fbpx

Entrepreneur Series – Lesson 7 – Milking The Business

Before I opened up my own business, I spent over 10 years at a very high level of senior management for a Fortune 500 corporation. While I garnered a ton of personal and professional growth over the years, nothing can still really prepare you 100% for being the CEO of your own company. However, I did learn quite a bit about Profit and Loss statements and the importance of managing the bottom line. If you have worked for a corporation for a few years before you start your own venture, you need to really prepare for the first time of not having a paycheck every two weeks. While you hear stories about all the personal things that your business can pay for through the company, milking your company can be a very big problem. If you start to build the mentality that the company can pay for just about anything because it is a write off, you could end up having substantial problems meeting payroll, debtors, or hitting the bottom…