How I Got My Business Into and Out of £150k Debt | Ep 03
Why understanding your business finances is the most important thing as an entrepreneur
How Not to Run a Business · Jeremy Jacobs
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Show Notes
In my second solo episode, I share one of my biggest mistakes in business and how I managed to get myself into £150k without knowing about it. I am going to give you a very frank and open breakdown of what I consider to be one of my biggest failures in business and what I learned.
This is, in my opinion, one of the most important lessons need to learn as a business owner.
I’ll discuss:
- My fears around money and debt.
- How I ended up in £150k in debt.
- One of the most important things most SME company directors don’t know that could get them into legal and financial trouble.
- How knowing my numbers helped my business when Covid struck.
- How my understanding of my business finances helps me in my personal life and helps me sleep at night.
- How challenging doing your business finances can be.
- The three financial reports you should be looking at on a regular basis as an entrepreneur.
- How often you should be looking at them.
- The first thing you should do in a financial crisis as a business owner.
Key Learnings:
- If you don’t understand your business finances you are at serious risk of going out of business.
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Jeremy Jacobs is an experienced entrepreneur, business consultant, and mentor. He started his career in digital marketing, managing multi-million-pound campaigns for well-known global brands. He left that career to start 2 businesses including a food manufacturing company with his Mum which ran successfully for 13 years. He now works as a mentor and consultant for a wide range of businesses including start-ups and solo entrepreneurs through his marketing and management consultancy, Cookie Jar Consultancy. He has an MBA with Distinction from the University of Sussex.
He is proudly neurodivergent and a member of the LGBTQ+ community. He lives in Sussex with his partner and their two dogs.
Personal website: https://jeremyjacobs.co.uk
Cookie Jar: http://cookiejar.info/
social media accounts:
LinkedIn: https://www.linkedin.com/in/jeremyjacobsuk/
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