A Note From @Tos.Boss
Dida Clifton
I created and grew a company that runs without me, retired my husband, and moved to rural Texas. Now I help others who want something similar with their business through our franchise opportunity and advisory services.
Good Morning! ??
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I hope you had a fabulous week and that you're as ready as I am to welcome September. Bring on the cooler weather!
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This week’s Sunday Brief touches on two crucial topics that both revolve around the business checking account. First, from a bookkeeping and legal standpoint, using your business bank account to cover personal expenses is a risky move. We’ve all heard about "piercing the corporate veil," and if that term is new to you, I highly recommend you click the link to learn more.
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Over the years, TheOfficeSquad has seen quite a bit of co-mingling of funds, and it’s more common than you might think. While it might seem harmless, it’s not just a legal risk—blurring the lines between your business and personal finances can lead you down a slippery slope of treating the business like a personal piggy bank. This can drain your cash flow and put your company in jeopardy, a situation no business owner wants to face.
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Wishing you a productive and mindful start to the month. Let’s make this September a month of strong decisions and smart leadership!
Dida
PS. Please show the squad some love and vote for us here. ?? You can vote once a day now through September 12th. ???
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1) Click the Link
2) Click 'Finance'
3) Click 'Bookkeeping & Business Operations'
4) Select TheOfficeSquad
Leaders Eat Last
The Key to Long-Term Success in Business
In business, leadership is often tested in times of financial strain, revealing the true values and priorities of those at the helm.? I was reminded recently of an important lesson: a business is not merely a personal piggy bank or a retirement plan for its owners. It’s a living, breathing entity that requires careful stewardship, especially when times are tough. When business owners treat their company as a direct pipeline to fund personal expenses, without regard for the health of the business or the well-being of their employees, they set themselves up for failure.
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One of the most glaring issues with this mindset is the disregard for cash flow, the lifeblood of any business. When personal dividends and salaries are prioritized over the financial health of the business, it creates a fragile situation where the company is constantly teetering on the edge of insolvency. Worse yet, employees—who are often viewed as mere instruments to keep the money flowing—are left in precarious positions, without the security of benefits like medical insurance or a stable work environment. This approach is not just unsustainable; it's irresponsible.
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Simon Sinek’s concept of "Leaders Eat Last" provides a powerful counterpoint to this selfish approach. True leadership is about putting the needs of the business and its employees first, ensuring that the company remains healthy and that the people who make the business run are taken care of. This doesn’t mean sacrificing everything as an owner, but it does mean understanding that long-term success is built on a foundation of shared sacrifice and responsibility. When leaders are willing to put the well-being of their team ahead of their own short-term gains, they build a culture of trust, loyalty, and resilience.
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Ultimately, the lesson here is clear: leadership is about more than just taking care of oneself. It’s about making decisions that benefit the entire organization, even when that means forgoing personal perks. A thriving business requires leaders who are willing to invest in their people, not just their pockets. By adopting this mindset, business owners can create a sustainable and successful future, not just for themselves, but for everyone involved.