Celebrating 25 years of serving the women business owners of Phoenix.
Spring 2011 • nawbophx.org
President’s Message 1985
2010
About NAWBO Founded in 1985, NAWBO Phoenix propels women entrepreneurs into economic, social and political spheres of power. Twenty-five years later, NAWBO Phoenix is still the only organization in the Valley that solely represents the interest of women entrepreneurs in all industries. For more information, please visit www.nawbophx.org.
This issue Page 2 Top Five Mistakes to Avoid to Successfully Secure a Bank Loan Page 4 How to choose the RIGHT accountant for your Business Page 7 Keep Cost Under Control… Try Outsourcing and more...
Phoenix Metropolitan Chapter of the National Association of Women Business Owners, 4600 E. Washington St., Suite 300 Phoenix, AZ 85034
This month we will be focusing on Finance. This is a topic of great important to me as I have been a Financial Advisor for a number of years. Our firm works with business owners to educate and help keep them on track with their personal and business finances. Understanding the finances of your business is fundamental to running a successful business. A key step in running a well managed business is to keep your finances organized. Business owners are very busy wearing so many different hats. Working long hours, focusing on your business goals, hiring new employees, and worrying about cash flow all weigh heavy on the business owner. It is critical to keep a focus on the business finances and most importantly your own personal finances. You want to build your business, but not at the expense of your own wealth. Being financially disorganized can: • Increase your costs • Increase your risk • Decrease the chance of real success A good way to keep on track is to work with professionals that are business partners and help keep you on track. A good financial professional will help you understand the real cost of living factors that can adversely affect your wealth. I would like to suggest some of the hidden cost of living factors can include: • New goods & Services – we are living in an era of “planned obsolesce”, goods are made to be disposable which means we are constantly replacing items that we need to live and work. • Taxation – there are many hidden taxes we all now are faced with, when those taxes are identified and added together, sometimes it adds up to almost 50% of our income! • Lifestyle upgrades – people who work hard like to play hard. The reward for long hours of hard work include bigger houses, a second or third house, vacations, etc. These things are great, but they can effect how much we save and set aside for the future. • Life events – unexpected life events are the biggest threat to our financial security, especially in the area of a disability. The ability to earn an income and finish working until our retirement date is one of the biggest reasons for bankruptcy.
Cindy Hynes President, NAWBO Phoenix
Be sure to consider all of your costs, including those listed above. Working with a trusted financial representative can assist you in keeping pace with the real cost of living by helping you make sure you’re organized, protected against the unknown and precise in accounting for your expenses. I wish you all continued success in your business! Kindest Regards,
602-772-4985 www.nawbophx.org • info@nawbophx.org
nwabophx.org
Cindy Hynes NAWBO Phoenix Chapter President 2010-2011
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