numbers, you'll be able to set a concrete goal for your business, eliminating all the guesswork and ambiguity of trying to determine what your end game is going to be. Building a business, as you likely know by now, takes fortitude. When you know what you're building and, more importantly, why, you'll find the drive you need to go the distance.

ABOUT TAUNYA WOODS RICHARDSON

Taunya is well-known for her straight-shooting, bottom-line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.