This SCORE Workshop, hosted by the Chicago Small Business Administration, begins with an overview of the importance of paying yourself first in your business.
We review the 4 core rules for budgeting, including “Give Every Dollar a Job” “Roll with the Punches” “Save for a Rainy Day” and “Live on Last Month’s Income”. We also determine what each business owner should be paying themselves as they start their business, even if they are just getting started. We review several types of budgeting software, and we demo one in particular which works for planning out the business (and your personal) financial future.
1. Re-imagine budgets as “strategic spending plans”
2. Learn the 4 Rules of Budgeting which will help you crush the competition
3. Calculate how to “pay yourself first” even if cash flow is tight
4. Effectively read financial reports generated by Quickbooks to help you know where your company it headed.
5. Know the pros and cons of today’s best budgeting software, and determine which is best for your business. (Hint, it isn’t QuickBooks- that’s for accounting the past, not planning for the future).
About Your Presenter
Mark Willis, MDiv CFP®
The owner of Lake Growth Financial Services, a financial firm in Chicago. Over the years, he has helped over 400 clients take back control of their financial future and build their businesses with savvy, efficient financial solutions. Whether it’s helping a client growing or selling a business, save for retirement, or save and pay for college, Mark sets up a blueprint for his clients to follow and partners with them for the long haul. Mark works with people who want to grow their wealth in ways that are safe and predictable, become their own source of financing, and create tax-free income in retirement.