What is your business's monthly credit plan? Do you have a monthly credit plan? Have you ever heard of a monthly credit plan? If not, keep reading.
How do you know how much money your business needs to make a month in order to pay all of your bills, employees and expenses before you make a profit? Do you know?
Here are some simple monthly percentages you can use to determine if you need to cut back:
- Do you spend more than 35% on a mortgage, taxes, insurance, or upkeep a month for your business?
- Do you spend more than 15% on vehicle payments, such as leasing, loans, gas, insurance, maintenance?
- Do you put more than 10% into a savings or employee type accounts, such as 401K?
- Do you spend more than 15% on paying off debt, such as business credit cards or accounts?
- Do you spend more than 25% on your paycheck?
Michelle, have you experienced that the way people manage their finances in their personal mirror how they manage their money in their business? This could be something that your audience never thought about.
Posted by: Dr. Taffy Wagner | October 29, 2006 7:35 PM | Permalink to Comment