Are you feeling over whelmed and stressed regarding your money and don't even know where to start? You're not alone!
As women sometimes we think we’re not good at money and the thought of crunching numbers can be a little scary. I know not everyone is good at maths but the truth is without numbers, your business is just a hobby. So I’ve got a few tips and tricks that will have you managing money like a MOFO!
We’ve all been there, and some of us still are but without managing your money in business it can be like driving around in the dark without your headlights on and hoping that you get where you need to go without bumping into something or ending up off course. Chances are you’re not going to get anywhere fast or end up where you need to be.
1.Look at your Money Mindset – What are some of the energetic blocks you may be having around money. What are you telling yourself about you and your relationship with money. Are you saying you’re not good with money, you can’t manage money, making money is hard work, I’ll let someone else worry about it? All these are underlying beliefs you may have around money. Once you acknowledge these beliefs and begin to work releasing them you give yourself permission to move past them and you’ll stop sabotaging some of those behaviours that cause to not manage your money so well.
2.Hire a Bookeeper or use a accounting software – I know starting out there’s so much to consider and we’re busy, busy, busy in our business marketing, making sales and speaking with clients that collating receipts, sending invoices, inputting numbers and calculating sales for the week can be an overwhelming thought on top of everything else we must do. I know I had some crappy excel spreadsheets and receipts absolutely everywhere to begin.
Start with a large envelope or a plastic wallet or a specific folder in your inbox to capture all business related receipts.
I’ll be honest it’s imperative to implement an easier way to capture your numbers as soon as you can.
One of these ways to outsource to a bookkeeper who can do it all for you. Starting out you may not have the money to do this so a cheaper option is to go for an accounting system like Xero, Quickbooks or Free Agent. You pay a monthly fee for amazing system that will calculate every number you need to know in your business and produce reports at the click of a button to give you an overview of where you’re at in your business. It’s all about making running our businesses easier right?
3.Set aside a day to review to review your numbers –So on top of hiring a bookkeeper or implementing a system such as Quickbooks you need to set aside a day a week to review your numbers. Make it fun and interesting, you could introduce Financial Fridays, Success Saturdays….it doesn’t matter what the theme of the day is called just block out to make a date with your numbers.
First time it can feel really daunting……you might even need a large glass of wine, not that I encourage drinking….especially on the job but do what you need to relax into it….candles, music…whatever works you……….. just make that weekly date with your numbers….
You may find after the initial dread and ’oh shit’ moments, you come to enjoy doing your numbers and for me personally it always helps me focus and strategize my plan of attack for the next 30days.
More than anything reminds you that whilst you may love what you do, you’re in business to make money!
4.Separate your business and personal accounts –I cannot begin to tell you the amount women that I speak with who own businesses and yet still only have one account or have their business income and expenses mixed in with personal income and expenses.
There needs to be a clear line between the two. Lets put it this way…you wouldn’t put darks in a wash with whites would you….hell no, can you imagine the headache that we cause trying to fix that up….but it’s the same with your money. Compartmentalising your bank accounts for separate use, in the same way you would your laundry, ensures you have clarity about what's yours and what's the businesses. I’ll let you in on a secret….I have 7 bank accounts across both personal and business but that’s a story for another day.
So I’d love to hear from you, write in the comments below…………do you have any tips or tricks comment below.
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