If you’re like most of the small business owners I talk to, you love your money, but aren’t so crazy about managing it. But to reap the rewards for your business, you want to learn to love your finances – or at least delegate them to someone else who loves money. Here are some tips.
Fall in Love With Your Finances
Let go of fear and assumptions
Your passion is your business. That’s why you’re an entrepreneur. It’s easy to assume that other business owners are on top of their finances, but the hard truth is most business owners don’t know much about how to manage business finances. Don’t be afraid to admit your faults, learn to delegate, and reach out for help.
Build your business to love your life
Your monthly revenue goals aren’t just numbers on a spreadsheet. They correspond to how you want to live – and hopefully love – your life. How much money do you need to make that happen? You’re not just budgeting and creating revenue goals to keep your business running. You’re doing it to keep YOU going strong. Shape your finances with your WHY in mind.
Pay yourself first
This is a big one. As business owners, we want to always think about the people we are helping and the people who are helping us. But if you don’t pay yourself first, then all the hard work will leave you burned out. The only way to make your business work long-term is to make sure you feed yourself first. You work hard. You deserve it.
Don’t neglect looking at your money
Every day or week, look at your business’s bank account. Understand where your money is coming and going. When you regularly track your finances and net worth, you know what is working and where adjustments are needed. Plus, seeing those dollar signs in your account is just more motivation to keep going and stay grateful.
Find your financial soulmate
If you don’t love your bank, it’s important to find one that you do love. For me, I found that working with Amex is great because you can earn up to $500 Cash Back as Statement Credits and up to 2% cash back on purchases. Plus, travel benefits and expense management tools. if you are looking for a new bank, Amex might be a good solution. Check out my affiliate link here. Note: I may get a small commission if you decide to sign up.
You might not love to keep track of your money, but bookkeepers, accountants, and CFOs who do exist, in person and online. Think about whether it would be worth the expense to have an accurate record of your business’s financial activity, to know what you owe in taxes, and to love your finances without doing any of the hard work.
If you are looking for a virtual CFO or bookkeeper to help you fall back in love with your finances, reach out to me here.