How to Maximize Your
Finances as a Business Owner.
In today’s podcast, Jeremy and Grant talk specifically to business owners who want to maximize their kingdom impact and bring God more glory.
There are four steps that you can take that will ultimately lead to a more successful business. The best part about this is that some of them don’t have to do with money! Here is what we recommend:
- Be fair and just in your dealings. What does this mean?
- With family – Keep your family in the loop! Being honest with your spouse and kids will prevent so much potential conflict and regret
- With employees – Don’t hold your company with a closed fist. God has placed these people in your life to disciple!
- With clients – Be loving and use every client interaction as a ministry opportunity. Don’t make profit your top priority, make it people.
- With vendors – Treating vendors with kindness, respect, grace, and mercy will show them the gospel in a practical way.
- Have a good CPA
- Business owners are much more likely to be audited if they do their own taxes
- Work with your CPA to find the best filing strategy. You can save a lot in taxes just by making the right choice!
- Keep things organized! Document things and don’t guess. If you are audited, you want to be able to show your work!
- Use profit first accounting – Budget in profit! This was a gamechanger for the Stewardship team
- Have a good Financial Planner
- The right retirement plan can make a huge difference. This can save you thousands in taxes and give you a successful retirement.
- Diversify your holdings – Don’t keep all your money in the business. You have the illusion of control in your business. Don’t make a mistake and bet it all on its success.
- A planner will be there to give objective advice and can tell you when you are going to hurt yourself.
- Don’t be afraid to pay to limit your risk and provide a legacy
- Insurance is key! You work hard to create your net worth in the business. Don’t risk losing it because you don’t want the monthly expense of a premium.
- Have a succession plan – No succession plan means that your family and business partners could suffer additional consequences if you should pass.
Grant has created an amazing course specifically for business owners to intentionally develop a strong company culture. Check out Culture Course here. Message Grant that you heard about it through this podcast for an additional discount!