Matthew Owens’ Post

Can I afford another member of staff? A decision that most growing businesses face, is when is the right time to invest in another employee 🤔 It’s one of those big questions, where as a business owner you can easily start doubting yourself, procrastinating, and ultimately delaying making a decision, and that will have a knock-on impact on your growth plans 🤯 It’s also an area where I can usually help give my clients some clarity and support 🌟 Some of the relevant points we’d usually discuss would be: ❇ What is the total cost of an additional employee? There are lots of additional costs on top of the basic salary, which can quickly mount up, from pension and national insurance, to medical insurance, a new laptop and additional IT user costs. ❇ Is there a choice between an employee and a subcontractor to consider? ❇ What is the impact on cash flow, as well as the impact on the Profit & Loss account? ❇ What level of sales do we assume in the P&L and Cash flow forecast? ❇ What is the cost of not investing in an additional employee? 🔮 Whilst I don’t have a crystal ball to tell you what the answer is to all of these questions, I can certainly help you work through them and make more informed decisions, and that’s hopefully going to help you move forwards faster and sleep better at night! 💤 ----------------  Hi, I’m Aly, 📨 If you’re an ambitious small business owner and you’d like some additional support with financial management in your business, without incurring a full-time salary cost, I can help!     I work with small and medium sized businesses on a part-time basis, to provide support with understanding and improving financial performance, decision making, budgeting, forecasting and cash-flow management, as well as any ad-hoc projects you might have.     If you think you might be in need of some help, send me a DM and we can arrange a no obligation chat 😊 #decisionmaking #finance #smallbusinessadvice 

It’s finally payday! 💸 But are you paying yourself enough? ✨ Withdrawing money from your business bank account to pay yourself weekly, biweekly or monthly is an important part of money management (both personal and business). ✨ Here’s a common scenario I see from small business owners in their first 3 years of business: ▶️ Don’t withdraw money from the business because they need to “reinvest” ▶️ Don’t have money in their personal accounts ▶️ “Borrow” money from business account in random withdrawals to cover personal expenses ▶️ Then “can’t afford” to pay themselves because business doesn’t have enough money in account Okay, let’s break this cycle in two easy steps: ✅ Pay yourself a fair % of your earnings ✅ Pay yourself regularly When I started my business, instead of making an income goal for my business, I made a salary goal for myself. 🤔 After taxes, expenses, vacations, sick days, and all the benefits I reaped of “corporate employment”, I had an amount I wanted to bring home every week to sustain my lifestyle. Now, I realize when you are in the startup phase you take little to none of your profits because most of it IS reinvested to get to the next stage. But I was able to pull money from my business in 30 days of startup and replace my previous salary in 90 days without ever reinvesting a penny of that money back because of this principle. Based on your recurring monthly expenses, only you know what is reasonable and sustainable for your business to pay yourself. But, as a rule of thumb, if you are saving 30% for taxes and your operating expenses are 20-30%, think around 40-50% of your income should be going to pay yourself. ✨ (If you have an S-corp these ratios will be different for you) The increased sustainability and money management success I have seen in my businesses that pay themself regularly is huge. Not sure what (or if or when) you should be paying yourself? 🤯 Shoot me a message and lets chat through it! #bookkeeper #bookkeepers #bookkeeping #bookkeepingservices #bookkeepingforcreatives #bookkeepingforsmallbusinesses #financialmanager #invoicing #financialtips #moneymanagement #moneymanagementtips #bookkeepingtips #businesstips101 #womeninbusiness #accounting #accountants #investment #dailyinspiration

Many owners don't realise their business could be their biggest asset. With our proven process, you can secure your future. Stop overlooking the potential! Our system has helped countless owners get the payday they deserve. Join the intensive now and get started on your cash out journey! #BusinessValue #MaximiseSale #StrategicGrowth #TheIntensive

Not only do you deserve MORE than financial scraps from your business✨, but you deserve to be compensated WELL for all the work you’ve put into your business through the years. Take a moment and think about it… 🤔Does your business compensate you WELL? 🤔How about VERY WELL? If you feel your business compensates you well, kudos! 🙌 ... but, If you feel your business does NOT compensate you well (let alone very well), you’re not alone. 👉In fact, many successful business owners who are generating high-revenues delay taking anything more than financial scraps from their business to a future, easier time… But the problem (as you may well know) is that that future, easier time often doesn’t come to fruition—even 3, 7, 16 years into business (despite owning & running a business that outwardly looks like SUCCESS). So, the question is: How do you take more than financial scraps from your business? and How do you compensate yourself well? My answer? 1. You start with a decision. 2. You develop a clear financial compensation plan. 3. Then you follow the plan. Easy right?😝 (Nope #cashflow #commitments #taxquestions #payrollconfusion #scarcitymindset #nonresponsiveaccountant all leading to compensation paralysis!) If you’re interested in prioritizing your pay, I help business owners with creating owner compensation packages that provide relief, peace of mind, & confidence as part of what I offer in VIP Days with a Fractional CFO. Business owners who think “there’s no money” to pay themselves often experience a compensation increase of over 200% upon implementation (& many much higher than that), plus are always are given a path to increasing compensation as their profit & revenue grows.📈 Integrating my CFO, Business Coach, & Licensed Tax Strategist perspectives, I take into account your business cash flow patterns, priorities, tax strategy, and goals… and then layout a realistic, financially sound plan for how much you can pay yourself + HOW to manage the $ to do it. To learn more about my “VIP Days with a CFO” that will lay out a clear path for increasing owner comp (+improve 5 other key areas of your business’ financial health!), schedule a free consult by clicking this link https://bit.ly/3Otd93U today!

🌟 Big shout-out to this incredible guy, Tim Seymour at Profit First Professionals UK Limited 🌟 Many of you may know him as the Profit First Wizard, and after our call this week, I can see why! We had an AWESOME discussion, diving deep into the transformative power of the Profit First approach. It’s all about building resilient, successful, profitable businesses that can ride out whatever waves come their way 🌊. Here’s what we covered: 👉 Budget Impacts: With the recent budget shake-up, some business owners have opted to sell up, while others are standing strong with better financial planning. 👉 Financial Clarity: Those who have a handle on their finances (perhaps with a dedicated OpEx pot) are better positioned to weather any storm. 👉 Beyond Payroll: At Your Payroll Manager, we don’t just “do payroll.” We help businesses understand costs and make informed decisions to grow and thrive. 👉 Empowering Business Owners: For those on a Profit First journey, we can help you gain clarity on costs, so you can pay yourself what you’re truly worth. ✨ Interested to hear more about how Your Payroll Manager help business achieve more and go beyond payroll? Let's connect over a coffee ☕

As companies have been "optimizing for efficiency", I've seen P&Ls that don't correspond to any forecasts published earlier. The shifting macro environment is the obvious one - but money management includes more than COGS and payroll. Events, sponsorships, team building exercises rank up on the list of unaccounted expenses early on. Alotting these earlier in the year by mapping out strategic venues and travel plans alleviates most challenges. Any team buildings, end of year bonuses, and other annual expenses are often forgotten in the mix. While profit share ratios or Christmas miracles vary depending on the year, placing a % cap is the easiest one to bundle in the sheet. Here's what I shared along with 7 other entrepreneurs for Forbes

In observance of #NationalSmallBusinessWeek, let's explore some benefit account options that can help small business owners provide #employeebenefits while controlling costs. https://bit.ly/4a1Yohc

Thinking about incorporating your business? A plus side to this is that it lets you provide better employee benefits. Here's a closer look: 👉 As an incorporated business, you can often offer more competitive salaries and bonuses. This means you can improve: - Your talent pool - Employee satisfaction - Employee loyalty 👉 Incorporation allows you to provide comprehensive health insurance plans and wellness programs to employees. 👉 Incorporating your business can enable you to establish retirement plans such as 401(k)s, pension plans, and stock ownership programs for your employees. 👉 By incorporating your business, you can shield personal assets from business-related liabilities, creating a more stable and secure environment for both your business and employees. If you're ready to reap the benefits of incorporating your business, reach out to us. We can help guide you through the process of incorporation and help you leverage this strategic move to improve your company's growth and success. 📱: 1-888-881-7509 📧: accounting@meticulousbooks.com #MeticulousBooks #Finance #SmallBusinessOwner #CPA #CFO #Entrepreneur #Accounting #budget #budgeting #savingmoney #automation #VirtualCFO #Accountant #cashflowmanagement #cashflow

As a business owner, though we want to, we cannot do everything. That struggle resonates deeply with me. I have found however that the key to success is to find what I am good at and focus on it, leaving the other things to those who can master them for you. Hurley Fox and I have discussed this together time and time again. His company, Fox & Partners LLC helps business owners become less stressed, better understand their finances, and create income. We all need people like this in our "business owner" lives. https://lnkd.in/dtCbFNAv

🚀 Monthly Business Health Check Simplified! 💼 Are You Thriving or Surviving? 💰 You First: Pay yourself first. A thriving business takes care of its owner. ·        Sales Surge: Keep an eye on those sales! Consistent growth means a happy, healthy business. ·        Expense check: Keep costs steady or down it means you're running things efficiently. ·        Smooth Operations = Strong systems and Streamline field production. Efficiency is the secret sauce. ·        Debt Progress: Slowly paying off debt? That's a big win for financial health. ·        Marketing Wins: Check your marketing spending to measure its effectiveness. ·        Client Happiness: Cheers to new clients and repeat business; it means that they love what you do! ·        Five start reviews: Happy customers leave stellar reviews. Aim for those golden 5 stars! ·        Happy Team: Happy employees are productive rockstars. Make sure they're smiling. 🚀 Profitable Wins: Every sale should make you money. It's not just sales; it's profits! 💪 #bookkeeping #servicebasedbusiness #quickbooksonline #accounting #smallbusinessowner Contact us for a free bookkeeping consultation at: Info@incomebookkeeping.com