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{"id":3568,"date":"2021-05-03T11:40:47","date_gmt":"2021-05-03T11:40:47","guid":{"rendered":"https:\/\/creatorsmarts.com\/?p=3568"},"modified":"2021-05-03T11:42:39","modified_gmt":"2021-05-03T11:42:39","slug":"manage-your-finances","status":"publish","type":"post","link":"https:\/\/creatorsmarts.com\/manage-your-finances\/","title":{"rendered":"#101. How to manage your finances (Ignore your bank balance!)"},"content":{"rendered":"

[av_heading heading=’#101. How to manage your finances (Ignore your bank balance!)’ tag=’h1′ link_apply=” link=’manually,http:\/\/’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” padding=’10’ color=” custom_font=” custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][\/av_heading]<\/p>\n

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\n<\/iframe> \n[\/av_codeblock]<\/p>\n[av_textblock size=’16’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-knxryuvy’ admin_preview_bg=”] \nAs a creator, you must understand your business\u2019s financial position from month to month. But when the company is small, it\u2019s easy to judge things by the monthly bank balance, just as you do with your personal accounts.\u00a0<\/span><\/p>\nUnfortunately, that mindset won\u2019t work when running a business, especially if you intend to grow to seven figures or more.<\/span><\/p>\n<h2>Don\u2019t base your decisions on \u201ccash in the bank.\u201d<\/b><\/h2>\nYour business\u2019s bank balance isn\u2019t an accurate representation of reality because it doesn\u2019t show trends or changes over time. You can see how much you have this month, but what will the balance be next month? Or next year? It\u2019s impossible to invest in growth if you don\u2019t know where the business is heading.<\/span><\/p>\nIt can be comforting to see a healthy balance in your own bank accounts, but for a business, cash in the bank is depreciating year on year. So $100 this year is worth only $95 next year.<\/span><\/p>\n<h2>Know the bigger picture in your business finances\u00a0<\/b><\/h2>\nTo see the trends, you need to have management accounts or profit and loss statements to monitor the finances accurately.\u00a0<\/span><\/p>\nP&L statements show revenue and direct costs each month. When you see that plotted out over time, you can spot the trends and begin to predict the future.\u00a0<\/span><\/p>\nIt\u2019s a fact that the more the business grows, the more you\u2019ll spend each month. However, management accounts show that your profit margin is also increasing. Knowing that enables you to make hiring and investment decisions with more confidence because you understand what\u2019s happening in your business now and over time.\u00a0<\/span><\/p>\n<blockquote>\u201cWhen you have transparency and insight into the inner mechanics of your business it allows you to invest in new things based on those trends.\u201d<\/b><\/em><\/p><\/blockquote>\n<h2>Recommended Reading<\/b><\/h2>\nCreators are often \u201caccidental entrepreneurs,\u201d growing a business as a result of having an audience. Often they haven\u2019t been to business school to learn finance 101. So be proactive about learning financial management, especially if you intend to grow a business to seven figures or beyond. Books are an ideal place to start. Olly recommends:<\/span><\/p>\n\u201cScaling Up\u201d by Verne Harnish\u00a0<\/span><\/p>\n\u201cSimple Numbers Straight Talk Big Profits\u201d by Greg Crabtree\u00a0\u00a0<\/span><\/p>\n\u201cThe Nuclear Effect\u201d by Scott Oldford\u00a0<\/span> \n[\/av_textblock]<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":3571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[157,90,1,31],"tags":[220,212,219,223,221,222],"_links":{"self":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts\/3568"}],"collection":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/comments?post=3568"}],"version-history":[{"count":3,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts\/3568\/revisions"}],"predecessor-version":[{"id":3573,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts\/3568\/revisions\/3573"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/media\/3571"}],"wp:attachment":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/media?parent=3568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/categories?post=3568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/tags?post=3568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}