Mojo Executive

Ahhh, yes. December old friend, we love to see you again!

Stay updated with our page for our top recommendations on how to leave the year in business on a high note!

Do you know what a healthy margin is for your industry ?

Familiarize yourself with statistics for your industry. 80-90 percent profit margins are rare and unrealistic.

Did you know, across all industries 5% is considered low margin, 10% is considered average margin, and 20% is considered a healthy margin ?

Some industries of course will have higher margins. It is important to know the numbers for your industry so you can properly benchmark your growth.

Mixing your personal and business finances together is one of the most common money mistakes entrepreneurs make.

What other benefits besides simplifying tax time are there?

Separating your finances can provide

✅ Audit Protection
✅ Professional Appearance
✅ Differentiation Between Hobby Vs Business
✅ Corporate Veil Protection
✅ Better Record-keeping

How you can separate your finances
✅ Get a Business Bank Account
✅ Understand What PG Means
✅ Apply For Funding Under Your Business Only

When it comes to pricing, you want to make sure you are

✅Being considerate of your time
✅Being considerate of your investment
✅Being considerate of your bottom line

BUT wait a minute, now.

You also want to make sure you are competitively and strategically priced.

Do you have a strategy behind your pricing or are you creating prices at random ?

Book a free discovery call utilizing the link in the bio if you need help.

We are half way through the year!

If you haven’t been practicing good record keeping or have gone all 2021 without ❌❌ a bookkeeping system in place, now is the time to play catch up ✅.

1. Gather all of your receipts

Go back through your emails, your bank statements, invoices, and app transactions and organize them.

2. Reconcile your bank account

Make sure your bank activity matches your financial statements. Your bank account and your financial statements should always align.

3. Separate Your Finances

Did you know, that co-mingling of finances is an easy way to pierce right through your corporate veil? If you constantly merge your finances you can end up losing the liability protection extended to you.

Finance mixing also complicates things when trying to decipher between what was for your business and what was for your personal expenditures.

4. Ditch The Shoebox
Get into the cloud. Keeping digital records will create less clutter and helps you prevent losing important documentation.

There are several options that you could utilize, but we recommend Quickbooks.

Quickbooks allows you to do things such as

✅ Run payroll
✅ Track time
✅ Manage your books
✅ Track your miles
✅ Calculate your taxes

And so much more.