How This NFP Supports Business Owners In Managing Their Finances

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Jill Johnson, co-founder and CEO of the Institute for Entrepreneurial Leadership (IFEL), is working on her mission to increase Black and Hispanic wealth through her non-profit organization.

1. Focus on the numbers in your business

Knowing your business numbers, having good money management skills, and creating profit in your business will build your wealth as a business owner.What makes a saleable business is to build a company that does not need the business owner in it to operate it. Automating processes and systems brings value because the business will run without you.

The bottom line is that when business owners are given the financial information they need to manage the money in their business well, they will create profit in their business and increase wealth. This is information that should be accessible to everyone. Many people have great concepts and traction in their business, but they really need to have a few doors open to them. The systems will change when we all do our part to be more inclusive and open doors for others, which applies to everyone across the board.

 

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