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Your business + your skills + your money = future wealth & financial security
Half of new businesses fail within 5 years. Most of the new businesses that fail within 5 years, fail due to cash flow shortages.
Tax and money management can be the keys to your business success and resiliency. Listen to the discussion I have with Wayne Coughenour, owner, acquirer, and accounting expert of My Tax Pilot. We break down the essentials for your business to succeed and thrive whatever happens.
This is a great week to start your business!
Listeners, check out the EY PDF that you can download entitled, “Worldwide Corporate Tax Guide”. This will be super helpful to you as you create your business financial forecasts, models and set asides.
Start with the endgame in mind.
Let’s assume you want to build a business that becomes an asset. You want to build wealth within your portfolio and within your community. To do those things, you have to be able to generate revenue, meet the needs of your customers (or clients) and
Startup Tax Planning for Better Cash Flow Management, by Capital One
Source: Article BPlans, Capital One
Four Tax Planning Steps Every Small Business Should Take:
Cash is king. The number one reason startups fail is because they don’t have enough cash.
Business.org, Startup Costs with examples, “Breaking Down Startup Costs: What to Expect”: https://www.business.org/finance/loans/business-startup-costs/
In Nigeria, take a look at “How To Start A Business In Nigeria”, on the How We Made It site here:
In Australia, you can take a look at the government’s handy estimator here:
In the UK, check out the website to dive into the particulars on UK recommendations:
In India, you can visit the government’s site to determine if you meet the startup criteria. Visit the website here:
AVC, Nov. 27, 2019
“Cash Management In Startups”
Fred Wilson, Venture Capitalist, etc.
“It all starts with a cash forecasting model. It looks like a forward-looking profit and loss statement. But you do it on a cash basis. And you include balance sheet items like security deposits, equipment purchases, etc in it. Think of it as forecasting your checking account over the next year.” ~ Fred Wilson, AVC
What You Need to Know
Good Financial Model includes:
EY, Article, “The Ultimate Guide To Financial Modeling for Startups”,
by Wout Bobbink, October. 2019
What You Need to Do:
Source: TempCFO Article, “How To Overcome and Prevent Cash Flow Management Problems at Your Start-up”
5 Best Practices for Managing Your Startup’s Cash Flow At Any Stage of Growth:
Contact Wayne Coughenour, owner of My Tax Pilot, at 804-740-6742. Visit Wendy’s website, Ascend Coaching Solutions, or call Wendy Dickinson at 804-372-7575.
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Next Show: Episode A1.008 Recording Keeping Basics (Monthly, Quarterly, Annual schedule)
Written by Wendy Dickinson
* I am not a CPA and the recommendations given in this show do not constitute legal or financial advice. Seek professional advice for all legal and financial matters.
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