It seems a very odd to me that as women entrepreneurs we are often more comfortable talking about SEX than we are about money! It’s true — it’s rare that we have honest conversations with ourselves or others about our financials. However, it’s my deepest wish that entrepreneurs get in touch with their money; that they keep their financials front & center; that they get real about the money flows in their business.
You might be asking why I bring this up? Why – because I’ve seen it time & time again that small business owners would rather bury their head in the sand, with respect to their financials, instead of keeping on top of their situation. The truth is that as service-providers, we want to HELP everyone. I’ve even heard business owners tell me that ‘they aren’t in it for the money’! But we can truly have more of an impact when our businesses are profitable. We can reach more people and make more of a difference.
Here’s a challenge for you — make a money date with yourself and get to know your monthly money goal for your business. Here are some simple steps:
- Schedule a time in your agenda to have a weekly money date.
- Determine what money you ‘need’ to cover your expenses. These could be personal as well as business. What personal expenses MUST you pay? Total your business expenses and include these in your expenses.
- Add in the additional dollar amount that you ‘want’ to have from your ‘success’ vision, i.e. family vacation; additional business expense, etc.
- Take the total amount and add 50% (yes, at least 50%) to cover things such as taxes, down time, vacation, etc.
- Have a realistic look at your number. Does it need adjustment? Are you comfortable with it? Do you need to make some changes in your business to reach that goal? Are you charging enough for your time? Could you add additional revenue sources? Are there some expenses that you could decrease?
- Now that you know your monthly money goal, put a plan of action into place to reach it. How many phone calls & sales conversations do you need to make to reach your number? How many clients, packages or services do you need to ‘sell’ to reach your desired outcome?
So, yes, as entrepreneurs we need to talk freely about money. If I can help at least one business owner improve their money knowledge this month, I will feel that I have made some impact. If you would like to talk more about money & your business, fill out the form (here) to schedule your FREE Business Breakthrough Session. I promise you that our 30 minutes together will be well worth it! (And we won’t talk about sex at all).