Don’t Let These 3 Money Mistakes Cost You Your Brand!

Let’s admit it! Unless it’s how we can increase our bottom line directly, keeping up with the financial aspect of our business seems like a no brainer, but it’s often such a huge problem for most brand owners.

It’s not that it’s forgettable, It’s just that we are constantly focused on making the money from our brand but not keeping up and tracking it all the way to our tax advisors on a daily, weekly or monthly basis.

Here’s the good news, It’s not too late to fix it! Here are 3 mistakes that you’re probably making with your brand finances and how you can fix it!

 

 

You’re not separating your business and personal accounts!

This is a massive problem and could be a colossal headache for your finance department or tax advisor. Many brand owners that I’ve personally worked with didn’t even know the pros and cons of having separate accounts! This is by far, the quickest way to lose money. As entrepreneurs, losing money is never a good thing to do!

For your business sake and tax purposes, you should keep both separated! Having a business tied into your personal accounts opens up the chances of being audited by the IRS and that will cost you a lot more than the separated accounts would!

All of your business expenses should come from your business accounts and all of your personal finances should stay separate! It sounds simple but it’s one of the biggest problems for entrepreneurs! If this is you, stop to and fix it now!

Find the bank account that’s best for your brand! 

 

You’re not keeping up with expenses

 

Talking about losing money! This is the quickest way to throw your hard earned brand’s money in the trash! Stop losing those gas receipts, that mileage log that you never update, those trips to your local staples, or your office depot trip to buy those supplies and even that receipt where you bought that new Gold Macbook Air.

There are many incentive or tax breaks for brands that spends money on those business expenses.

Check out these 75 things that your brand may be able to deduct

8 Business Expenses That Can’t Be Deducted

 

Choosing the wrong business structures!

 

Choosing the wrong business structure can and will hurt your business in the long run. Why run your business as a sole proprietor when you have so many open liabilities waiting to happen against you! The correct structure would be a LLC! What about if you have a partner and you want to do things right with your company’s structure? Then the correct thing to do would be a LLP. Don’t forget about Nonprofits and S corps and C corps

 

Need help choosing the right structure? Click here

When you’re an entrepreneur, it is always ideal to earn and retain as much money as possible! You would perform your best services, or give your best products for free, Would you? Well, You should take are of these things and be sure not to lose money with these 3 common finances mistakes!

How do people really feel about us, millennials?

When you think of the word “millennial”, What exactly comes to your mind? When I think of the word “millennial”, I contemplate personalities like: Forward thinkers, game changers, record breakers, innovators, game shakers, and the new generation of leaders just to name a few.

Those above just may be the correct terminology for millennials but do everyone feel that way about the game changing millennials?

While I was at a bank depositing funds that I made from my millennial business, a conversation about youth and opening banking accounts came up between me and the bank tellers. A guy behind me ( apparently a generation older) came to the next teller saying that “many of the younger generation don’t trust banks, they prefer to have money in their hands.“. Maybe he had a point there. He then proceeded to say that “he knew that he would step on some toes on the next statement” and then he proceeded to say that:

“Millennials are the most ignorant generation that there has ever been”

I remember it verbatim. It sort of struck a nerve in me. Here we were standing at the same bank at the same time. I’m dressed in normal clothing depositing money that I’ve made from my company, and here you are depositing money for the company that you work for.

I’m not saying that there is anything wrong with working for anyone because I did it for the longest. I was only fortunate to start working for myself when I realized that my passion was to help entrepreneurs become successful.

I could have easily sat there and argued with the guy for hours over why he’s wrong as well as unqualified to speak on the whole millennial population, but I didn’t. I took my deposit slip and left with a huge smile.

In my opinion, what the guy should have said was ” from my experience of dealing with the millennial population at the company that I work for, or the millennials that I know,  I don’t think that they are on the right track to lead our future.”

Just maybe, I would have taken that a little better.

 

Overall, is this what the older generation feel about millennials? Whats your take on this?

 

Never Question This Investment For Your Brand!

Do You question making investments? What about Investments for your brand? If so, this blog is for you!



As a brand consultant and strategist, I often get asked for free advice. No Biggie, right? Depending on the severity of the person and their brand’s situation, I usually point them into the right direction by either: (a) sending them to my consulting packages for advanced information and strategies, or (b) I refer them to my blog for free advice.
I also offer a 15 minute consultation to see if my services are right for their brand. Either way or another, I put them through my funnel system!





When people ask me for free time for advice over lunch or coffee, I often think about all of the investments that I had to make to put me in this position! All of the books that I read, the mastermind courses that I took a chance on, those 1 on 1 coaching and so much more.
Here’s the questions that pops up
  • Why should I possibly offer my best proven strategies and expertise for free?
  • Am I really only worth a cup of coffee? 
Don’t get me wrong, I want everyone to succeed in all ways when it comes to building a brand, but my time is valuable, my information is valuable, my strategies are customized and are tailored made for your brand’s unique position, and my work is proven. That’s something that shouldn’t be taken lightly!
I often refer to an analogy  by telling them to look at my brand as the clothing that they are wearing. “Did you buy that business suit for fun or did you make an “Investment” to  attract more leads, find potential clients or look good in that meeting? Exactly my point! It’s an “Investment”!
The word investment is one of those terms that everyone glorifies on the potential return, but no one wants to put in the desired requirements for that major return.

 So, When Do you Make That Investment For Your Brand?

 

Whenever you’re financially ready to make an “Investment” and when the “INVESTMENT” makes sense is when you make that jump.
The right answer is simple.Think of it as stock options. A wise investor will only jump in when they are ready to make a commitment for a better return, right? Well, it’s the same mindset to have when you need to make an investment in your business.





Don’t be fooled. Everything disguised as an investment isn’t a good opportunity. Just like in the stock market, you should do plenty of researching on the potential options to make sure it’s a perfect fit. If not, you may not have any great ROI on your investment.
For example: if your objective is to grow your brand to the next level, an investment in a startup coach may not be your best option. Just maybe, a brand strategist is the best option.
Making investments in your band is a risky game to play. Allow me to help you make a decision on whatever you’re thinking. Contact me here