Are you peeking out from under the covers when it comes to facing up to your business finances?
I get to chat with loads of small business owners, all at various stages of their business. I love seeing people’s passion for their work, their drive to help people.
Yet, one area where I see this passion begin to dwindle is when they mention bookkeeping and keeping on top of their money in and money out. There is definitely a common thread running through solopreneurs and small business owners with their tendancy to let the financial side of their business fend for itself.
And I get it….your focus is on selling. On actually making the money. Once you make the money though, it needs some attention so that finances in your business become your friend and not your foe.
So let’s bust some of those excuses for ignoring your cash and why it deserves a slice of your attention 🙂
1. You don't want to do them
A lot of people say they hate looking at the finance side of their business. Actually, hate is such a strong word. Yet, so many entrepreneurs use this word when speaking about why they don't want to do their books.
The good news is….you don’t have to love it. You have the things YOU love. Let others love your money for you. Put aside your hate, and opt for a mild tolerance. Or, better yet, switch your money mindset and focus on abundance. After all, you’re in business, and being in business means you want to make money. So if thinking about money makes you cranky then…..
2. You don’t know what you’re doing
Again, good news. You don’t have to. At least, not to start with and not in any great detail. That’s why bookkeepers and money mentors exist. As a business owner you DO need to have an element of understanding when it comes to your money, but you don’t need to know all the minute details on how to do it.
When you have someone working with you, you get to focus on the work that you DO know. Plus, you have a business buddy who knows their stuff and you can ask them questions….even the ones you may think are dumb. We don’t care! We actually love helping you get it 🙂 You’ll get more familiar with your finances as you go along, and with that will come the confidence you need to make smart financial decisions. But you need to start somewhere.
3. You can’t afford any help
If your business is small and hiring someone to help with your finances is an expense you don’t want to fork out a bunch of cash for, you may not have to. Have a chat and see exactly how much work is involved. Small businesses usually mean a smaller number of transactions and you may find that once you’re set up, it’s only a couple of hours a month to keep you on track.
Also, if someone else is working on your books, then you free up that time to work on your business. Not only do you get that time back, you can focus on doing what you love, and making more money to grow your business.
4. You don’t like other people knowing your business
This is a tricky one. Why don’t you want others to see how you’re doing financially? Fair enough, it’s nobody’s business really, especially Jo Bloggs down the road, but working with someone on your finances whose job it is, is kind of like going to the doctor. They’ve seen it all and they want to help you get better.
If you really want to grow your business, then having a wingman who understands the bucks behind your business is so, so valuable. A trusted business buddy as part of your team is gold. Someone to chat with, who has your back, wants to see you succeed and can help you do it. There’s no shame in your numbers, they just want some love and attention so they have a chance to thrive.
5. My business isn't big enough...I’m not even registered for GST
Awesome! You have your first big business goal right there! Build your business up to an income level where you have to register for GST! Registering for GST is actually a good thing for your business. Now is the perfect time to get your financial foundations sorted so that when you hit that $75K per annum mark you can continue without having to stall and set up your systems.
With an income goal like that, knowing how much money is coming in, where you’re spending your cash and how to manage means you’re setting up healthy financial habits for the future.
Ready for that next step up in the financial side of your business?
Book a chat with me and I can help get you sorted. We’ll see where you’re at, what you need and where I can support you. Because, lucky for you, I’m one of those people that love the financial side of business and want to share the love.