No business owner wants to be in the red. Entrepreneurs begin their journey to experience freedom, make their own money, and be their own boss. None of this will happen if you are operating in the red, you have to be organized in your finances.
It is time to get into the BLACK and put money in your pocket!
There are three simple ways as a business owner you are able to keep your finances in the black, and keep that money in your pocket.
- Track your habits. As a society we typically impulse buy. If it looks good, sounds good, and seems to make sense then we purchase. While larger investments often have more thought put into the purchase, there are still times entrepreneurs buy frivolously. Start writing down and tracking your spending habits. Really dive into the spaces you are spending a lot of your hard earned money. Some will be be necessary to remain in operation, but not all will.
- Buy Less. When you look at your habits, notice the trend of items, apps, etc that you are purchasing that may not be needed. Really focus in and determine if that app, or whatever item you are purchasing is needed. Cut out what is extra and not a wise investment for your business.
- Determine your business budget. This is critical when running a business. As an entrepreneur you have to know your overhead vs income ratio. It is essential to determine how much your business can handle in overhead before you start making huge investments. If you are operating in the red then it would not be wise to make impulse purchases and only spend money on wise investments that will help your business get into the black.
YOU WANT TO MAKE MONEY NOT LOSE MONEY!
Your goal being in business is likely to support your family, to work from home, or even just so you don’t have to adhere to the 9 to 5 lifestyle. I am here to burst your bubble a bit. You will end up right back where you don’t want to be if you do not get a handle on your business’ finances. They are one of the three pillars to success. Without organized finances, unfortunately, your business will be built on top of twigs and not a rock solid foundation.
How are you going to change this reality?
If you are looking to get a grip on this foundational pillar to success and need some expert help, I am your girl. It is time to hop on the phone and discuss your financial goals in business. Book your call HERE today.
Want to read more about mindful purchases? I have an amazing blog to help give you some more tips and tricks. HERE