249: 5 Financial Mistakes Made at Year End

On the podcast today, we're going to be talking about the five mistakes that business owners make at the end of the year. I want you to listen in and see if you are finding yourself falling into any of these traps so that you still have time to do something different.

Topics Mentioned:

• Cash flow

• Budgets

• Debt

Key Thoughts:

• I would say nine times out of ten, we're more likely to overspend a budget than to underspend a budget if we're not watching it and being accountable to that budget. Michele

• If you find yourself in a cash flow negative situation, remember, that you always have to get cash flow neutral before you can go cash flow positive. Michele

• Lifestyle creep is where every time you make a little more money, your lifestyle raises, and then you need more money, and then your lifestyle raises versus keeping your lifestyle where it is and letting the money be made and then letting it be saved. Michele

• Businesses that get themselves in trouble don't manage that money properly, which means that they don't have a strong cash reserve. Michele

Contact Michele:

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

References and Resources:

• Work with Me

• CFO2Go

• Metrique Solutions

• Episode 179: Setting and Revising Your Financial Goals

• Episode 189: Reviewing Your Profit First Strategy

• Episode 209: Metrique Solutions is Your Financial Partner in Business

• Episode 234: How to Manage My Money in My Firm

• Episode 243: Managing to a Budget in Your Design Firm

• Episode 247: Using Debt Strategically in Your Business