It's amazing to me how many small business owners don't know how to manage their money. This affects their ability to make good business and financial decisions. In this episode I address this issue and offer some solutions.
Highlights
- Many people are feeling financially uncomfortable due to fear about the state of the world. Remember, it's not about the money, it's about your feelings regarding money.
- During uncertainty, there's a tendency to default to fear because your brain is trying to keep you safe. But giving in to fear means going back to what wasn't working.
- Look at your financial fear and relationship with money your money reflects what's going on inside you.
- Minimize fear by taking care of your money. Money likes to be counted track your numbers. Don't hand off all financial duties.
- Entrepreneurs often don't pay enough attention to their finances. You must track income, expenses, cash flow.
- Automate as much as possible use accounting software. Get help from a bookkeeper or accountant.
- If you avoid tracking your finances, you have a poor money relationship. Successful businesses track their numbers.
- Use tools like spreadsheets to measure cash flow, especially as an entrepreneur with fluctuating income.
- Make decisions based on your numbers what to pay, what to let slide, how much extra you need. This allows creative money solutions.
- Quiet time allows financial solution thoughts to come through. Worrying is a waste of time.
- Your thoughts, beliefs emotions affect your money outcomes. Train your brain towards prosperity.
- Make a commitment to learn about money practice basics like mental math. Read financial sites.
- Get to know your money by paying attention to it. Disorderly finances lead to poor outcomes.
- Download the free cash flow spreadsheet to start tracking your numbers. Improving your money relationship improves your life.
Links
Download the Cashflow Spreadsheet
Stripe
Mint
QuickBooks
PayTraqer
