Today we’re diving into something really important that I've noticed during my recent calls with 6 and 7 figure entrepreneurs.

 

And that is: even the most successful entrepreneurs running 7-figure businesses are making mistakes that could be costing them serious money - we're talking six figures in lost profits 🤯

 

When I speak with these entrepreneurs, the same issues keep popping up, even with really successful business owners. So I thought, why not break this down and help you avoid these expensive pitfalls? 

 

WHAT WE COVER IN TODAY’S EPISODE: 

 

➡️ Director's loan accounts. This is a big one. I can't tell you how many times I've seen entrepreneurs not keeping track of these properly

 

➡️ Business owners doing their own bookkeeping. I get it - you want to keep your finger on the pulse. But trust me, this is not the best use of your time. Get a proper bookkeeper in there! 

 

➡️ Confusion between performance profit and taxable profit. These are not the same thing! Understanding the difference is crucial for making smart business decisions

 

➡️ Balance sheets - your balance sheet needs to match your accounting system. I've seen so many cases where this isn't happening, and it's causing all sorts of problems with financial reporting

 

➡️ Having a proper finance manager overseeing your bookkeeping. They can turn all that raw data into information you can actually use to grow your business

 

So those are the main things I'm seeing out there. I know this might sound like a lot, but these are all fixable issues. The key is knowing they exist and taking action to address them 💪🏻

 

If you're running a successful business but feeling like you might be leaving money on the table, then you need to listen to this episode!

 

Tune in, listen and learn - and then implement! 🙌🏻