The whole category in one page.
SEPARATE THE MONEY FROM THE FIRST DAY
Separate accounts, cards and records. Mixed finances make the business impossible to understand, create tax problems, and remove the protection a company structure was meant to provide.
A BUSINESS THAT ONLY WORKS BECAUSE YOU UNDERPAY YOURSELF IS NOT PROFITABLE
Pay yourself a set amount on a schedule, like any other cost. It is what makes the real position visible.
SET ASIDE TAX, RESERVE AND COSTS FROM EVERY PAYMENT — WHAT REMAINS IS WHAT YOU HAVE
Spending first and saving what is left produces nothing saved, and tax money sitting in a working account is spent.
AN EMERGENCY FUND PROTECTS YOUR JUDGEMENT, NOT ONLY YOUR HOUSEHOLD
Decisions made from desperation are worse: bad customers, poor terms, work below cost. Keep it accessible and separate.
FIND OUT WHICH PERSONAL GUARANTEES YOU HAVE SIGNED
They are routinely signed and they remove the protection of a company entirely. So does failing to remit deducted tax and pension contributions, which is the commonest route to personal liability for owners.
DO NOT LET THE BUSINESS BE YOUR ONLY ASSET
Income, savings and wealth in one place means everything goes at once. Build something outside it, and start pension provision early because nobody else will.
CALCULATE THE TOTAL COST OF ANY BORROWING, NOT THE MONTHLY PAYMENT
CONTACT LENDERS AND CREDITORS BEFORE YOU MISS A PAYMENT, BECAUSE OPTIONS NARROW AFTERWARDS
AND LEAVE SOMEONE A RECORD OF WHERE EVERYTHING IS, BECAUSE FAMILIES ARE ROUTINELY LEFT UNABLE TO ACCESS ANYTHING
