Owning and running a business means dealing with money.
That’s the bottom line (pun intended).
Yet so many of us fear looking at our financials.
Why is that, and how can it all feel simpler?
Here’s how to stop financial anxiety in your business, and to Get REAL with your money.
Financial anxiety is a common trait in business owners.
Maybe you started a business as a hobby and it took off more than you expected, and now you feel out of your depth.
Or you don’t really know what your numbers are because you are afraid to look (and you certainly aren’t alone, by the way!)
Maybe you don’t understand how your business structure should work, so you wing it until your tax return date when you spend a few weeks in a cold sweat, worrying about how to make the payments for your tax owed.
However your financial anxiety in your business has come about, it’s time to take back control.
- Start with being brave and honest
The longer you avoid looking at your money, the worse it will get.
Start right now by making sure you are clear on your financials.
Take a look at your accounts over the last 12 months.
Are you clear on where your income has come from?
Take a look at your expenditure.
Is there anything there that can be cut out?
Now, make a date in your calendar to review your income and expenses on a monthly basis. This way, you will know exactly what’s happening in your accounts, and you can adjust accordingly as you go.
Even better, make it a fun date.
Make your favourite drink (or get a take out), put some music on, and set the scene for this to be enjoyable and not a chore.
Changing habits and behaviours starts with tiny, consistent actions that soon add up. So let’s make them fun! (Mine’s a decaf tea, by the way. Or prosecco)
Every time we do this exercise in my Get REAL group, people are amazed at how much better they feel when they have faced their finances (and how much easier it all is when they do).
- Decide what you need to adjust.
Maybe you need to bring in more income. Great! In which case, set aside time to create a strategy for how to do that.
Maybe you need to reduce your expenditure.
Decide what you really need right now in your business, and cut out those extra expenses and subscriptions that add up so easily. Maybe you’ve found some income streams, cost you the same amount to have as you make, maybe it’s time to let those go.
- Take steps to create better systems.
If you become overwhelmed by the running of your business and keeping track of your money, begin creating better habits and systems to help you feel more streamlined, more in control, and organised.
I insist that my Financial Edit clients use Starling Bank and Xero. That we we always know, every month, exactly what the numbers are saying, and what we need to do.
I also always recommend Moneyhub. This super simple to use app makes it a cinch to see at a glance where your money goes.
No more excuses – and no more financial anxiety.
So, wherever you are right now in your business, let’s eliminate your financial anxiety.
Reduce the stress so that you can enjoy doing the work that you came here to do in the world, and you can grow your business to the next level with far more ease.
Take-aways:
- Use apps like Starling, Moneyhub and Xero to make your money more organised.
- Create a regular “date” with your money, and make it fun!
- Decide what your next steps are for your business and your money using this Get REAL Scorecard.
To your financial empowerment,
Laura xx