Business Money Management
Understand why three concrete benefits: (1) Clarity — profit is obvious when all business flows go to one account; (2) Records — clean history for any future loan applications or tax queries; (3) Credibility — receiving payment to a business account signals professionalism that personal accounts cannot.
5
Lessons in this module
Separate business money
Understand why three concrete benefits: (1) Clarity — profit is obvious when all business flows go to one account; (2) Records — clean history for any future loan applications or tax queries; (3) Credibility — receiving payment to a business account signals professionalism that personal accounts cannot.
Simple bookkeeping
Understand why minimum viable bookkeeping: every transaction recorded daily (takes 2 minutes).
Cash flow vs profit
Understand why cash flow insolvency: a business can be profitable on paper while running out of cash in reality.
Chasing payments
Understand why payment terms risk management: deposit before starting eliminates the 'completed work, no payment' scenario.
Reinvesting profits
Understand why the 30/30/40 split (approximate): personal withdrawal rewards you sustainably; business reserve prevents shutdown from unexpected costs; reinvestment fuels growth.
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