Walk The Path Of Financial Freedom

Want ownership of your finances and make your money work for you?

Are you ready to trust someone with your vision and dollars but unsure who that might be?

Dream of taking control of your income (and actually pay yourself a salary)?

Need to eclipse your money mindset from negative to positive?

Some of the above might seem like short term goals achieved in 1-2 years. For others, especially those just starting out, these will take a little longer and require continued patience and planning!

Take it from someone who has been in business for 14 years... I've borrowed money, asked for money and invested money, all the while, learning (and losing!) so much in the process!

To save you the time, money and any second guessing when making financial decisions, below I share what I wish I knew all those years ago, and how they've set me up to walk the path of financial freedom...

Who can you trust with your vision and dollars??

When you're able to hire an accountant, ideally, you're looking for someone who has worked with a similar business to yours. Someone who has been successful managing the type of financial assistance you need, and on a personal level, they're easy to talk to and share with!

If you are just starting out, an assistant role might suit you (and your budget!!) perfectly. If you are an established business with loans, debt, inventory and payroll, you will need an experienced accountant.

You also want to be sure they are using the same system that you are using. If they prefer Xero and you are using MYOB, there is going to be a lot of time spent transferring data - which might also come at a cost!

Know what your accountant can do for you [outside the numbers]...

Technology plays a huge role in organising and managing your finances, and if you're disinterested in this area of your business, having an accountant who knows the software is worth every cent! If you're happy to learn the systems, then hiring someone to oversee your finances is a good place to start.

Aside from the tech, there are SO many other areas your accountant can be doing! They can:

👉🏼 work with you on business strategy

👉🏼 better manage [objectively] your cashflow

👉🏼 help you manage inventory

👉🏼 on-board new staff and set up payroll

👉🏼 write and pitch loan applications

👉🏼 manage any debt

👉🏼 LISTEN and SUPPORT you!

Trust in your financial advisor is essential. Two-way communication is key!

It's a known fact, the most popular argument between married couples is finance. This is due to:

🤨 difference of opinion

🤑 different spending habits

🤯 debt and splitting assets

😬 managing money jointly or separately

Your business is not your marriage... However! Hear me out...

In order for your relationship with your business to be resilient and productive, you need a clear plan, strong strategy, excellent communication and trust to meet your goals, make money and most importantly, make you happy!

How can I make the bank feel "safe" to successfully acquire a loan?

Ask yourself... What is the loan for? Stock? Shop fit-out? Explore the different loans banks offer. They might not give you a loan for your business, but they might give you a loan for stock sitting on your shelf!

Generally speaking, banks want a trading history - but if you're new to this business, and therefore, have no trading history to date, another option is money and a solid business plan! The perfect business plan is one that tells the bank specifically what the loan is for! It outlines a good, better, best scenario and how you'll make the banks money back!

Are there any secret tax hacks I should know about??

Before you set up your bank accounts, you need to have conversations around tax. You need to calculate what your tax bill might look like before EOFY and what plan you have in place to pay it back! Having a tax agent work with you on every aspect of your business is worth your time and money.

Why your business MUST pay you!

It's not uncommon for new business owners to not pay themselves. Every cent is put into the business. However, your business has to pay you! Why?

While it might seem difficult to fathom, it's important that you always allow yourself a wage. The banks support earning personal wealth. You also need to pay yourself Super, which is also a tax offset.

We understand, it may not happen in the first couple of years, but for tax purposes, to win the hearts of banks and pay yourself super, you need to!! It pays off in spades later on!!