Business Finance Management 101 - Episode 178

Money moves fast in business, but without a solid plan, you could be spending when you should be investing—or worse, mismanaging the funds that keep your business running.   In this episode, May Yeo Silvers breaks down the essentials of business finance, from why every entrepreneur needs a dedicated business bank account to the smartest way to handle taxes without overpaying the IRS. She shares personal strategies for keeping transactions clean, managing client funds without costly mistakes, and making sure every dollar works toward growth.    How do you decide what to invest in, what to save, and what to spend? Tune in as May offers a practical approach to financial decisions that will keep your business strong.   Quotes • “Every time you receive revenue from your business, you should put aside a certain percentage of that revenue to pay taxes—minimum 20%. The goal is to put aside enough but not so much that you don’t have enough capital left to invest back into your business.” (07:57 | May Yeo Silvers)  • “If you’re trying to build a business, capital is extremely important. You want to be able to have some form of extra money left to invest back into your business.” (11:47 | May Yeo Silvers) • “You have to be so clear how you are going to use that money and disperse the money. If not, you will see this money and you will immediately start thinking you have all this money that you can invest in your business at one particular time, and when a better opportunity comes for investment, then you do not have the money.” (24:25 | May Yeo Silvers)  • “You have to prioritize which of these activities or investments is going to get you the fastest growth or alleviate the biggest pain in the butt for you.” (25:39 | May Yeo Silvers)   Links You can be the BEST planner/designer/decorator. You can be the BEST marketer and salesperson. BUT, if you are NOT GOOD in managing your BUSINESS FINANCE, you will constantly be cash strapped, or spending the funds on the wrong things at the wrong time.   I LOVE talking about money. On my social media platforms, I talked a lot about how your relationship with money could determine if you will have money or you will always be short. I talked about how your upbringing affects your money mindset, how your surroundings (place and people) can play a part in how you see money and use money.    I hate to see an entrepreneur making LOTS of money, but they can't seem to keep it so it is always a constant chase to make more money. Follow me on social media to learn more about how to make money, how to manage your business funds and how to invest your hard earned money to make more money!    Disclaimer: I am not a financial planner, tax attorney or CPA. All information I shared is purely based on my own experience on how I managed MY OWN business funds.   Connect with May at: [email protected]  Website: www.mayyeosilvers.com LinkedIn: https://www.linkedin.com/in/mayyeosilvers/ Facebook: www.facebook.com/mayyeosilvers IG: www.instagram.com/mayyeosilvers TikTok: https://www.tiktok.com/@mayyeosilversofficial FB private group: https://www.facebook.com/groups/events4anyone     Podcast production and show notes provided by HiveCast.fm