Taking Money out of your Business

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Are you a business owner, that’s a little bit uncomfortable having your finance team know when you take a draw or a distribution or an extra bonus? Well you’re not alone. I’m Judi Otton with GrowthCast and today I’m going to give you a few ideas on how to deal with that discomfort. First of all, the first thing I want to offer you is that your finance team, they’re professionals, they’re professional finance people. So first of all, they are discreet and trustworthy and if they’re not, you need to do something about that. But second of all as finance people, they are probably aware that you’ve taken risks, you’ve put investment in and you’ve probably made many sacrifices including skipping paychecks. So you taking some extra cash out when the business is going well, probably isn’t going to phase them as much as you think it will. Second if they’re not really professional finance folks, you may want to think about having an outside bookkeeper do your books. And this is true for a lot of reasons. One certainly the professionalism around realizing how owners interact with their business, but also you really, really need your financials done correctly. And the third thing that I want to offer to you is that, yeah, I get you might be uncomfortable, but you know what? This is your business and you can do whatever the heck you want. Hopefully you’re sharing those proceeds with the rest of your team. But if you need to take out a big chunk of change, do it with no apologies and no excuses. If you want to talk about this or anything else with me, I’d be happy to have a conversation. You can get a hold of me on social or through my website. I’m Judi Otton and I’ll be back next week with your Fiscal Fitness Tip of the Week.