Defining Financial Freedom for Business Owners

Financial freedom is usually a personal goal; however, it can also be a business goal.
At its’ core, it does not mean you are free from monetary responsibilities, it means you are able to make independent decisions.

Here are three ways to move closer to a place of financial freedom:

🔻SPEND LESS  

“Budget” is a dirty word for a lot of people, but it shouldn’t be. Budgeting isn’t about enjoying your money less but instead making your money give you more

When creating a ‘budget’ or plan to track spending be sure and leave allowance for extracurriculars – a new product for your business that benefits your operation, or a fun activity for your team to enjoy

Try to be realistic when allocating $$ to prevent disappointment with unrealistic expectations.

💳PAY OFF DEBT

Things like business loans, mortgages for locations, and your credit card bill are all debts that are necessary to running your business and keeping your credit up.

However, it is important to pay each of these lines of credit each month so none of them accrue a sitting balance. The end goal is to push past a place of equilibrium where your business is greater than your income and clear loans at a steady pace. 

It’s important to not solely focus on clearing debt but make sure you are on track and maintaining it.

💎INVEST MORE

Utilizing profits to re-invest in your business is always a good idea. It allows you to maximize your money!

Ways to re-invest in your business:  

>Improving your business location
>New training initiatives
>Pushing out new marketing
>Expand your team to take on more clients

Freedom from stress and burdens of money-related issues can significantly improve your satisfaction and happiness with your business. Be sure to adopt these tips as it looks different for all businesses.