Listen to the Episode Below:
You may not be cheating customers, but are you cheating yourself? Are you relying on credit lines and credits cards to keep your business afloat? Does everyone get paid except you?
In this episode, financial advisor Michelle McKinnon talks about why pumping every last dollar back into your business can hurt you, and tactics for understanding how credit works so you don’t get behind.
Is Your Business Financially Honest?…
- Take a hard look at how you are saving. Do you have a 401K? What are you contributing to your employees’ 401Ks? Make sure that you are doing what works best for your company, and don’t be afraid to look for creative options. Start small and put something away, even if you can’t afford a lot.
- Use credit cards and credit lines responsibly. Keep an eye on your interest rates and lock in while rates are low. Also, be smart when using home equity lines on your business. Pay your credit bills on time to keep your credit scores up and to avoid late fees.
- Learn from people in other generations. Millennials, Gen Xers and Boomers tend to handle their finances differently, and there are pros and cons to each strategy. Millennials in particular should consider making more investments than they have been, as a group.
- Talk to an advisor. They can help you see the forest for the trees when it comes to your cash flow. They can also help you set realistic expectations and learn to be honest with yourself about how you are doing, financially speaking.
Michelle McKinnon helps entrepreneurs grow their businesses by looking at their cash flow, their expenses, their credit lines, and whether they are being financially honest with themselves. If you are ready to grow your business and make a commitment to financial honesty, make time to listen to this episode of Cash Out BIG!
Michelle McKinnon is the creator and host of the $mart Women podcast and event initiative in NYC, where topics as critical as angel investing, entrepreneurship, retirement planning and market volatility are discussed. She is also a Financial Advisor for Payne Capital Management, which was recently named by Forbes as one of the top 50 emerging investment advisory firms in the country. She focuses on goal based investment planning that is customized for each client’s individualized needs. Michelle is also a speaker at the Woman’s Worth Health and Wealth conference series.
Words of Wisdom:
“It’s not just about the numbers, it’s about the full picture!” ~ Michelle McKinnon
Learn more about Michelle McKinnon:
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