It was hard to admit that the success of my small business required a little more than just talent and hopeful wishes. As an entrepreneur, we are passionate. That is a given! However one mistake we’ve made is letting that passion be in the drivers seat of our small business.
Honestly, this time last year you could sum up my business finances in two words, avoid it. I was the master at avoiding that pile of receipts on my desk. Day after day, eventually tossing that neat little pile into a drawer. Whoops!
Oh what a mistake. A few minutes each week could have saved me so much wasted time and money. Thankfully, when I was finally ready to face the facts, I had some incredible DIY resources to help me wise up. Here are a few tools that bridged the gap between running my business on passion vs. wise business practices…
First, Educate yourself
The E-Myth Revisted. I found this book through a business podcast. Honestly, my creative mind found it a bit dry, but the knowledge in this book was well worth pushing through those less-riveting pages. Im so, so glad I came across this gem. It woke me up out of my foggy haze, thinking all I needed to survive was passion and talent and I couldn’t have been more wrong!
Creative Live. An incredible resource for small business owners, Creative Live offers online line classes from the most renowned experts in their field. If your able to watch these classes LIVE (hence the name) – they are FREE! Ive been lucky to catch a few in Small Business Finance and Bookkeeping. They are so rich in information, I was scribbling down notes like I was in college again. Im constantly checking their page and signing up for courses and it can be incredible resource!
Now, Get Organized!
Fresh Books. This is one of those tools you kick yourself for not using sooner. Fresh Books is a huge blessing in my life. It not only gives me peace of mind, but Its super easy to use, navigate and organize your finances without lifting a finger (Literally all you have to do is click your mouse!). Another perk? Its all online and secure. Also, their blog has a generous amount of resources. Check it out, even better, its free for the first 30 days! Alright, Im starting to sound like a paid advertisement…Moving on!
Always, Make It a Priority!
Administrative Mondays. I adopted this practice from a very wise business owner! Blocking off every Monday morning to play secretary and catch-up with my finances has worked wonders. Its the black and white rule I needed to get this “boring” stuff done. I also benefit all week from simply knowing whats going on in my bank account. The financial knowledge naturally defines my daily decisions; Is this a wise investment of my time? My resources? Can I afford this? All important questions when trying to maintain high profit. Reviewing and organizing my finances every Monday gives me the confidence and knowledge I need to run a smart, efficient work week!
Most importantly, this all relates to one very important issue. Giving back. Can you see how your financial health of your company directly affects your impact? The better I manage my money flow, the more intentional I can be with my time/money, and in turn build a stronger foundation and more profitable business. If we are strong, we can help others become stronger!
Also, actually understanding the financial health of my company allows me to give back with confidence! No more writing a blind a check, not knowing the impact it could have on my business. I can now give without jeopardizing the foundation I’ve worked so hard to build. My business is officially a celebration of our blessings
So fight for that financial confidence in your business. Don’t let it be pushed to the back burner! Ive learned its not so scary after all, you just have to get started!
(P.s. Just a reminder, Im not a certified accountant. These are just business practices that have proven to be very helpful to me. So please take this thoughtful advice as you wish!)