But I’m the owner of the company, It’s my money!

As a business coach our clients are always shocked during our business financial literacy modules. We start of giving a list of scenarios for our students to answer.

The main scenario we scenario we put forth is “You’re at the store, you realize you don’t have enough money for your personal groceries on your debit card, so you pull out your business card to pay the difference.” As the CEO you have the right and authority to do so. The answer is “No” and in fact your financial records could be subject to an audit at anytime. Below we provide our top 3 tips to establishing financial integrity within your small business.

1. You are the owner however the income belongs to the business
Essentially as the small business owner with limited staff you not only become the owner you also become an employee or contractor of the organization. Which means that you should be receiving your income directly from the organization through a third party payment processing company. This will ensure that all legal and state requirements for payroll distribution are met and that you don’t break the corporate veil . Although I am the owner of The B.O.M.B Mentoring group, I am also a lead coach, my company has to pay me for my services. To ensure that there is no cross handling of funds. We utilize third party payroll systems like payable and square. They require low transactions cost and scale your fees according to the number of payroll requests initiated each month.

2. Have two different bank accounts with two different banks
The separate but equal principle does not apply when creating financial management strategies for your small business. Compiling your personal and business accounts at the same bank, can breed disaster, especially if you’re in a rush or are in between client payments and you need that hold me over funding that you say you’ll put back but of course you never do. After a while you’re fingers become transfer trigger happy causing a downward financial spiral. Establishing separate accounts helps you to easily manage your accounts and void mismanaging your funds. Separating the accounts recognizes the business as a stand alone entity. Establishing a business relationship with your local branch can also lead to future business collaborations. One of my banks sees me as Keandra Ward, the others view me as Keandra Ward CEO. I prefer a traditional bank for my personal and credit union for my business due to their low fees and the additional benefits designed specifically for business owners.

3. Proper bookkeeping is essential to your businesses growth
Treat your small business like the big businesses. Proper book keeping is essential to businesses of every size, even as a small/solo-preneur business. With proper booking keeping we were able to print the documents needed for our 2017 taxes in less than five minutes. Utilizing software programs such as zipbook.com and quickbooks.com provides you the opportunity to establish your book keeping on the same level as corporate entities with complimentary services such as accounting, invoicing, payment, payroll, recurring billing and more all under one platform.

Keandra Ward, a strategic business analyst and personal development strategist at The B.O.M.B Mentoring Group ( Bold Operations for Managing Business),I currently have a B.A. in Psychology from the University of South Florida and a Masters Degree in Internet Marketing. I have been a small business owner for over twenty years.

Feel free to connect with me on facebook at www.facebook.com/keandraward and www.facebook.com/thebombmentorkeandraward/ and on instagram and twitter @thebombmentor
website: thebombmentoring.com

Things to think about before starting a new health journey!

Many of us when we start a new journey to health and wellness, we approach the change as a duty or another chore.

When we do this:

1. We start off with a negative view and limiting beliefs, which makes it harder for us to commit.

2. This view demolished any form of fun that we can adapt to the change and the journey can turn into a dreaded journey rather than an amazing life changing experience.

I suggest that prior to starting you ask yourself the following questions. Please note you are not limited to the following questions, however it is a great place to start.

1. How do I currently feel? ( energy level, strenth, mobility)

2. How do I want to feel?

3. What is my ultimate goal? (Future result)

4. How do I plan to get there? ( List of steps that you will take)

5. Is this journey for myself, or am I influenced by others? ( note, it is ok to be motivated by others, but it is unhealthy if your reason is seeking acceptance from others)

6. Is the journey short term or long?

7. What is my plan for when life obstacles get in the way? ( if you dont have one, plan how you will continue your journey regardless of the obstacle)

These questions are ment to guide you deeper into the reason why you desire to be healthy and fit. At times we may stay on the surface with our desire, ex. I want to loose weight to fit in my old jeans. Surface reasons won’t get us far in our journey, once the goal is obtained we stop our routines and celebrate the success, which is great however we can’t forget that their will be maintenance needed maintain our current goals. Think about it this way after you’ve reached your goal you may feel better and have much more energy, sleep well, it’s easier for you to keep up with my daily demands. It’s important to focus not only on your goal but your maintenance as well, which will allow you to continue to experience those results over a longer period of time. Eventually those changes will turn into a common features of your life, hence the term lifestyle change. Having more energy, being able to sleep well and keep up with your daily demands are more tangible reasons to keep us moving forward, and eventually lead us to a totally committed life change.

This week take some time to answer the questions listed above and create short term and long term health and wellness goals.

It’s important to us here at The B.O.M.B Mentoring Group that we not only assist you with building strong businesse, we want to make sure that you remain healthy enough to maintain the businesses you’ve worked so hard to develop.

To your success,

Nellie DeLeon

Health and Wellness Director