Is Your Business Financially Healthy? (Find Out Below!)
Here’s something I wish I knew WAY earlier in my entrepreneurship journey:
Turning a blind eye to your businesses’ finances (your expenses, budget, income, goals and mindset) and then wondering WHY you’re not making any money in your business, is exactly like NOT watching what your putting in your mouth and wondering WHY you’re not losing weight!
It simply doesn’t work!
Not only does it not get you the results you WANT, but it’s also the fastest way to burn out and be left wondering WHY it feels so damn hard to make a buck, which is not the sort of beliefs you can afford to build in the early stages of your business.
Knowing WHERE you should invest, knowing WHAT your income goals are and knowing WHERE you’re currently spending your dollars is THE most empowering thing you can do.When you’re aware of your income, profit and expenses you then have the ability to see what’s working in your business, what’s not working and from there you can make the informed decision to cut back or invest to help you fill the gaps.
This knowledge allows you to truly step up as the CEO of your business, (because newsflash you already are) so that you can make better decisions for the financial health of your business which will enable you to increase your profit margins AND ensure that you’re creating a thriving, sustainable business!
Just like as soon as you empower yourself to LOOK at if the food you’re eating is actually impacting your body positively or negatively..
The sooner you empower yourself to look at how your investing, spending and earning in your business the more comfortable you’ll be making decisions for the growth and sustainability of your business AND the faster you’ll see financial results.
This is why it’s so damn important to look at our OWN financial health, especially as business owners, because if our mindset, financial practices and habits around money aren’t HEALTHY, you bet your bottom that’ll impact your bottom line in your business and your clients.Here are a few of my favourite ways to give your financial health a good ol’ kickstart:
Track your Income & Expenditure
It’s really hard to increase our income if we don’t already know what we’re bringing in and it’s really hard to increase our profits if we don’t know what our current margin is!
There are lots of fancy online accounting cloud softwares out there but I recommend you just start by doing a simple spreadsheet if your new and upgrade yourself as you start to bring in more income. Start to track the money you’re earning and spending (even if it’s a small amount- every bit counts) so that you’re completely aware of where every dollar is coming in and going out.This will not only help you feel more comfortable with addressing your finances but you’ll begin to see trends and you’ll start to notice how you can improve your income.
Pay attention to your language
We all have beliefs around money; what it means, how easy it is to get it and what happens if we have a lot of it.When I started my first online business, I held a lot of beliefs around money that were not empowering me to create the level of income I desired. It was no wonder that my actions were not helping me to bring in the level of income I desired either! Shifting those beliefs starts with awareness.
Notice what you say about money, notice how you feel when you talk about your business and how it’s going. Do you avoid the conversation all together?
Start to pay attention to the words you use and you’ll start to get BIG clues as to what needs to shift in order for you to create the income you desire.
Awareness is truly empowerment.
Even though it may feel super uncomfortable at first, I promise you if you start to shift your focus to the financial health of your business, you’ll create the foundation required to enable you to have the impact and income that you desire!
Tell us below!
How do you feel about the way you deal with the financial health of your business?
What are you committing to focusing more on going forward?