No matter the size of your Music School or Studio, it is important to keep your eyes on what is happening in financial terms. Big companies have a dedicated financial manager, but music studio owners need to be a “jack of all trades” and understand the essentials to avoid financial problems occurring.
Task such as:
- Book keeping or recording transactions,
- Managing Banking
- Processing payments
- Paying bills and suppliers
- Planning and strategising
- Reviewing and monitoring
- Collection and payment of taxes
It’s never too early to set up systems that provide consistent and reliable management of all things financial, starting most likely with good financial software.
This episode will outline some of the tasks that will help you keep control of your financial management. As you monitor your finances, remember that as a business owner you also need to manage the other business divisions such. More information can be found here:
- Managing the Legals.
- Intellectual Property for Music Schools and Studios.
- Overview of 8 Business Divisions for Music Teachers.
To make it easier for you to take action on these financial tasks, we have provided a pdf version of this presentation.