With everything going on in the world at this time it is important to consider multiple ways to improve your cash flow, especially in your business. Earlier this week our Mastermind Executive Coach Stephanie Rollins sat down for a quick chat with tax expert Ephraim Egbele to cover all things money and what you need to know in order to protect your business finances.
Here’s what you need to know about today’s expert:
Ephraim Egbele is Founder and Managing Director of EFS Group, PLLC where he focuses on client relations and business development. Ephraim has been a Certified Public Accountant since 2012.
Previously, Ephraim was an Audit Associate at Pricewaterhouse Coopers, where he worked on financial audit engagements of large Fortune 100 companies. Since 2009, Ephraim has dedicated his career to helping small business owners strategize on how they can maximize their profits while lowering their tax liabilities. Ephraim’s dedicated work has helped hundreds of entrepreneurs improve their business finances which in turn has helped them grow their businesses.
Ephraim holds a Bachelor of Business Administration in Accounting from the University of Houston. Ephraim is a Gold level Xero Certified Advisor. He is also a proud member of the National Association of Black Accountants (NABA) and the American Institute of Certified Public Accountants (AICPA). For fun, he enjoys traveling, dining out and spending time with his wife and twin boys.
Proven Methods To Improve Your Business’ Cash Flow.
1. Separating your business and personal expenses
2. Creating a budget
3. Having money flow to multiple bank accounts
4. Cutting down credit card use
5. No high-interest loans
Separating your business and personal expenses
If you haven’t already, take some time to contact your bank and create a separate account for your business. Once you start generating consistent income in your business you need to separate those funds. Treat your business as a separate entity.
Creating a budget
Create a budget for your business. Your business budget gives you a guideline of rules to follow when it pertains to your finances. Take a look at the history of your revenue and expenses and use this as a starting point. Hire an accountant or find some accounting software. Your bookkeeping will tell a story and help keep you on track with your budget.
Having money flow to multiple bank accounts
Depending on the size of your business you may need to separate your funds into multiple accounts. Some business owners have separate accounts for expenses, payroll, taxes, and inventory. This creates limitations and eliminates overspending.
Cutting down credit card use
Cutting down unnecessary credit card use will save you in the long run. Try to focus more on the money that is coming into your business versus loans. When you use credit cards you face having to pay large amounts of fees and interest rates. Take some time to map out a plan for using your credit card. Save it for emergencies only.
No high-interest loans
Some companies and eCommerce sites offer loans to small business owners. This type of loan has high-interest rates and could cost up to 30% of your sales. Instead of inquiring these loans try to utilize lines of credit with low-interest rates. Be strategic when taking a loan. Only take a loan when you know your business is about to make some major revenue. For example Black Friday or Tax season.
For more information like this download Ephraim’s 7 Surefire Tips to Improving Your Business’ Cash Flow E-Book: https://www.efsgllc.com/cash-flow-e-book/
For more topics like this and to connect with other entrepreneurs on the path of success join us this June at TSP Live. Visit https://trafficsalesandprofit.com/tsp-live for more information and to reserve your seat before they are gone.
Also make sure you join our FREE Facebook group called Traffic, Sales & Profit with Lamar Tyler
See you soon!