Episode 5 of the Circle Legal Business Fix-It Show tackles business budgeting with guest, Circle Legal Tax and Financial Advisor Joe Elwood. To have a business you want, you have to budget to build and grow the business. Joe shares his 50 years of finance and tax experience with listeners, and you don't want to miss it!

Scroll to the end of the article to listen now or keep reading to get the highlights and read the full transcript.
Getting Money for Your Business and Keeping It
When you start a business, you'll quickly learn that you need to spend money to make money. But where do you get that money? Few of us are independently wealthy! Joe shares some great recommendations for obtaining the money you need to start your business and keep it running including loans, crowdfunding, venture capital, and more.

Once you start your business, you'll discover that without cash, you can't keep going. Joe tells listeners that in business, "Cash is king," and provides tips to improve your cash position. He also talks about the importance of establishing your business credit and offers tips to get started.

Next, you need employees to help you get the work done, but as Joe warns, business accounting and tax gets a lot more complicated once you hire employees. You'll get a full overview of what you need to know to stay out of trouble!
Transcript and Audio of Episode #5
Announcer: It’s time to LIFT your business and your life on the Circle Legal Business Fix-It Show with your hosts Kelley Keller and Susan Gunelius. Learn how to build a business you love on a solid foundation that delivers the future you want for you and your family. Here are your hosts, Kelley and Susan.

Kelley Keller: Innovative companies, business owners, and families welcome to the Circle Legal Business Fix-It Show where you’ll learn to LIFT your business and your life with help from recognized legal and business experts you can trust. I’m your host, Kelley Keller, coming to you from the iHeartMedia studios in Harrisburg and with me is my co-host Susan Gunelius who is joining us remotely via video conference. Hi Susan.

Susan Gunelius: Hi Kelley.

Kelley: How are you doing today?

Susan: I am doing great. How are you?

Kelley: Super and you know it’s always fun to be here hosting the show. It’s such a fun part of the week. Well as many of you know, who’ve been following our new show, the Circle Legal Business Fix-It Show is all about building and maintaining a solid LIFT Foundation. LIFT being the essential Legal, Insurance, Finance, and Tax building blocks of your business. Without a strong LIFT Foundation even the most innovative companies will fail.

Today’s show will cover an important part of building, and also maintaining this LIFT foundation. Budgeting for your business. Whether you’re just getting started or preparing to grow or even to expand into a new market, budgeting well is simply a non-negotiable. We are very fortunate to have Circle Legal’s very own tax and financial advisor, Joe Elwood, with us today. To guide us through what may seem to be a simple task on the surface but more often than not can be a quite tricky process. Welcome Joe to the Circle Legal Business Fix-It Show.

Joe Elwood: Thank you, good to be here.

Kelley: Well before we put Joe in the hot seat, let’s do a quick re-cap of last week's show so all of our listeners are on the same page.

Susan: Last week we were digging into the topic of starting your business and Kelley and I have been joking that we’re “mining” the topic because we’re diving so deep. We’ve been talking about how to build your LIFT Foundation so we boiled it down to nine critical things that every business needs to do.

One, you have to plan for the business that you want. Two, you have to become a business. Three, you have to get the insurance that you need. Four, you have to become an employer. Five, you have to review all of your intellectual property. Six,