Are you minding your business or is your business minding you?

Many business owners make decisions about the type of lifestyle they want to live and then force it on their business oftentimes denying any wrongdoing. I have seen business owners spend excessively on non-business expenses citing all sorts of noble reasons why it must be done. While nothing is wrong with enjoying the fruits of your labor, you must ensure that your business is generating sufficient profits to enjoy these “pleasures”. This can be difficult to determine if you do not have a good accounting system.

One of my first suggestions would be to begin paying yourself a fixed amount on a weekly or monthly basis and to stop using your business as your personal ATM. This should allow you to determine on a month to month basis if your business is generating enough cash to support this fixed payment which could be adjusted depending on the result.

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A.M.C. local-base

Welcome to the A.M.C. local-base. Our local-base is a collection of articles written to provide accounting and business management tips and advice. Some of our articles are written especially for those working or doing business in Trinidad and Tobago.

Most Recent local-base Articles

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