Drawing from your business can lead you into a trap, especially if you treat your business as an ATM to spend for personal use or your company.
Here is how you can avoid falling into that trap and still be able to draw money from your business effectively:
1) Work out a regular amount.
Work out how much you need on a weekly basis. Take that set amount each week or each month – whatever that is most appropriate for you.
2) Put money aside for tax.
Work out the tax that you need to pay and put that aside before you draw out for yourself. You won’t have to deal with unnecessary stress when that tax bill comes around if you do so.
3) Identify the root cause.
If you find yourself constantly dipping into the business, find out what could be the potential reasons. Are your personal expenses too high? Is there something that is out of your control that is happening outside of the business?
4) Work out the right amount.
In Biznostics, we provide our customers the necessary tools and applications, including a simple algorithmic calculator that will work out a sustainable amount that they can withdraw from the business. This is useful in telling them how much you need to leave in the business for it to grow while working out the amount of money you can draw out to make your personal expenses.
P.S. Whenever you are ready here are some ways we can help you build and grow your business:
1) Follow us on Facebook.
Each week we share tips, tools and insights to make running your business easier. To follow us on Facebook click here
2) Download a free copy of our ‘Take Control of Your Time’ guide.
Learn simple strategies to stop time being wasted in your day so you get more done each week and no longer have to play catch up at night and weekends – Click Here
3) Download a free copy of our ‘How to Win More Business’ guide.
It contains 7 proven zero and low cost strategies to increase your sales in the next 21 days – Click Here
4) Schedule a time for a quick brainstorm session
If you are feeling stuck around any part of your business, we can jump on the phone for a quick call and brainstorm ways to help you move forward. You can book a time here
5) Work with us 1 on 1 and fast track your results
If you would like to help from us 1 on 1 so you can make the money you want and have the time off you want then book your FREE no-obligation strategy session. Together we’ll explore a step by step plan to get you there. Book your strategy session here