Commercially around this time of year, we are encouraged to love ‘Love’ and buy up roses and teddy bears galore to declare our undying love. However this isn’t always so easy if we find ourselves in a difficult relationship. I am not only thinking here of personal relationships. What about your relationship with your business finances? Being financially viable and keeping a business afloat and can take a lot of effort and not be very enjoyable and particularly when trying to navigate the regulatory minefield. Wouldn’t it be great though, if you could fall in love with your money life!
In the early days of starting up our own small business we are caught up in the excitement, exhilaration, and newness of it all. Actually we are falling in love! How soon the bloom fades though once the adrenaline rush subsides and the reality of dealing with our finances sets in. There are so many reasons why we may not love dealing with the money side of the business. It feels like a chore, the rules and regulations keep changing or you and your business partner don't agree about money or we may find ourselves in debt. So how can we overcome these challenges and learn to love or stay in love with the money side of our business?
Here are 5 tips for falling in ‘money’ love again:
1. Overcome the fear. You are not alone in feeling this way but tap into your resilience and self-compassion as you approach financial self-care and actually look at your numbers or deal with the regulations. Stop feeling like you can’t manage. If you think of yourself as ‘bad with money,’ well…you’re probably going to be bad with money. Flip the script. Stop. Breathe. Reset. Tell yourself instead that ‘I haven’t yet learned the skills of managing my money, but I’m going to’. This is far more empowering. It opens up space to allow yourself to set aside your insecurities and just get started. It also stops you making financial decisions based on fear which clouds your thinking. Instead, work with a mind-set of loving purpose and intention to make space for positivity and future revenue.
2. Set aside time to devote to your finances. It is never too late to start getting serious or to turn your finances around. Giving yourself time and space to deal with the finances will help you take control. Set aside a regular time – at intervals that make sense to you – to do the receipts, keep track of sales, send out the invoices to any outstanding customers that have not paid you yet and pay your bills. Knowing that you have this dedicated time can reduce stress and all those incidental spends that might be putting a strain on your account.
3. Face facts. The hardest thing to do if you are in debt can be to face up it. You may feel like a failure. Not so. Not dealing with debt is far more problematic. Face the full extent of your debt by writing down exactly how much debt you owe. Contact everyone you owe money to and figure out which ones to prioritise. Remember, there are many organisations out there offering free support and helpful advice.
4. Know your worth. Are you charging enough for your services? In the simplest terms, your price should be calculated by adding your own costs (including administration, overhead expenses as well as any materials) to the profit you wish to make. Do your homework to figure out where you stand amongst your competitors. You may find that you can charge more and stand out by showing how much added value you bring.
5. Remind yourself why you started the business. Reviewing your strategy will help you to refocus on the bigger picture but this time you’ll have more experience and know how behind you. You may see where you need to make tweaks or revisions which can provide fresh impetus to keep going.
By making a few subtle changes in how we think and work, we can reignite that fire again.