There are all kinds of emotions surrounding money and money mindset. Often times negative emotions like shame and guilt are associated, because of these strong feelings people often put off dealing with their financials altogether.
GOOD NEWS – we are here to talk about HOW to create a good, healthy relationship around this topic!
The first mistake most entrepreneurs make in facing this relationship is getting overwhelmed at the thought of examining their reports, finances, and accounts. As a result, the task is procrastinated and they are just ignoring their numbers altogether. For business owners, this is a huge problem because you have accepted this responsibility to yourself, your business, employees, etc. to know this information! You must continue to make the right solid business decisions, those can not be made from a place of misinformation or scarcity. By using your numbers to guide you through business decisions – you can continue to achieve your personal and career goals.
Ready for the first steps you need to take??
- Dedicate time on at least a monthly basis to pull some basic reports:
- Total Net Income (or loss)
- Revenue Growth Rate
- Expenses as a percentage of sales
- Profit Margins by service and/or product
- Create action steps surrounding your numbers and plan your business goals for the next quarters using the data you just collected.
- REPEAT
Although this can be hard – you can not operate your business without knowing the key performances of your business. Want more help getting started? Grab a spot on our calendar to chat about your business!
