Are you ready to level up your biz money management?
Don’t hesitate! I’m going to share with you five practical tips that you can implement right away in your business.
#1: Get rid of your “time-wasters”
Jot down all your revenue streams on a piece of paper (Notes would do, too).
Yes, you heard it right: break down every dollar that flows in and see how much they contribute to your results, aka profit.
Do you have a ‘time-waster’ service/product? It’s time to say goodbye … no matter how much you enjoy it or how much your clients adore it.
You must focus your precious time on those offerings that align with your journey to financial freedom.
It’s tough, I know, but oh-so-rewarding.
#2: Get honest & rationalise
It’s time to dive deep into your expenses, review and categorize them, and brace yourself for some tough decisions.
Rationalise your expenses by asking yourself:
- is it a must for your core activities?
- can you renegotiate the price?
- do you have an ongoing commitment? when the renewal is due?
- maybe a better deal elsewhere?
It’s worth shopping around from time to time to get a nice discount and save some money for your business.
#3: Review your processes
A key factor in financial success is optimizing your processes.
Step back, stop for a minute and pinpoint any bottlenecks in your business operations that prevented you from providing your very best.
This could include time-consuming administrative tasks, inefficient data management, or disjointed software systems. Upgrade, invest or outsource tasks to streamline your operations, allowing you to prioritize business growth and profitability
#4: Set your goals
Here’s a critical step: list all the goals you want to achieve in the next 6/12/18 months.
Write them down … all of them. Don’t hold it back!
You want to launch a new service or hit 10k/100k from online courses or have 5k/50k/500k followers on YouTube or hire a pro team or you want to jet off to Europe for 3 months? Write’em all down without judgement!
Ok, got your list? Now assign a timeline to each of them to track your progress effectively.
Congrats, you rock!
#5: Create an action plan
Develop a detailed action plan mapping out all the steps needed to accomplish your goals.
Be as detailed as possible, and remember to integrate all those tasks you scoped out earlier.
The action plan will be your trusty guide throughout the period. This is not a one-off exercise, a worksheet you fill out and never look at again. On the contrary, this action plan will be your best mate guiding you to success.
When your action plan is ready, set up task reminders to stay on track and alleviate stress.
Takeaway
The actions you can start with in order to improve your business finances:
- get rid of “time-waster”,
- get honest and rationalise,
- optimize your business processes,
- set clear, ambitious goals,
- develop a detailed action plan.
Hey, these may seem too obvious (I know – I know). Working through and implementing them consistently is a tough but rewarding job.
I believe in You: you’re a champion 🏆
