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Small Business: Common Financial Mistakes & How To Avoid Them

Small Business: Common Financial Mistakes & How To Avoid Them . Steve Hasser Saint Louis Money Coach. The importance of personal credit as it relates to your business. Getting the most from your business banking relationship. Clarity and cash forecasting. .

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Small Business: Common Financial Mistakes & How To Avoid Them

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  1. Small Business: Common Financial Mistakes & How To Avoid Them Steve HasserSaint Louis Money Coach

  2. The importance of personal credit as it relates to your business. • Getting the most from your business banking relationship. • Clarity and cash forecasting.

  3. Personal Credit and your business • Reputation • Focus • Cost

  4. What is a credit score? • It is a predictor of the likelihood of a consumer going 90-days late on an obligation over the next 24 months – the higher the score, the less likely it will happen. • Advice about scores: • Don’t worry about them; rather concern yourself with the content of your credit report. With focus and some commitment, credit scores can be improved – but it all starts with educating yourself. • Fair Credit Reporting Act • Protects consumers by stating that what is reported about them be 100% accurate, but most of the time the consumer needs empower themselves and enforce their rights. There is no law that requires a creditor to report your information to a credit bureau – but what they do report must be 100% accurate.

  5. Major components of a credit score: • 35%- Payment history • 30%- Percent of revolving credit balances to limits. • 15%- Mix of credit • 10%- Average age of accounts • 10%- New credit and inquiries

  6. Getting the most from your business banking relationship • Banker’s perspective • Risk • Relationship profitability • Communications • Cash management system • Cash flow vs. profitability • Pricing policies • Merchant card services • Check scanning • ACH debits (low cost option) • Competition for your business

  7. Reality check:  • Are your business results allowing you and your family to meet your personal needs and wants?  • Do you have a clear picture of what you need from your business?

  8. You should have goals for both your business and personal life.  • They guide your planning and are a reference point for measuring your progress. • Clarity is veryimportant.  • How can you get “there” unless you know where you are now? • Measure your actual performance and compare them to your goals – on a regular basis!

  9. “Judgment falls between thoughts and action.” - MikelannValterra

  10. When planning: • Know your goals. • Be honest and clear about your current situation. • Perform reality checks on a regular basis. • Make adjustments in order to reach your goals under changing conditions.

  11. “It’s not the plan, it’s the planning.” - General Dwight Eisenhower

  12. Questions?

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