How to keep track of small business expenses. Did you know that most businesses go out of
business because they don't have enough funding? Well the bigger problem is they are not keeping
track of their liabilities and their expenses. I'm going to show you some major easy ways to
keep track of your expenses so that you can make more money in your small business. Let's go.
So let's talk about all of the benefits there are to being a successful small business owner.
As a small business owner when I first started, I was amazingly happy to be able to quit my job
and own my time. Yeah, there was some stressful moments because my paychecks weren't coming in
every two weeks and I had really got used to that but let me tell you the benefits of being able to
own your own time, not have to clock in, be able to pick your clients, your customers, who you want
to work with, have no limits on your income. As an entrepreneur, I can work as much as I want to and
make as much money as I want to. There are months when I make hundreds of thousands of dollars a
month. I think my best months have been you know over $500,000 a month nearing a million dollars
and then some months I've only made 20 or 30,000 a month because I was away but again as an
entrepreneur, as a small business owner, you get to decide and that is really the freedom of why you
are doing this and if you set your businesses up properly, which I'm teaching you to do,
you can have the same time freedom because it's really time plus money that gives you the freedom
to have the life that you want and the life that you deserve. So, let's get into how we are going to
track these expenses so that you can truly own your time in your small business. So step one,
you need to review your expenses daily. I know that so many people think that this is a hassle
and this is a headache but this is really teaching you how to get stronger at being a business owner.
It is very painful in the beginning to start looking at your checking account every single day,
trust me because some days it goes up and down and it starts to cause anxiety for some people.
But truly if you want to be a successful small business owner and not always have a small
business, have a business that does make lots of money for you, you're going to have to review your
expenses daily. Every single morning when I wake up after I've meditated and I've cleared my mind
and I've done my morning routine, I check my bank accounts. I check to see how much money is in there,
I check to see the debits that are coming out, I'm able to see dispute, I'm able to see people
charging me for things that they should not be charging me for. I'm able to see bills and auto
bills and auto drafts of things I don't want, I don't need, I don't use so if you create the habit
of looking at your checking account every single day, this will help you track your expenses.
This is probably the number one thing that most entrepreneurs that are not successful, this is
the thing they are not doing and the thing that successful entrepreneurs like myself do,
we check our accounts every single day. Every day I'm looking to see what came out, where did
that money go and I see my expenses. This allows me to change and pivot my business as I need to
and I'm able to quickly handle things and my account never goes negative or anything
like that. I know the balance on my account, I know where I stand. Now I'm being honest with you, it's
not easy in the beginning. In the beginning maybe it causes you stress because you don't have all
the money that you want to but as you start to visualize and see the money that you want in your
account, when you get used to practicing this you know just like going to the gym, it hurts at first
but then it gets really easy, it's the same thing. Looking at your account every day is not easy
in the beginning as an entrepreneur because it's not something you're used to doing but
successful entrepreneurs do it every single day so make sure that you're looking at that account
every single day. All right number two, when you are looking at the account every single day, start
canceling the non-essentials. Like I said you are a new business owner, you are a small business
owner and we have to be lean, clean and mean. We do not pay for stuff that we don't need,
we do not you know buy extra stuff, we are running a business and this is not fun and games. This is
about making money so if you are spending money on things that you don't need, get rid of it. Get rid
of it like just cancel them, all the non-essentials. This is so powerful because most businesses that
are not successful, they're usually bleeding money because they're duplicating things, they're paying
for stuff, they may be they may be paying for you know appointment setters and
they have Calendly and you can book me and they have Zoom and then they also have you know stream
yard and you know just different softwares that do the same thing and if you're paying for things
that you don't need to pay for, your business is going to go down. So, start to cancel all of the
non-essentials and track your expenses and only pay for the things that you need and use in your
business. This will not only make your business more efficient, this will make people lend you more
money because they see that you are only- because they will ask you sometimes when you go to get
funding, hey what do you just this do this do and you can easily tell them and get rid of you know
show them that you have a very lean business where you keep track of your expenses. Wow, did you catch
that point? Make sure you like this video and make sure you also subscribe to this channel because we
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of this awesome content that I am bringing to you almost every single day. Let's get back to this.
And then last but not least when it comes to tracking your expenses, do not be afraid to
borrow. Yeah, I know some of my audience really get uncomfortable when I talk about debt and borrowing
money but I'm going to be really honest with you. There is no big business that doesn't have debt.
You know if you're watching television, if you are watching ABC network YouTube, Google, Walmart,
Amazon, whatever business we are talking about, they have debt if they are a big business and so you
cannot be a business that's afraid of debt. Now let me tell you the secret. Businesses have debt in the
business's name. Okay it's not like Noelle has all these debts in Noelle's name. They are in Noelle's
business's name. So, do not be afraid to borrow money in your business's name. It will strengthen
your business, it will provide you more capital to grow your business, most businesses that are
able to borrow money statistically speaking are stronger because obviously they don't lend
to businesses that are falling apart and it's kind of like which came first, the chicken or the egg?
Do you need money to have money or is having money the reason why you don't need money? Ah,
very interesting. So, the key to it is do not be afraid. You are a business, you
are a small business but small businesses to have debt and that is how they become
big businesses. Now in order to borrow from your business, you're gonna need a business checking
account. One of the easiest ways to get funded as a small business is by showing your business
checking account statements. There are tons of lenders that will lend to you with just three
or six months worth of business checking account statements. NorthOne will allow you to set up
an account really easily. In fact you can do it in less than three minutes, it's a virtual bank that's
all over. You can get the account set up easily, you can use your debit card at thousands of locations
and it is an amazing way to have the things that you need for your business. The checking account
and have the statements that you need to start getting funding for your business so that you
can have a stronger business that is not afraid if your expenses go up, that's the key to all of this.